Chana dropped Rs 33 and settled at Rs 2344 per quintal due to higher arrivals pressure along with weak domestic demand which has been pressurizing the prices since last week. Arrivals of new crop from Rajasthan and Maharashtra continued to decline and further decline in prices are expected as the demand is not likely to increase in near term. The total arrivals of chana at all India level were at 4 lakh bags. Arrivals from Rajasthan in the spot markets has picked up in last few days, and are putting pressure on its prices. In Delhi spot market, chana fell down by -50 rupee to end at 2250 rupee per 100 kgs. The volume was noted at 91280 lots. Support for chana is at 2330 below that could see a test of 2317. Resistance is now seen at 2361 above that could see a resistance of 2379.

Trading Ideas:

Chana trading range is 2316-2378.

Chana dropped due to higher arrivals pressure along with weak domestic demand

Chana is taking resistance at 2361 and support is seen at 2330.

NCDEX accredited warehouses chana stocks rose by 331 tonnes to 25087 tonnes.

In Delhi spot market, chana fell down by -50 rupee to end at 2250 rupee per 100 kgs.