Chana dropped Rs 11 and settled at Rs 2196 per quintal tailing subdued trade in spot as estimates of higher output of summer-sown pulses and sufficient stocks weighed on sentiment. Expectation of a pick-up in domestic demand as festivals like Ganesh Chathurthi and Diwali are celebrated between September and November limited the downside. As on Sept. 9 area under kharif pulses stood at 11 million hectares, compared to 9.05 million hectares a year ago. In Delhi spot market, chana jump up by 18.1 rupee to end at 2250 rupee per 100 kgs. The volume was noted at 44630 lots. Support for chana is at 2189 below that could see a test of 2181. Resistance is now seen at 2208 above that could see a resistance of 2219.

Trading Ideas:

Chana trading range is 2181-2219.

Chana yesterday ended weak tailing subdued trade in spot

Support for the chana is seen at 2181 and resistance is at 2208.

NCDEX accredited warehouses chana stocks fell 19 tonnes to 47794 tonnes.

In Delhi spot market, chana jump up by 18.1 rupee to end at 2250 rupee per 100 kgs.