Chana settled down by -2.18% at 4701 as regular Govt checks on hoarders amidst reports of various states imposing stock limits on Pulses. The Centre said that 6,077 de-hoarding raids had been carried out across India in an effort to rein in the prices of pulses. About 75,000 tonnes of pulses have been recovered from hoarders so far, said an official statement, and States had been asked to meet with millers, wholesalers and retailers to make pulses available in markets at reasonable prices. De-hoarding operations across the states continued. These have resulted in seizure of 74,846.359 tonnes pulses so far. Total 6,077 raids have been conducted by the states after the amendment in the Central Order under Essential Commodities Act. Government data is yet to reflect a significant price decline yet with rates for tur and urad continuing to remain higher than even a week or a year ago. The sowing of chickpea has already begun in the southern States such as Karnataka, Maharashtra, Andhra Pradesh, Telangana and Tamil Nadu and early trends suggest that acreage under this main pulses crop is set to make a significant gain this season. The government has decided to create buffer stock of pulses by procuring from farmers and by importing if required. In Delhi spot market, chana dropped by -150 rupee to end at 4900 rupee per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -20.8% to settled at 33960 while prices down -105 rupee, now Chana is getting support at 4603 and below same could see a test of 4506 level, And resistance is now likely to be seen at 4808, a move above could see prices testing 4916.

Trading Ideas:

Chana trading range for the day is 4506-4916.

Chana continued its weak trend as regular Govt checks on hoarders amidst reports of various states imposing stock limits on Pulses.

The Centre said that 6,077 de-hoarding raids had been carried out across India in an effort to rein in the prices of pulses.

NCDEX accredited warehouses chana stocks dropped by 360 tonnes to 15584 tonnes.

In Delhi spot market, chana dropped by -150 rupee to end at 4900 rupee per 100 kgs.