CHANA GAINS BY 0.7% ON SURGING DEMAND

Rising demand and expectations of a lower output pushed up Chana prices further 0.70% to Rs 3,892 per quintal in futures market today as speculators widened their positions.
At NCDEX, chana for delivery in April advanced Rs 27, or 0.70%, to Rs 3,892 per quintal with an open interest of 67,470 lots.
Similarly, the commodity for delivery in May traded higher by Rs 9, or 0.23%, at Rs 3,872 per quintal in 1,47,270 lots.
Chana prices found some strong resistance at near the psychological 4000 mark. Overall market sentiments remained firm however as crop damage prospects due to the untimely rains in North, North-West and Central India, and lower sowing reports kept sentiments firm.
Chana April contract is likely to trade bullish for both short term and intra day with short term support at 3770 and resistance at 3990. Intra day support is seen at 3840 and resistance at 3910
Chana production estimated at 8.28 million tons vs 9.53 million tons last year. Urad production expected to shrink by 5% to 16.10 lakh tons from 17 lakh tons. Moong production to fall to 14 lakh tons from 16.10 lakh tons.
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