Chana settled down -1.19% at 3070 as higher stocks from the old crop and increased area under cultivation weighed on sentiment. Chana sowing has come to an end in the major cultivating regions. There are some concerns over the yield in Madhya Pradesh state due to a cold wave. Demand is not picking up as was expected and supplies are also expected to improve with the arrival of the new season crop from February end. Concerns about yield from top producer Madhya Pradesh restricted the downside. Farmers had planted pulses on 15.52 million hectares, up from 14.74 million hectares in the same period a year earlier, according to the farm ministry. Chana prices in the Delhi physical market for Rajasthan quality rose by Rs 50 per quintal while Madhya Pradesh variety was up by Rs 75 per quintal in the Delhi physical market on lower supplies in mandis and fear of crop damage. Concern over damage in Madhya Pradesh variety is expected so prices have gone up. Temperature in Madhya Pradesh has fallen up to 2-5 degrees Celsius, which can increase the moisture level in the crop and may cause damage. Chana arrivals in the Delhi mandi fell by 15 trucks to 25 trucks compared to previous session. Technically market is under fresh selling as market has witnessed gain in open interest by 2.23% to settled at 85330 while prices down -37 rupee, now Chana is getting support at 3054 and below same could see a test of 3039 level, And resistance is now likely to be seen at 3098, a move above could see prices testing 3127.

Trading Ideas:

Chana trading range for the day is 3040-3128.

Chana ended lower as higher stocks from the old crop and increased area under cultivation weighed on sentiment.

Concerns about yield from top producer Madhya Pradesh restricted the downside

NCDEX accredited warehouses chana stocks gained by 1378 tonnes to 8663 tonnes.

In Delhi spot market, chana remains unchanged at by 0 rupee to end at 3000 rupee per 100 kgs.