Chana dropped Rs 8 and settled at Rs 2457 per quintal due to arrival pressure, though lower level demand from stockists and local millers arrested the downfall. There is demand at lower level, which is likely to push the prices up. Production of chana, or chickpea, is likely to fall to 7.37 million tonnes from 7.48 million tonnes a year ago, a farm ministry statement said. The total daily arrivals were hovering at higher levels of around 2 lakh bags, down around 1 lakh bags in all the major mandies. In Delhi spot market, chana jump up by 10.6 rupee to end at 2385.6 rupee per 100 kgs. The volume was noted at 67820 lots. Support for chana is at 2442 below that could see a test of 2426. Resistance is now seen at 2472 above that could see a resistance of 2486.

Trading Ideas:

Chana trading range is 2426-2486.

Chana dropped due to arrival pressure though lower level demand arrested the downfall

Chana is taking resistance at 2472 and support is seen at 2442.

NCDEX accredited warehouses chana stocks rose by 1611 tonnes to 21822 tonnes.

In Delhi spot market, chana jump up by 10.6 rupee to end at 2385.6 rupee per 100 kgs.