Chana dropped Rs 24 and settled at Rs 2613 per quintal weighed by rising arrivals in the spot markets. Arrivals of the winter-sown crop will peak in March. The fresh crop has started arriving in the south and central Indian markets, and even tur prices in Karnataka have fallen below the minimum support price of 3,400 rupees. The total production of chana in the current season is estimated at 75 lakh tonnes against 65 lakh tonnes reported last year due to strong gains are likely in Rajasthan. Traders estimated the total chana production in Rajasthan is likely at 16-17 lakh tonnes against 10 lakh tonnes reported last year. Moreover, the total daily arrivals of chana in major mandies augmented to 100 motors from 30-40 motors reported earlier. In Delhi spot market, chana jump up by 13.85 rupee to end at 2604.7 rupee per 100 kgs. The volume was noted at 91550 lots. Support for chana is at 2595 below that could see a test of 2577. Resistance is now seen at 2636 above that could see a resistance of 2659.

Trading Ideas:

Chana trading range is 2576-2658.

Chana dropped weighed by rising arrivals in the spot markets

Chana is taking resistance at 2636 and support is seen at 2595.

NCDEX accredited warehouses chana stocks rose by 404 tonnes 21215 tonnes.  

In Delhi spot market, chana jump up by 13.85 rupee to end at 2604.7 rupee per 100 kgs.