NCDEX CHANA TO TRADE SIDEWAY

• Chana futures are expected to trade sideways. Rains in many parts of North-West and Central India keeps market sentiments weak on anticipations of that being good for the standing crop.
• NCDEX Chana January futures traded on a negative note on Tuesday. Chana January contract declined 1.15% to 3440 levels on Tuesday.
• Chana is likely to trade sideways for short term and intraday with short term support seen at 3320 and resistance at 3550. Intraday support is seen at 3430 and resistance at 3490.
• As per Ministry of Agriculture, rabi pulses 2014-15 coverage till Dec 26 is down to 124.16 lakh Ha as com-pared with last year’s area coverage of 134.72 lakh hectare during the corresponding week. The area planted under chana is also down to 77.81 Lakh ha against 90.66 lakh ha in same corresponding week during last year.