Chana continued their losing streak for a third straight day on weak demand, acreage expansion and fears of government curbs to arrest food inflation. Demand has not been picking up, but those who are holding stocks are not releasing stocks due to a sharp correction. In the Delhi spot market, the price fell 23 rupees to 2,439 rupees per 100 kg.

Lower arrivals of 40 truck loads failed to check decline in rates amid reports of a further fall in prices. Chana dropped Rs 25 and settled at Rs 2473 per quintal. The volume was noted at 80250 lots. Support for chana is at 2455 below that could see a test of 2436. Resistance is now seen at 2495 above that could see a resistance of 2516.

Trading Ideas:

CHANA TRADING RANGE IS 2420-2540.

CHANA CONTINUED THEIR LOSING STREAK ON WEAK DEMAND AND ACREAGE EXPANSION

LOWER ARRIVALS OF 40 TRUCK LOADS FAILED TO CHECK DECLINE IN RATES

SPOT CHANA PRICES FELL BY 23 RUPEES TO 2439 RUPEES PER 100 KG

SELL CHANA JAN @ 2480-2490 SL 2512 TGT 2464-2446-2428.NCDEX