Wednesday, April 8, 2015

Live NCDEX Tips, NCDEX Outlook Today: Buy Chana (8 April 2015)

Indian Chana consolidated on Tuesday after 2 sessions of upside movement. Prices also remained supported amid declining arrivals and strong buying from the millers. Total volumes and OI declined on Tuesday compared to previous trading day. As per 2nd Advance Estimates for 2014-15, production of pulses estimated at 18.43 million MT is  lower by 1.35 million MT than the last year’s production but higher by 0.81 million MT than their average production during the last five years.Chickpea (Chana) production is estimated at 8.28 million MT vs. target of 9.30 million MT and 9.88 million MT seen during 2013-14.  A broker’s estimates of Chana crop this year is at 5.56 million MT, a fall of 15% compared to 6.51 million MT seen in 2014-15. Traders estimate is 6.5 million MT.

NCDEX Chana Indore – NCDEX Mumbai Yellow Peas Spot spread is trading at Rs. 1333/100 Kg. According to Directorate General of Commercial Intelligence and Statistics (DGCIS), Indian imports of Pulses were 3,663,570 MT during April – December 2014. This is higher compared 2,839,214 MT during April – December 2013. Pulses imports were 629,965 MT in December 2014 compared to 421,636 MT in December 2013. Additionally, Ministry of Commerce reported that Chickpea imports during April – December 2014 were 309,713 MT up by about 12% from last year, while Chickpea exports during April – December 2014 were 158,688 MT down by about 53% from last year. 

NCDEX Tips For Today:
- Buy NCDEX Chana above 3775 with targets 3835-3840 and an S/L at 3741.

NCDEX Outlook: Chana could remain range bound to firm on speculation that crop loss is more than 25% in key growing regions. Support is at 3741. Resistance is at 3840.


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