Chana gains by 0.7% on spot demand
- Chana were up 0.70% to Rs 3,001 per quintal in futures trade today as speculators created fresh positions, driven by pick up in demand in the spot market.
- At the National Commodity and Derivatives Exchange, chana for delivery in December rose by Rs 21, or 0.70% to Rs 3,001 per quintal with an open interest of 72,080 lots.
- Commodity for delivery in January next year contracts traded higher by Rs 18, or 0.59% to Rs 3,063 per quintal in 6,560 lots.
Fresh selling seen in Chana, open interest up 25.06%
- Chana settled down by -1.84% at 3045 on subdued demand from bulk consumers and increasing stocks at warehouses. Domestic demand for chickpea is weak in local mandis as quality available in market is of inferior variety.
- Technically market is under fresh selling as market has witnessed gain in open interest by 25.06% to settled at 71610, now Chana is getting support at 3026 and below same could see a test of 3007 level, and resistance is now likely to be seen at 3077, a move above could see prices testing 3109.
Trading Tips
- Chana trading range for the day is 3007-3109.
- NCDEX accredited warehouses chana stocks gained by 778 tonnes to 40358 tonnes.
- In Delhi spot market, chana dropped by -34.6 rupee to end at 3022.7 rupee per 100 kgs.
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