Chana yesterday traded with the negative node and settled -0.72% down at 2353 on profit booking though reports of declining arrival in spot market prevented a steep fall, the Delhi spot market, chana prices were up by 6 rupees to 2,267 rupees per 100 kg. Daily arrivals in Delhi spot market have gone down to 30-35 trucks from 60-65 trucks last week and production of chana, or chickpea, in the current season is likely to fall to 7.37 million tonnes from 7.48 million tonnes a year ago, the farm ministry said. Profit booking and low buying interest took the sentiments down after yesterday’s rally. However, traders expect demand may emerge at these low levels and with reducing arrival pressure sentiments may turn up positive. The short term trend is likely to remain very volatile with trading activities set to rise in coming weeks in the mandis. For today's session market is looking to take support at 2338, a break below could see a test of 2323 and where as resistance is now likely to be seen at 2373, a move above could see prices testing 2393.

Trading Ideas:

Chana trading range is 2323-2393.

Chana yesterday closed lower due to profit booking.

Chana is taking resistance at 2372 and support is seen at 2337.

Daily arrivals in Delhi spot market have gone down to 30-35 trucks from 60-65 trucks last week.

In Delhi spot market, chana jump up by 2.55 rupee to end at 2263.8 rupee per 100 kgs.