Chana dropped Rs 5 and settled at Rs 2202 per quintal on slack spot demand and estimations of higher output but restricted arrivals limited the downside. In Delhi spot market, chana dropped 19 rupees to end at 2,125 rupees per 100 kg. Prices may fall but not much because arrivals are declining gradually. Only 15-20 trucks came to Delhi market today against 30-40 trucks daily. The volume was noted at 41840 lots. Support for chana is at 2190 below that could see a test of 2177. Resistance is now seen at 2215 above that could see a resistance of 2227.

Trading Ideas:

Chana trading range is 2177-2227.

Chana dropped on slack spot demand and estimations of higher output

Support for the chana is seen at 2190 and resistance is at 2215.

NCDEX accredited warehouses chana stocks rose 72 tonnes to 47409 tonnes.

SELL CHANA JULY @ 2210 SL 2236 TGT 2186-2165.NCDEX

In Delhi spot prices dropped 19 rupees and settled at 2,125 rupees per 100 kg