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MUMBAI(Topmcxtips.com): Chana futures traded on a negative note on Wednesday due to profit booking on higher levels. The pulse is still reeling under bearish sentiments.
Higher availability of imported chick peas and liquidation on higher levels are negative factors. Chana December contract plunged 0.58% to 3073 levels on Wednesday(11.30am) at India’s National Commodity & Derivatives Exchange Limited (NCDEX).
Gori Singh, agri research analyst at Topmcxtips.com, said Chana is likely to trade negative for short term and intra day with short term support seen at 2860 and resistance at 3050. Intra day support is seen at 3060 and resistance at 3090,” Gori Singh added.
Dry weather is expected to continue over major growing belts of central and north west India and south central India.
Sowing area under chana has reached 63.85lakh hectare as on Nov 29 which is -15.75% lower as against last year. The acreage under Rabi pulses has reached 32.08lakh hectare which is 2.59% higher than previous year.
Chickpea/Chana production has been revised down in Australia to 435 thousand tonnes in the latest production estimates by the Australian Agricultural Department released on December 02, 2014. The production shall be -31.17% lower year on year while estimate has been revised down by around 6% from the earlier crop production estimate during September 2014.