Chana gained Rs 49 and settled at Rs 2979 per quintal after witnessing correction in the previous session. Low arrivals however supported the market sentiments with rates recovering moderately. Firm trend in other Pulses too are supporting the rates. As on July 15 acreage under the summer-sown pulses stood at 3.61 million hectares against 4.3 million hectares a year ago, farm ministry data showed. Traders expect a rising demand at the lower levels from the festive season in coming months to support the rates for chana in coming weeks. As per 3rd Advance Crop Estimates, Pulses production is estimated highest ever at 17.29 Million Tonnes. In Delhi spot market, chana jump up by 8.25 rupee to end at 2808.25 rupee per 100 kgs. The total arrivals of chana were around 1 lakh bags were reported at Lawrence Road. The volume was noted at 202640 lots. Support for chana is at 2942 below that could see a test of 2904. Resistance is now seen at 2999 above that could see a resistance of 3018.

Trading Ideas:

Chana trading range is 2904-3018.

Chana gained as low arrivals however supported the market sentiments

Chana is taking resistance at 2999 and support is seen at 2942.

NCDEX accredited warehouses chana stocks gained by 2094 tonnes to 154003 tonnes.

In Delhi spot market, chana jump up by 8.25 rupee to end at 2808.25 rupee per 100 kgs.