Chana prices might extend gains as gaining spot prices are supportive for price rally at futures. Physical demand ahead of the marriage season is supportive for price rise.
Drop in acerage might result in lower production which might support prices in near term. South Indian crop is estimated lower than last year which would hit the markets from end of January which would support the prices.
Chana NCDEX Dec-11 support: 3239 3266 resistance: 3314 3330 Buy at 3280 TP 3360 SL 3210.
Jeera futures expected to drop on Friday due to higher sowing progress form the producing regions amid weak demand from the overseas buyers. In NCDEX jeera January contract closed on Thursday lower by 0.97 per cent to Rs.14089 per quintal against the previous close. According to Spices Board of India, exports of Jeera during April 2011-Ocotber 2011 stood at 20500 tonnes as compared to 19,800 tonnes in 2010-11, an increase of 3.5%.