Chana extended losses from the previous session to hit fresh contract lows as higher output hopes on expanded area, rising arrivals and weak spot demand continued to hurt sentiment. Ample carry-forward stocks and weakness in kharif pulses also put pressure on price. In the Delhi spot market, the price dropped by 26 rupees to 2,221 rupees.

Chana dropped Rs 19 and settled at Rs 2177 per quintal. The volume was noted at 62700 lots. Support for chana is at 2155 below that could see a test of 2133. Resistance is now seen at 2199 above that could see a resistance of 2221.

Trading Ideas:

Chana trading range is 2135-2220.

Chana ended down on higher output hopes and weak spot demand

Resistance for the chana is at 2199 and support is at 2155 level.

NCDEX accredited warehouses stock of chana fell by 1910 tonnes as on Jan 27.

In the Delhi spot market price dropped by 26 rupees to 2,221 rupees

SELL CHANA FEB @ 2190 SL 2206 TGT 2172-2156-2138.NCDEX