Chana continued their losing streak into the fourth straight day on rising acreage, tepid spot demand and concerns mounting food prices may invite more curbs from the government. Early in 2007, the federal government banned futures trade in tur and urad to check price rise, while in mid-2008 it also suspended futures trade in chana for few months. In the Delhi spot market, the price fell by 26 rupees to 2,450 rupees per 100 kg due to poor demand. Chana dropped Rs 32 and settled at Rs 2543 per quintal. The volume was noted at 95060 lots. Support for chana is at 2524 below that could see a test of 2504. Resistance is now seen at 2570 above that could see a resistance of 2596.

Trading Ideas:

CHANA TRADING RANGE IS 2480-2600.

CHANA CONTINUED THEIR LOSING STREAK INTO THE FOURTH STRAIGHT DAY ON RISING ACREAGE

SELL CHANA JAN @ 2570-2580 SL 2598 TGT 2558-2540-2525.NCDEX

SUPPORT FOR CHANA IS AT 2524 AND RESIST IS AT 2558.

SPOT CHANA PRICES FELL OVER 25 RUPEES ENDED STEADY AT 2450 RUPEES PER 100 KG