Chana settled down -0.86% at 3103 due to large stocks and higher area under cultivation, though concerns about yield from top producer Madhya Pradesh state restricted the downside. Chana sowing has come to an end in the major cultivating regions. There are some concerns over the yield in Madhya Pradesh due to a cold wave. Stocks are high from the old crop and new supplies would also start in the coming weeks. As of now, farmers had planted pulses on 15.52 million hectares, up from 14.74 million hectares in the same period a year earlier. Sowing operations are progressing in major growing states such as Madhya Pradesh, Maharashtra, Andhra Pradesh and Karnataka. Chana sowing rose to 10.18 million hectares till Jan 10 compared to 9.26 million hectares a year earlier, government data showed. Rabi pulses sowing rose to 15.51 million hectares as on Jan 10 compared to 14.7 million hectares a year earlier, data released by the government showed. Sowing operations are progressing in major growing states such as Madhya Pradesh, Maharashtra, Andhra Pradesh and Karnataka. In Delhi spot market, chana gained  by 20.35 rupee to end at 3020.35 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 1.8% to settled at 83150 while prices down -27 rupee, now Chana is getting support at 3085 and below same could see a test of 3066 level, And resistance is now likely to be seen at 3135, a move above could see prices testing 3166.

Trading Ideas:

Chana trading range for the day is 3066-3166.

Chana ended with losses due to large stocks and higher area under cultivation

Chana sowing has come to an end in the major cultivating regions.

NCDEX accredited warehouses chana stocks gained by 300 tonnes to 7265 tonnes.

In Delhi spot market, chana gained  by 20.35 rupee to end at 3020.35 rupee per 100 kgs.