Chana dropped Rs 9 and settled at Rs 2321 per quintal on estimates of higher winter crop output, but a rise in domestic demand limited losses.  Despite the weakness prices are likely to rise in the short-term due to higher demand during the festivals and upcoming wedding season. Demand for chana remains firm due to the festival season. Chana prices are expected to rise further on strong demand. In Delhi spot market, chana jump up by 16 rupee to end at 2307 rupee per 100 kgs. The volume was noted at 50280 lots. Support for chana is at 2310 below that could see a test of 2298. Resistance is now seen at 2338 above that could see a resistance of 2354.

Trading Ideas:

Chana trading range is 2298-2354.

Chana settled down on estimates of higher winter crop output,

Chana is taking resistance at 2338 and support is seen at 2310.

Spread between Chana NOV & DEC contracts yesterday traded in the range of 32 to 36.

In Delhi spot market, chana jump up by 16 rupee to end at 2307 rupee per 100 kgs.