Chana settled down -0.72% at 2903 on the account of limited millers buying in local mandies along with heavy stock position in local mandies. The market sources suggested that favourable rainfall in Madhya Pradesh, Uttar Pradesh and Rajasthan from the last two days will encourage the timely harvesting of kharif crop and also provide better conditions for chana sowing in the rabi season. However, latest data of Ministry of Agriculture stated that kharif pulses sowing declined by almost 18% so far in the current year to reach 67.19 lakh hectares due to delay monsoon in Maharashtra and Andhra Pradesh. This has impacted the new sowing of Urad and Tur crop so far. The market sources suggested that total stocks of around 70-80 lakh tonnes of chana have been reported in local mandies and these stocks can easily meet the chana requirement in the current season. Chana arrivals stood at 5-7 trucks where as it is usually around 30-35 trucks. Signs of lower rainfall activities in Central India too supported the market sentiments as traders expect that with present rates being on the lower side as demand starts picking up. 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. In Delhi spot market, chana gained by 8.75 rupee to end at 2938.15 rupee per
100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 1.85% to settled at 172710 while prices down -21 rupee, now Chana is getting support at 2887 and below same could see a test of 2870 level, And resistance is now likely to be seen at 2927, a move above could see prices testing 2950.

Trading Ideas:

Chana trading range for the day is 2870-2950.

Chana ended with losses on the account of limited millers buying in local mandies along with heavy stock position in local mandies.

Chana arrivals stood at 5-7 trucks where as it is usually around 30-35 trucks.

NCDEX accredited warehouses chana stocks dropped by 38 tonnes to 117884 tonnes.

In Delhi spot market, chana gained by 8.75 rupee to end at 2938.15 rupee per 100 kgs.