Chana dropped Rs 4 and settled at Rs 2398 per quintal as festive demand and government support price were offset by higher output estimates. 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 jump up by 18.7 rupee to end at 2360 rupee per 100 kgs. The volume was noted at 56350 lots. Support for chana is at 2389 below that could see a test of 2380. Resistance is now seen at 2414 above that could see a resistance of 2430.

Trading Ideas:

Chana trading range is 2380-2430.

Chana settled down as festive demand were offset by higher output estimates

Chana is taking resistance at 2414 and support is seen at 2389.

Spread between Chana NOV & DEC contracts yesterday traded in the range of 38 to 44.

In Delhi spot market, chana jump up by 18.7 rupee to end at 2360 rupee per 100 kgs.