23:18
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CS CHANA (OCT.) OVERVIEW:
Indian chana, or chickpea, futures rose on Wednesday on value buying, supported by hopes of a pickup in local demand in the festival season. However, prospects of increased area under cultivation due to ample rains and higher stocks capped the gains. Chickpea is a rabi crop sown during winter. Farmers depend on rains to moisten the land for sowing. Buying is very limited in the local markets despite the festive season because everyone expects prices to fall from these levels. Sowing is likely to be bumper as rains were very good.
TREND CONSOLIDATE
SUP1:3048,
SUP2:2993,
RESIST1:3157,
RESIST2:3197.
TRADING STRATEGY: SELL ON RISE.
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