Chana settled down -0.86% at 3012 on weak demand from bulk consumers amid anticipation of higher supplies in domestic market due to robust sowing. Robust arrivals in mandis after higher sowing are affecting the prices of chana as buyers are waiting for prices to stabilize. Anticipation of higher arrivals are pressurising the prices which is also hampering the demand. Pulses sowing rose to 16.2 million hectares as on now compared to 15.26 million hectares a year earlier, data released by the government showed. Chana sowing rose to 10.21 million hectares till Feb 7 compared to 9.5 million hectares a year earlier, government data showed. New chana is ruling at Rs. 2,600-50 amid arrival of 500-600 bags. Given the fact that there is a huge inventory of imported chana and arrivals of the new crop are set to rise. With steady rise in arrival of new crop, dollar chana (old) ruled stable at Rs 4,000-4,500 on subdued demand. Amid arrival of about 1,200-1,500 bags, new dollar chana Rs ,500-5,100. The chana crop will also be well supported by favourable rainfall in northern India from the last two days. This will boost the productivity of crop. In Delhi spot market, chana gained by 19.1 rupee to end at 2911.45 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -1.86% to settled at 90740 while prices down -26 rupee, now Chana is getting support at 2995 and below same could see a test of 2979 level, And resistance is now likely to be seen at 3040, a move above could see prices testing 3069.

Trading Ideas:

Chana trading range for the day is 2978-3068.

Chana ended with flat node on weak demand from bulk consumers amid anticipation of higher supplies in domestic market

Robust arrivals in mandis after higher sowing are affecting the prices of chana as buyers are waiting for prices to stabilize.

NCDEX accredited warehouses chana stocks gained by 31 tonnes to 12797 tonnes.

In Delhi spot market, chana gained by 19.1 rupee to end at 2911.45 rupee per 100 kgs.