Chana settled down -1.38% at 2851 on subdued demand for the pea by bulk consumers and on improved weather conditions rising expectations for better sowing. Chana prices may also be under pressure on improved weather condition will not hamper rabi sowing. Revival of monsoon and improvement in sowing of kharif pulses in the coming days is pressurising the prices of chana. Domestic demand for chickpea is weak in local mandis as chana available is of inferior quality. Chana arrivals were steady at 10-15 trucks as compared to previous day. India's southwest monsoon stood 22% below normal, though India Meteorological Department (IMD) is hopeful of improvement in the current month. In June the deficit was 43%, showed IMD data. Farmers have increased sowing activities and kharif acreage is expected to reach nearly normal sowing. Chana was sown over an area of 10.21 million hectare compared to 9.5 million hectare a year ago thanks to normal monsoon and good soil moisture. Agriculture ministry has estimated chana record output at 9.79 million ton up from 8.83 million ton a year ago, which could revised downwards. Sources added that monthly chana consumption has also been increased from the level of 3-3.5 lakh bags to reach 4-4.5 lakh bags due to excessive buying by millers at lower levels. In Delhi spot market, chana gained by 1.4 rupee to end at 2840.85 rupee per 100 kgs. Technically  market is under fresh selling as market has witnessed gain in open interest by 3.48% to settled at 118830 while prices down -40 rupee, now Chana is getting support at 2828 and below same could see a test of 2804 level, And resistance is now likely to be seen at 2887, a move above could see prices testing 2922.

Trading Ideas:

Chana trading range for the day is 2804-2922.

Chana prices dropped on subdued demand for the pea by bulk consumers and on improved weather conditions rising expectations for better sowing.

Revival of monsoon and improvement in sowing of kharif pulses in the coming days is pressurizing the prices of chana.

NCDEX accredited warehouses chana stocks dropped by 496 tonnes to 121281 tonnes.

In Delhi spot market, chana gained  by 1.4 rupee to end at 2840.85 rupee per 100 kgs.