Chana futures on NCDEX hit 15 month high of 4627 rupees tracking upside trend in the spot.

Chana futures on NCDEX hit 15 month high of 4627 rupees tracking upside trend in the spot. Spot market gained due to ongoing festival demand and limited availability. NAFED is releasing lower stocks in the market particularly in southern region. There were talk that the agency has raised the floor price from 4,400-4,500 rupees to 4,600 above in Maharashtra.  Resumption of operations of hotel and restaurants particularly in northern India is also driving demand for the pulses. This is also pushing prices higher. Overall prices could continue to trade higher owing to restrictive sales by procurement agency, festival demand. On NCDEX, September contract may find support at 4350-4400 and resistance could be seen at 4690-4750  (CMP:4600). In local market, chana in Jaipur were quoting at 4580-4600 and in Delhi, it was quoting at 4700-4720 rupees, up 30-40 rupees from previous close.