Chana dropped Rs 35 and settled at Rs 2510 per quintal on profit-taking and hopes of increased output. 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. 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 fell down by -26.45 rupee to end at 2487.1 rupee per 100 kgs. The volume was noted at 54140 lots. Support for chana is at 2499 below that could see a test of 2489. Resistance is now seen at 2530 above that could see a resistance of 2551.

Trading Ideas:

Chana trading range is 2490-2552.

Chana settled down on profit-taking and hopes of increased output

Chana is taking resistance at 2530 and support is seen at 2499.

NCDEX accredited warehouses chana stocks fell 504 tonnes to 25869 tonnes.

In Delhi spot market, chana fell down by -26.45 rupee to end at 2487.1 rupee per 100 kgs.