Rising for the third day, chana prices rose by 0.69% to Rs 4,796 per quintal in futures trade today as speculators enlarged positions, driven by lower output estimates in key growing regions.Further, pick-up in demand in spot markets supported the upside.
At the NCDEX chana for delivery in July month advanced by Rs 33, or 0.69% to Rs 4,796 per quintal with an open interest of 78,320 lots.
Similarly, the commodity for delivery in June gained Rs 31, or 0.66% to Rs 4,699 per quintal in 98,530 lots.
NCDEX Chana June contract is likely to trade bullish for short term and side ways for intra day with short term support at 4600 and resistance at 4800. Intra day support is seen at 4650 and resistance at 4700.
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