Chana hit contract lows tracking the weakness in spot market due to poor demand amid rising arrivals, and on higher output hopes. The February contract has fallen nearly 23 percent since hitting a high of 2,896 rupees on Nov. 6. India's chana acreage as on Jan. 21 stood at 8.68 million hectares, compared with 8.23 million hectares in the same period a year ago. In the Delhi spot market, price dropped by 30 rupees to 2,300 rupees. Chana dropped Rs 40 and settled at Rs 2236 per quintal. The volume was noted at 86030 lots. Support for chana is at 2205 below that could see a test of 2174. Resistance is now seen at 2293 above that could see a resistance of 2350.

Trading Ideas:

Chana trading range is 2190-2270.

Chana hit contract lows tracking the weakness in spot market due to poor demand

Chana has fallen nearly 23 percent since hitting a high of 2,896 rupees on Nov. 6.

India's chana acreage as on Jan. 21 stood at 8.68 million hectares

In the Delhi spot market price dropped by over 30 rupees to 2330 rupees.

BUY CHANA FEB @ 2240 SL 2226 TGT 2256-2270-2290.NCDEX