Chana settled down -0.23% at 3012 on estimates of higher output, supplies from the new season crop and slack demand. Bullish reports from International markets with Australian Chana production reportedly falling by 23% supported the market sentiments. Good weather conditions in growing states, high supplies of Tur, Urad and Moong have kept market sentiments weak for quite sometime. Prices rose on report some state governments may intervene and start procuring pulses at MSP. The Cabinet Committee on Economic Affairs (CCEA) has increased the Minimum Support Price (MSP) of Chana to Rs 3,100 per quintal from Rs 3,000 per quintal last year. Maharashtra government may start procuring pulse at MSP level from this week while Rajasthan and Madhya Pradesh may start to procure from Mar 15. Chana prices also rose in anticipation of improved demand for marriages and also as availability of leafy vegetables wane in the summer season. Higher arrivals are expected in domestic mandis due to robust sowing. 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 now compared to 9.5 million hectares a year earlier, government data showed. In Delhi spot market, chana gained by 13.45 rupee to end at 2925 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -1.56% to settled at 87450 while prices down -7 rupee, now Chana is getting support at 2997 and below same could see a test of 2983 level, And resistance is now likely to be seen at 3033, a move above could see prices testing 3055.

Trading Ideas:

Chana trading range for the day is 2982-3054.

Chana settled down on estimates of higher output, supplies from the new season crop and slack demand.

Bullish reports from International markets with Australian Chana production reportedly falling by 23% supported the market sentiments.

NCDEX accredited warehouses chana stocks dropped by 1326 tonnes to 11875 tonnes.

In Delhi spot market, chana gained by 13.45 rupee to end at 2925 rupee per 100 kgs.