Chana settled down -0.87% at 3083 on subdued demand for the pea by bulk consumers amid higher arrivals of the pea in domestic market as well as rising ware house stocks. Rising stockpile and new crop arrivals will pressurise the chana prices in domestic market. Daily chana arrivals rose to 70-100 trucks a day from 35-40 trucks a day. Chana was sown over an area of 10.21 million hectare compared to 9.5 million hectare a year ago thanks to normal monsoon and good soil moisture. Agriculture ministry has estimated chana record output at 9.79 million ton up from 8.83 million ton a year ago. The Madhya Pradesh agriculture department said that about 500,000 hectares under chana have been damaged due to recent rains, which will affect the total output. National Agricultural Cooperative Marketing Federation of India (NAFED) is procuring in major producing states such as Maharashtra and Karnataka since February and procurement in Madhya Pradesh which has commenced since the start of last month, various surveys showed. Procurement in Rajasthan by the NAFED was delayed by two weeks due to poor quality and lower arrivals. In Delhi spot market, chana gained  by 12.7 rupee to end at 3000 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 6.69% to settled at 96710 while prices down -34 rupee, now Chana is getting support at 3049 and below same could see a test of 3022 level, And resistance is now likely to be seen at 3124, a move above could see prices testing 3172.

Trading Ideas:

Chana trading range for the day is 3024-3174.

Chana dropped on subdued demand for the pea by bulk consumers amid higher arrivals of the pea in domestic market as well as rising stocks.

Rising stockpile and new crop arrivals will pressurise the chana prices in domestic market.

NCDEX accredited warehouses chana stocks gained by 6463 tonnes to 51527 tonnes.

In Delhi spot market, chana gained  by 12.7 rupee to end at 3000 rupee per 100 kgs.