Chana dropped Rs 6 and settled at Rs 2551 per quintal as pressure from estimates of higher production on rising acreage was offset by support from domestic demand. The market is flat, even spot is flat, fundamentally though there are reports of higher acreage and production. Rains in growing areas in UP, Rajasthan, MP, Maharashtra and Karnataka have improved moisture content of the soil leading to better sowing. However, reports of slight delay in sowing activities could perk up market sentiments.  The total arrivals of chana were around 35 motors against 40 motors reported. In Delhi spot market, chana fell down by -2.75 rupee to end at 2460 rupee per 100 kgs. The volume was noted at 17030 lots. Support for chana is at 2546 below that could see a test of 2540. Resistance is now seen at 2560 above that could see a resistance of 2568.

Trading Ideas:

Chana trading range is 2541-2569.

Chana ended down on pressure from estimates of higher production

Chana is taking resistance at 2568 and support is seen at 2540.

NCDEX accredited warehouses chana stocks rose 517 tonnes to 18218 tonnes.

SELL CHANA FEB @ 2560 SL 2590 TGT 2538-2510.NCDEX

In Delhi spot market, chana fell down by -2.75 rupee to end at 2460 rupee per 100 kgs.