Chana extended losses as rising acreage sparked hopes of ample supply, adding to plenty of carry-forward stocks, and poor physical offtake. Chana may trade weak in the short-term because of weak physical demand and rising area under cultivation. In the Delhi spot market, the price fell 35 rupees to 2,383 rupees as spot traders were waiting for further fall in prices.

Chana dropped Rs 17 and settled at Rs 2411 per quintal. The volume was noted at 59440 lots. Support for chana is at 2391 below that could see a test of 2371. Resistance is now seen at 2433 above that could see a resistance of 2455.

Trading Ideas:

Chana trading range is 2360-2470.

Chana extended losses as rising acreage sparked hopes of ample supply

Chana is getting support at 2391 and resistance at 2433.

Spot Chana prices fell over 35 rupees to 2383 rupees per 100 kg

SELL CHANA JAN @ 2430 SL 2456 TGT 2412-2394-2375.NCDEX