Chana dropped Rs 5 and settled at Rs 2297 per quintal as traders sold triggered by higher sowing of kharif pulses in key regions. Demand drops at higher levels because traders are expecting a higher crop this year.

As on August 12, area under kharif stood at 10.321 million hectares, compared to 8.6 million hectares a year ago. In Delhi spot market, chana prices fell 17.35 rupees and ended at 2,256.20 rupees per 100 kg. The volume was noted at 52270 lots. Support for chana is at 2288 below that could see a test of 2278. Resistance is now seen at 2307 above that could see a resistance of 2316.

Trading Ideas:

Chana trading range is 2278-2316.

Chana ended weak as higher sowing of kharif pulses weighed

Support for the chana is seen at 2307 and resistance is at 2288.

NCDEX accredited warehouses chana stocks rose by 80 tonnes to 46777 tonnes.

In Delhi spot prices fell 17.35 rupees and settled at 2,256.20 rupees per 100 kg