Chana hit fresh contract lows on weak demand because of abundant supply of a substitute pulse, pressure from arrivals and estimates of higher production. There is huge stock of yellow peas which is a substitute of chana. In Delhi spot market, chana dropped 11 rupees to end at 2,132 rupees per 100 kg. Chana dropped Rs 11 and settled at Rs 2213 per quintal. The volume was noted at 46080 lots. Support for chana is at 2206 below that could see a test of 2198. Resistance is now seen at 2225 above that could see a resistance of 2236.

Trading Ideas:

Chana trading range is 2198-2236.

Chana ended lower on weak demand because of abundant supply of a substitute pulse

Support for the chana is seen at 2198 and resistance is at 2236.

NCDEX accredited warehouses chana stocks rose by 490 tonnes to 39818 tonnes.

SELL CHANA JUNE ON JUMP @ 2228 SL 2248 TGT 2204-2190.NCDEX

In the Delhi spot market prices dropped 11 rupees at 2,132 rupees per 100 kg