Chana dropped Rs 54 and settled at Rs 2668 per quintal on profit-taking, though a rise in pigeon peas, or tur prices, and concerns over chana crop in Madhya Pradesh limited the downside. The market is worried about production in Madhya Pradesh. Frost and cold weather may cut production there. In Indore, a major trading centre in Madhya Pradesh, chana rose by 3 rupees to 2,640 rupees per 100 kg. The total daily arrivals of chana were down to 25 motors. In Delhi spot market, chana fell down by -15.55 rupee to end at 2720.3 rupee per 100 kgs. The volume was noted at 139940 lots. Support for chana is at 2632 below that could see a test of 2597. Resistance is now seen at 2725 above that could see a resistance of 2783.

Trading Ideas:

Chana trading range is 2596-2782.

Chana dropped on profit-taking but concerns over chana crop in Madhya Pradesh limited the downside.

Chana is taking resistance at 2725 and support is seen at 2632.

NCDEX accredited warehouses chana stocks rose by 123 tonnes to 18722 tonnes.

SELL CHANA FEB @ 2690 SL 2712 TGT 2660-2632.NCDEX

In Delhi spot market, chana fell down by -15.55 rupee to end at 2720.3 rupee per 100 kgs.