CHANA MARKET UNDER LONG LIQUIDATION, OPEN INTEREST DROPS 7.74%

• Chana settled down by -1.19% at 3487 on subdued demand after government extended the duty free of import of chana. Worried over the fall in acreage and likely decline of output, the government extended the duty free of import of chana till Mar 31 2015. However downside seen limited on fears of fall in output due to lower acreage and adverse weather.
• Chana is getting support at 3448 and below same could see a test of 3410 level, and resistance is now likely to be seen at 3531, a move above could see prices testing 3576.
• Total rabi pulses acreage till Jan. 2, 2015 is down by 10% to 129.99 lakh hectare(Ha.)
• In Delhi spot market, chana dropped by -36.9 rupee to end at 3479.4 rupee per 100 kgs.

CS CHANA  (JANUARY) OVERVIEW:                          

TREND MIXED TO BEARISH              STRATEGY: SELL ON RISE
RESIST 2:3515 || RESIST 1:3480               SUP1:3410 || SUP2:3380