Chana dropped due to stockiest selling on fresh arrivals and reports of higher Australian Chana crop. Estimated lower Kharif pulses output also supported the upside in the prices during the intraday. Spot prices of Chana quoted down in the early trading sessions, despite the strong futures market. The spot prices of Akola mix were reported at Rs 4325 per quintal and Chapa quality were at Rs 4350 per quintal, down Rs 25 from the previous day. The total daily arrivals were hovering at the levels of around 30000 bags in the entire major mandis, unchanged from the last day. According to the first advance estimates, Kharif pulses output is estimated lower by 14.6% at 5.26 million tonnes compared with 6.16 mn tn last year. CACP has recommended a hike in minimum support price (MSP) of gram by Rs. 200 to Rs. 3000 a quintal and Masoor by Rs. 100 to Rs. 2900 a quintal for upcoming 212-13 Rabi season to boost the production of pulses. The total daily arrivals were hovering at the levels of around 30000 bags in the entire major mandies. The chick pea forecast has risen from 797,000 tonnes in June, to 827,000 tonnes this month. In Delhi spot market, chana fell down by -36.35 rupee to end at 4400 rupee per 100 kgs. The volume was noted at 71000 lots. Support for chana is at 4271 below that could see a test of 4219. Resistance is now seen at 4352 above that could see a resistance of 4381.

Trading Ideas:

Chana trading range for the day is 4219-4381.

Chana dropped due to stockiest selling on fresh arrivals and reports of higher Australian Chana crop.

Australian grain growers are now expected to harvest bigger chickpea, the bureau left the area sown to unchanged.

NCDEX accredited warehouses chana stocks dropped by 2219 tonnes to 43682 tonnes.

In Delhi spot market, chana fell down by -36.35 rupee to end at 4400 rupee per 100 kgs.