Chana settled down -0.29% at 3114 on expectation of higher arrivals amid anticipation of improved demand for the pea for festivities. Prices may rise in anticipation of improved demand ahead of wedding season and festivities. Demand for the pea from consumers may rise as the marriage season and festival of Makar Sankranti and Pongal will start in January. Meanwhile, some concerns over weather conditions in northern zone may support the prices leading to lower output. Minimum temperatures fell below 2-5 degree Celsius at many places over north Rajasthan, Madhya Pradesh even in south Karnataka. Cold weather can enhance moisture content in the pea damaging the crop and lowering output prospects. Chana arrivals are expected from second week of February. Sowing operations are progressing in major growing states such as Madhya Pradesh, Maharashtra, Andhra Pradesh and Karnataka. Chana sowing rose to 10.18 million hectares till Jan 10 compared to 9.26 million hectares a year earlier, government data showed. Rabi pulses sowing rose to 15.51 million hectares as on Jan 10 compared to 14.7 million hectares a year earlier, data released by the government showed. In Delhi spot market, chana gained by 25.35 rupee to end at 2975.35 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 1.21% to settled at 79580 while prices down -9 rupee, now Chana is getting support at 3089 and below same could see a test of 3065 level, And resistance is now likely to be seen at 3145, a move above could see prices testing
3177.

Trading Ideas:

Chana trading range for the day is 3064-3176.

Chana dropped on expectation of higher arrivals amid anticipation of improved demand for the pea for festivities.

Prices may rise in anticipation of improved demand ahead of wedding season and festivities.

NCDEX accredited warehouses chana stocks gained by 450 tonnes to 6965 tonnes.

In Delhi spot market, chana gained by 25.35 rupee to end at 2975.35 rupee per 100 kgs.