Chana dropped Rs 11 and settled at Rs 2535 per quintal weighed by rising acreage, though domestic demand in the ongoing wedding season and a higher support price kept the downside limited. The total acreage in 2010/11 is likely to rise by 15-20 percent due to abundant soil moisture and higher government support price, which is encouraging farmers to increase area under cultivation. In Indore, a major trading centre in Madhya Pradesh state, chana fell 6.35 rupees to end at 2,394.75 rupees per 100 kg. The arrivals surged to 100 trucks Delhi as compared to 40-50 trucks. In Delhi spot market, chana jump up by 4.1 rupee to end at 2513.55 rupee per 100 kgs. The volume was noted at 57000 lots. Support for chana is at 2524 below that could see a test of 2512. Resistance is now seen at 2555 above that could see a resistance of 2574.

Trading Ideas:

Chana trading range is 2516-2578.

Chana yesterday settled down weighed by rising acreage

Chana is taking resistance at 2555 and support is seen at 2524.

NCDEX accredited warehouses chana stocks fell 140 tonnes to 26373 tonnes.

In Delhi spot market, chana jump up by 4.1 rupee to end at 2513.55 rupee per 100 kgs.