Chana ended steady in volatile trade as bargain hunting outweighed subdued demand in the physical market amid rising arrivals of the new crop. In the Delhi spot market, the price eased by 7 rupees to 2,350 rupees per 100 kg. A likely rise in production due to higher acreage, good carry-forward stocks and fears of government intervention also put pressure on prices.

Chana dropped Rs 7 and settled at Rs 2348 per quintal. The volume was noted at 69140 lots. Support for chana is at 2328 below that could see a test of 2307. Resistance is now seen at 2370 above that could see a resistance of 2391.

Trading Ideas:

Chana trading range is 2305-2385.

Chana ended steady as bargain hunting outweighed subdued demand

Support for the chana is at 2328 and resistance is at 2370.

Demat stock of chana at NCDEX-monitored warehouses rose by 101 tonnes to 28191 tonnes

Spot Chana prices eased by 7 rupees to 2,350 rupees per 100 kg.

BUY CHANA FEB @ 2330-2340 SL 2312 TGT 2352-2365-2380.NCDEX