Chana rose after a key producing state exempted pulses from tax for one more year. The western state of Maharashtra had exempted pulses from 4 percent value added tax and the exemption was slated to end on March 31, 2010. The state government on Thursday extended exemption by one more year till end March 2011.In Indore spot market in top producer Madhya Pradesh the price rose by 32 rupees to 2,044 rupees per 100 kg. Chana gained Rs 48 and settled at Rs 2294 per quintal. The volume was noted at 102630 lots. Support for chana is at 2252 below that could see a test of 2209. Resistance is now seen at 2316 above that could see a resistance of 2337.

Trading Ideas:

Chana trading range is 2207-2335.

Chana rose after a key producing state exempted pulses from tax for one more year

Support for the chana is seen at 2278 and resistance is at 2316

NCDEX accredited warehouses chana stocks fell by 3 tonnes to 23786 tonnes.

In the Delhi spot market prices dropped 8 rupees to end 2,200 rupees per 100 kg

BUY CHANA APR @ 2260-2272 SL 2248 TGT 2298-2315-2334.NCDEX