Chana fell for a fourth straight day to hit new contract lows as rising arrivals in physical market and estimates of higher output depressed sentiment. The latest government data shows a significant improvement in acreage in Rajasthan and fresh arrivals in southern India are putting pressure on prices. In the Bikaner spot market in Rajasthan, price dropped by 45 rupees to 2,230 rupees. Chana dropped Rs 65 and settled at Rs 2287 per quintal. The volume was noted at 85180 lots. Support for chana is at 2264 below that could see a test of 2242. Resistance is now seen at 2332 above that could see a resistance of 2378.

Trading Ideas:

Chana trading range is 2240-2320.

Chana hits new contract lows on rising arrivals and estimates of higher output

Support for the chana is at 2264 and resistance is at 2302.

Yesterday we have seen that open interest has fallen by 2470 lots

In the Bikaner spot market price dropped by 45 rupees to 2,230 rupees.

SELL CHANA FEB @ 2290 SL 2312 TGT 2272-2256-2240.NCDEX