The Whole trend has turned bullish for NCDEX Chana futures. Chana July contract is likely to trade bullish for both short term and intra-day.
Rains remain critical for sowing of Kharif Pulses. Monsoon in July would remain a strong factor influencing price direction as sowing of Kharif Pulses continue. Govt initiatives to improve supply could limit the uptrend as it proposes to import 5000 tons Urad and has floated a tender for import of 5000 tons.
As per latest Govt reports, the area under Kharif Pulses has risen to 32.61 lakh ha as on 10th July vs 22.71 lakh ha same period last year. Above normal rains in Central and South India have improved sowing, keeping prices down for Chana in June. The Month of July, however, saw a bounce back as rainfall activities slowed down. That is however again expected to pick up in coming days.
Short term support is seen at 4330 and resistance at 4550. Intraday support is seen at 4420 and resistance at 4460.
Rains remain critical for sowing of Kharif Pulses. Monsoon in July would remain a strong factor influencing price direction as sowing of Kharif Pulses continue. Govt initiatives to improve supply could limit the uptrend as it proposes to import 5000 tons Urad and has floated a tender for import of 5000 tons.
As per latest Govt reports, the area under Kharif Pulses has risen to 32.61 lakh ha as on 10th July vs 22.71 lakh ha same period last year. Above normal rains in Central and South India have improved sowing, keeping prices down for Chana in June. The Month of July, however, saw a bounce back as rainfall activities slowed down. That is however again expected to pick up in coming days.
Short term support is seen at 4330 and resistance at 4550. Intraday support is seen at 4420 and resistance at 4460.
Chana prices ended with losses on profit booking after prices gained due to improving demand in the spot market and with restricted supplies predicts the report of Epic Research
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