Chana dropped Rs 33 and settled at Rs 2470 per quintal on fresh arrivals and also on arrival pressure from other pulses that are hitting the market. Supplies from Madhya Pradesh and Maharashtra are good and there is a pressure from other pulses, which will keep the prices low for some time. Arrivals of the winter-sown crop start in February and will peak in March. In 2011/12 federal budget, the government allocated 3 billion rupees to promote 60,000 pulses villages in rain-fed areas to boost pulses cultivation. In Delhi spot market, chana fell down by -52.15 rupee to end at 2526.65 rupee per 100 kgs. The volume was noted at 53060 lots. Support for chana is at 2454 below that could see a test of 2438. Resistance is now seen at 2493 above that could see a resistance of 2516.

Trading Ideas:

Chana trading range is 2437-2515.

Chana dropped on fresh arrivals and also on arrival pressure from other pulses

Chana is taking resistance at 2493 and support is seen at 2454.

NCDEX accredited warehouses chana stocks rose by 31 tonnes 22463 tonnes.

In Delhi spot market, chana fell down by -52.15 rupee to end at 2526.65 rupee per 100 kgs.