Chana fell for a fourth straight day to hit new contract lows as rising arrivals in physical market and estimates of higher output depressed sentiment. The latest government data shows a significant improvement in acreage in Rajasthan and fresh arrivals in southern India are putting pressure on prices. In the Bikaner spot market in Rajasthan, price dropped by 45 rupees to 2,230 rupees. Chana gained Rs -28 and settled at Rs 2226 per quintal. The volume was noted at 40930 lots. Support for chana is at 2206 below that could see a test of 2187. Resistance is now seen at 2255 above that could see a resistance of 2285.

Trading Ideas:

Chana trading range is 2187-2285.

Chana ended lower as rising arrivals outweighed improvement in spot demand

Resistance for the chana is at 2254 and support is at 2194 level.

In the Delhi spot market price rose by 10 rupees to 2275 rupees per 100 kg

SELL CHANA FEB @ 2200-2210 SL 2185 TGT 2222-2238-2265.NCDEX

Yesterday we have seen that open interest has fell by 950 lots and volume rose by 3010.