Chana dropped Rs 5 and settled at Rs 2239 per quintal weighed by estimates of higher output but value-buying driven by some spot inquiries for chana dal restricted the downside. According to the third advance estimates, the production of chana (gram) in 2009-10, is likely to be 7.38 million tonnes against the actual production of 7.05 million tonnes last year. In Delhi spot market, chana gained 17 rupees to end at 2,150 rupees per 100 kg. The volume was noted at 42750 lots. Support for chana is at 2231 below that could see a test of 2222. Resistance is now seen at 2250 above that could see a resistance of 2260.

Trading Ideas:

Chana trading range is 2205-2269.

Chana dropped weighed by estimates of higher output

Support for the chana is seen at 2222 and resistance is at 2250.

NCDEX accredited warehouses chana stocks gained 615 tonnes to 48413 tonnes.

CHANA TRADING IN THE RANGE ONLY A BREAK BELOW 2220 WILL FACE PRESSURE.

In Delhi spot prices jumped 17 rupees and settled at 2,150 rupees per 100 kg