Chana dropped Rs 5 and settled at Rs 2190 per quintal as pressure from higher output and ample stocks offset a decline in arrivals. Chana prices were also pressurized by weak spot market as in Delhi spot market chana slipped 11 rupees to end at 2,171 rupees per 100 kg. Demand may improve in coming days because consumption of chana dal increases during monsoon. The volume was noted at 44820 lots. Support for chana is at 2183 below that could see a test of 2176. Resistance is now seen at 2200 above that could see a resistance of 2210.

Trading Ideas:

Chana trading range is 2176-2210.

Chana dropped on pressure from higher output and ample stocks

Support for the chana is seen at 2183 and resistance is at 2200.

NCDEX accredited warehouses chana stocks dropped by 934 tonnes to 46838 tonnes.

BUY CHANA JUNE @ 2175 SL 2160 TGT 2190-2215.NCDEX

In Delhi spot prices dropped 11 rupees and settled at 2,171 rupees per 100 kg