NCDEX CHANA MARKET RISEN ON SHORT COVERING, GAINS AT 3410

• NCDEX Chana settled up by 1.1% at 3410 amid short covering due to poor spot supplies. Domestic demand for chana is weak in local mandis as the quality available is of inferior variety .  
• Chana trading range for the day is 3315-3491. 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.
• In Delhi spot market, chana dropped  by -8.6 rupee to end at 3409.65 rupee per 100 kgs . 
• Technically market is under short covering as market has witnessed drop in open interest by -0.91% to settled at 104070 while prices up 37 rupee, now Chana is getting support at 3363 and below same could see a test of 3315 level, and resistance is now likely to be seen at 3451, a move above could see prices testing 3491.