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Our Bureau

Chennai, Oct. 21

Chana (gram) prices are likely to gain momentum ahead of Diwali with demand seen for besan (gram flour) during the festival.

“Demand (for chana) is gathering pace in the physical market ahead of the festivals.

“The commodity for December delivery on NCDEX could test Rs 2,520 a quintal levels on the upside,” Kotak Commodity Services (KSCL) said in an outlook note.

Fresh buying was witnessed towards last weekend amid low volumes and the spot markets witnessed a steady to firm trade in Delhi.

Strategy for investors would be to start building long positions at every dip, it said.

Jeera prices are likely to come under pressure in view of short covering for the near month contracts. The long accumulation witnessed in December contract was witnessing a decline, KSCL said.

“We expect Rs 10,100 a quintal as a good support for November contract. Market is expected to test the support of Rs 10,400 on a closing basis for December contract. We see resistance around Rs 11,000. We expect selling pressure on every rise,” it said.

A fall in the stocks in exchange warehouses is likely to keep chilli prices firm in the short-term. The November contract could test a resistance of Rs 4,500 a quintal and if it gets past that, then it could test Rs 4,700 levels.

Support for the commodity is seen at Rs 3,800-4,000 levels.

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