Reports of lower Monsoon this year kept trend firm for Chana as apprehensions are there for sowing of Kharif Pulses like Tur, Urad and Moong likely to get adversely affected. Higher imports and lower production possibilities could lead to further firmness in prices.
At NCDEX Chana May contract rose 0.58% to 4134 level on Monday(11.15 am). Chana May contract is likely to trade positive for both short term and intra day with short term support at 4080 and resistance at 4250. Intra day support is seen at 4090 and resistance at 4150.
As per 2nd Advance Estimates for 2014-15, total foodgrains production in India is estimated at 257.07 million tons– lower by 3% w.r.t. 265.57 million tons previous year. Production of pulses estimated at 18.43 million tonnes is lower by 1.35 million tonnes than the last year’s production.
Chana production is 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.
Get More NCDEX Tips, Register here at http://www.pinnaclefinancial.in