Chana extended the previous session's losses on a raft of reasons like new crop arrivals, higher acreage, ample carry-forward stocks and concerns of government intervention. Many stockists want to clear last year's inventory, but there are few takers in the market. Usually stockists clear old stocks ahead of peak arrival season to make space for fresh arrivals. In the Delhi spot market, the price fell by 25 rupees to 2,375 rupees. Chana dropped Rs 24 and settled at Rs 2372 per quintal. The volume was noted at 32650 lots. Support for chana is at 2361 below that could see a test of 2349. Resistance is now seen at 2387 above that could see a resistance of 2401.

Trading Ideas:

Chana trading range is 2340-2430

Chana extended the previous session's losses on new crop arrivals and higher acreage

Chana is getting support at 2361 and resistance at 2387.

Spot Chana prices dropped over 25 rupees to settle at 2375 rupees per 100 kg

BUY CHANA JAN @ 2350-2355 SL 2322 TGT 2370-2386-2402.NCDEX