Chana settled down -0.39% at 3063 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. Cold temperatures may affect the crop but the damage will be known only after few weeks. In Madhya Pradesh, biggest-grower in India, cold weather may affect the crop leading to lower output. Sowing operations are progressing in major growing states such as Madhya Pradesh, Maharashtra, Andhra Pradesh and Karnataka. Chana sowing rose to 10.22 million hectares till Jan 17 compared to 9.29 million hectares a year earlier, government data showed. Pulses sowing rose to 15.61 million hectares as on Jan 17 compared to 14.92 million hectares a year earlier, data released by the government showed. Chana prices are expected to rise by the end of February due to festivals like Holi and marriage activities. Concern over damage in Madhya Pradesh variety is expected so prices have gone up. Chana arrivals in the Delhi mandi fell by 15 trucks to 25 trucks compared to previous session. In Delhi spot market, chana dropped by -16.95 rupee to end at 2983.05 rupee per 100 kgs. Now Chana is getting support at 3051 and below same could see a test of 3039 level, And resistance is now likely to be seen at 3081, a move above could see prices testing 3099.

Trading Ideas:

Chana trading range for the day is 3040-3100.

Chana ended lower 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

NCDEX accredited warehouses chana stocks gained by 870 tonnes to 9533 tonnes.

In Delhi spot market, chana dropped  by -16.95 rupee to end at 2983.05 rupee per 100 kgs.