Chana extended losses from the previous session to make fresh contract lows as expectations of more government curbs to check food inflation, and weak demand, dampened sentiments. Good amount of carry-forward stocks and weakness in kharif pulses due to rising arrivals also put pressure on chana prices. In the Delhi spot market, the price dropped by 53 rupees to 2,247 rupees. Chana dropped Rs 40 and settled at Rs 2196 per quintal. The volume was noted at 81000 lots. Support for chana is at 2161 below that could see a test of 2127. Resistance is now seen at 2241 above that could see a resistance of 2287.

Trading Ideas:

Chana trading range is 2150-2240.

Chana extended losses on expectations of more government curbs to check food inflation

Resistance for the chana is at 2216 and support is at 2180 level.

In NCDEX accredited warehouses stock of chana fell by 383 tonnes to 28563 tonnes

In the Delhi spot market price dropped by 53 rupees to 2,247 rupees

SELL CHANA FEB @ 2215 SL 2236 TGT 2195-2172-2156.NCDEX