Chana gained Rs 9 and settled at Rs 2402 per quintal due to firm demand ahead of festive season and government support prices but weakness in the spot market and on higher output estimates weighed on prices. According to government estimates, production of chana is likely to be 7.35 million tonnes as against 7.06 million tonnes last year. India has raised minimum support price (MSP) of chana by 19.3 percent to 2,100 rupees per 100 kg. In Delhi spot market, chana fell down by -2.8 rupee to end at 2341.3 rupee per 100 kgs. The volume was noted at 50130 lots. Support for chana is at 2389 below that could see a test of 2377. Resistance is now seen at 2411 above that could see a resistance of 2421.

Trading Ideas:

Chana trading range is 2377-2421.

Chana settled up due to firm demand ahead of festive season

Chana is taking resistance at 2411 and support is seen at 2389.

Spread between Chana NOV & DEC contracts traded in the range of 38 to 44.

In Delhi spot market, chana fell down by -2.8 rupee to end at 2341.3 rupee per 100 kgs.