Chana settled down -1.49% at 2845 on improved weather condition and after investors booked profit at higher levels. Further, weak demand and hopes of higher production too supported chana prices downtrend. The latest kharif data suggested that kharif pulses sowing has been completed in 7.50 lakh hectares as on now, down 59% from the last year in the same period. This has incited the chana traders to reduce their supplies in physical mandies with the anticipation of better demand in the coming days. Chana arrivals steady at 25 trucks where as it usually around 40-45 trucks a day. Southwest monsoon remained active and country received 10% above normal rains. Monsoon was active over Uttrakhand, west Uttar Pradesh, west Madhya Pradesh, Odisha, Madhya Maharashtra, Vidarbbha and south interior Karnataka. 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, which could revised downwards. Pulses acreage fell to 1.34 million hectare until July 11 from 4.31 million hectare a year ago, showed government data. In Delhi spot market, chana dropped  by -39.35 rupee to end at 2836.9 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -2.6% to settled at 157260 while prices down -43 rupee, now Chana is getting support at 2806 and below same could see a test of 2765 level, And resistance is now likely to be seen at 2884, a move above could see prices testing 2921.

Trading Ideas:

Chana trading range for the day is 2764-2920.

Chana prices ended with losses on improved weather condition and after investors booked profit at higher levels.

Further, weak demand and hopes of higher production too supported chana prices downtrend.

NCDEX accredited warehouses chana stocks dropped by 132 tonnes to 122170 tonnes.

In Delhi spot market, chana dropped  by -39.35 rupee to end at 2836.9 rupee per 100 kgs.