Chana dropped Rs 34 and settled at Rs 2504 per quintal due to mounting supplies from the new crop and poor demand at home on expectation of further falls. Overall sentiment is weak in chana. Supplies from Maharashtra and Madhya Pradesh are rising continuously and are expected to improve further in coming day. At Akola market in Maharashtra, daily arrivals have increased to 8,000-10,000 bags of 100 kg each from
4,000-5,000 bags during the beginning of the season. The total arrivals of chana were around 50 motors reported today, up 20 motors from the last day. In Delhi spot market, chana fell down by -4.75 rupee to end at
2578.8 rupee per 100 kgs. The volume was noted at 50560 lots. Support for chana is at 2484 below that could see a test of 2465. Resistance is now seen at 2537 above that could see a resistance of 2571.

Trading Ideas:

Chana trading range is 2464-2570.

Chana dropped due to mounting supplies from the new crop

Chana is taking resistance at 2530 and support is seen at 2480

NCDEX accredited warehouses chana stocks rose by 233 tonnes 22432 tonnes.

In Delhi spot market, chana fell down by -4.75 rupee to end at 2578.8 rupee per 100 kgs.