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Chana futures turn bullish in short term ahead of festival season

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Chana futures have turned bullish in the short term as government agency National Agricultural Cooperative Marketing Federation (Nafed) is confident about managing the excess stock of chana in the country.

“Chana futures have turned bullish in the short term. The September futures have been rising continuously since July 28, when the low was Rs 4094/quintal, with intermittent profit booking. Even the open interest has been rising,” said Vedika Narvekar, research analyst (agro-commodities), Anand Rathi Commodities.

“NAFED has indicated that the chana stocks it procured so far will be sold through various government schemes announced (PMGKAY). This has supported the market sentiment,” said Ashwini Bansod, research analyst, PhillipCapital.

Chana futures have remained range bound at Rs 4020/quintal to Rs 4345/quintal since end of March. Though it made attempts to breach the range, it could not be sustained. Now, market is watching if the futures are able to breach the range and touch the previous high of Rs 4500/quintal, last touched in January 2020.

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