Chana dropped Rs 8 and settled at Rs 2407 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. In Delhi spot market, chana fell down by -6.85 rupee to end at 2386.85 rupee per 100 kgs. The volume was noted at 61530 lots. Support for chana is at 2396 below that could see a test of 2384. Resistance is now seen at 2420 above that could see a resistance of 2432.

Trading Ideas:

Chana trading range is 2384-2432.

Chana yesterday settled weak on higher output estimates

Chana is taking resistance at 2420 and support is seen at 2396.

NCDEX accredited warehouses chana stocks fell 80 tonnes to 34765 tonnes.

In Delhi spot market, chana fell down by -6.85 rupee to end at 2386.85 rupee per 100 kgs.