Chana dropped Rs 39 and settled at Rs 2724 per quintal on the back of profit taking, after the prices surged in last couple of days on expected delay in arrivals of the new crop and apprehensions of crop damage in growing areas due to cold wave conditions. All the major mandies of Maharashtra, Andhra Pradesh and Karnataka reported the total daily arrivals of chana were around 25000-30000 bags against the normal arrivals of 40000-45000 bags were reported last year in the same time. In Delhi spot market, chana fell down by -3.45 rupee to end at 2735.85 rupee per 100 kgs. The volume was noted at 121930 lots. Support for chana is at 2700 below that could see a test of 2677. Resistance is now seen at 2761 above that could see a resistance of 2799.

Trading Ideas:

Chana trading range is 2676-2798.

Chana dropped yesterday on the back of profit taking,

Chana is taking resistance at 2761 and support is seen at 2700.

NCDEX accredited warehouses chana stocks rose by 508 tonnes to 18599 tonnes.

In Delhi spot market, chana fell down by -3.45 rupee to end at 2735.85 rupee per 100 kgs.