Chana dropped Rs 37 and settled at Rs 2256 per quintal on higher kharif pulses production and rising arrivals, but upcoming festival demand limited losses. Better crop prospects of kharif pulses as well as imports from other major producing countries can improve supply in pulses According to the fourth advance estimates; production of chana in 2009/10 is likely to be 7.35 million tonnes as against 7.06 million tonnes last year. In Delhi spot market, chana fell down by -25 rupee to end at 2325 rupee per 100 kgs. The volume was noted at 77990 lots. Support for chana is at 2239 below that could see a test of 2223. Resistance is now seen at 2285 above that could see a resistance of 2315.

Trading Ideas:

Chana trading range is 2223-2315.

Chana settled weak on higher kharif pulses production and rising arrivals

Chana is taking resistance at 2285 and support is seen at 2239.

NCDEX accredited warehouses chana stocks fell 6817 tonnes to 35573 tonnes.

In Delhi spot market, chana fell down by -25 rupee to end at 2325 rupee per 100 kgs.