Chana dropped Rs 11 and settled at Rs 2412 per quintal on higher output estimates, but increased government intervention and domestic demand limited the losses. According to government estimates, production of chana is likely to be 7.35 million tonnes as against 7.06 million tonnes last year. India has raised minimum support price (MSP) of chana by 19.3 percent to 2,100 rupees per 100 kg. In Delhi spot market, chana jump up by 2.2 rupee to end at 2393.7 rupee per 100 kgs. The volume was noted at 64820 lots. Support for chana is at 2399 below that could see a test of 2386. Resistance is now seen at 2431 above that could see a resistance of 2450.

Trading Ideas:

Chana trading range is 2386-2450.

Chana settled down on higher output estimates

Chana is taking resistance at 2431 and support is seen at 2399.

Production of chana is likely to be 7.35 million tonnes as against 7.06 million tonnes last year

In Delhi spot market, chana jump up by 2.2 rupee to end at 2393.7 rupee per 100 kgs.