Chana dropped Rs 19 and settled at Rs 2391 per quintal due to weak spot demand and speculative selling. The demand is good in short-term. But sentiment in the market is weak because of higher output expectation. According to government estimates, production of chana is likely to be 7.35 million tonnes as against 7.06 million tonnes last year. In Delhi spot market, chana fell down by -9.7 rupee to end at 2377.15 rupee per 100 kgs. The volume was noted at 86860 lots. Support for chana is at 2381 below that could see a test of 2370. Resistance is now seen at 2405 above that could see a resistance of 2418.

Trading Ideas:

Chana trading range is 2370-2418.

Chana settled weak due to weak spot demand and speculative selling

Chana is taking resistance at 2405 and support is seen at 2381.

NCDEX accredited warehouses chana stocks fell 94 tonnes to 34641 tonnes.

In Delhi spot market, chana fell down by -9.7 rupee to end at 2377.15 rupee per 100 kgs.