Chana hit fresh contract lows before rebounding sharply in the late session on bargain-buying. Domestic enquiries may pick up in the physical market. In the Delhi spot market, price dipped 7 rupees to 2,116 rupees per 100 kg. Chana has fallen 28 percent as on Thursday's close from a Nov. 26 high of 2,944 rupees, on hopes of higher output due to expanded acreage, fears of government intervention to curb food inflation and ample carry-forward stocks. Chana gained Rs 38 and settled at Rs 2129 per quintal. The volume was noted at 93460 lots. Support for chana is at 2089 below that could see a test of 2050. Resistance is now seen at 2152 above that could see a resistance of 2176.

Trading Ideas:

Chana trading range is 2048-2174.

Chana after hit fresh contract lows rebounded sharply bargain-buying

Domestic enquiries may pick up in the physical market.

NCDEX accredited warehouses chana stocks seen at 28025 tonnes as on Feb 24.

SELL CHANA MAR BELOW 2115 SL 2132 TGT 2100-2084-2065.NCDEX

In the Delhi spot market price dipped 7 rupees to 2,116 rupees per 100 kg