Chana gained Rs -6 and settled at Rs 2298 per quintal were nearly steady on weak domestic demand, rising arrivals and ample carry-forward stocks. The volume was noted at 60180 lots. In the Delhi spot market, price dropped 13 rupees to 2,257 rupees per 100 kg. Expectations of higher output also weighed on sentiment demand are negligible in the market. Buyers are passive in pulses as arrivals are steady that is around 40-45 trucks arrived in the Delhi market today, also market is not picking up on the fear of government intervention to curb food inflation and ample carry-forward stocks, chana acreage as on Jan. 21 stood at 8.68 million hectares, compared with 8.23 million hectares in the same period a year ago. Support for chana is at 2286 below that could see a test of 2273. Resistance is now seen at 2312 above that could see a resistance of 2325.

Trading Ideas:

Chana trading range is 2292-2320.

Chana jumped after the last weeks sell off on profit booking and short covering.

Some speculations are going on that standing crops can be affected due to cloudy weather in north.

Delhi spot market, price dropped 17 rupees to 2,271 rupees per 100 kg on improvement in demand.

BUY CHANA MAR @ 2300 SL 2278 TGT 2322-2338-2356.NCDEX

Support for chana is at 2219 and resistance is now seen at 2268 above that could see a resistance of 2289.