Chana settled flat as strong demand from consumers in the ongoing festive season negated profit-taking by traders at higher levels. The report said chana prices are likely to rise further as pulses output in other producing countries such as Myanmar, Australia and Canada are likely to fall due to adverse weather conditions. This will make imports costlier and is supporting prices of chana. The total daily arrivals of chana were hovering at higher levels of around 30000 bags in the entire major mandies. Range bound trend is seen in chana at present as profit booking at higher levels brought some corrections to the rising rates. Traders expect trend to remain firm in short term. Festive demand continued to support the rates at the lower levels and firm trend in other Pulses and in the International markets too had a Bullish impact on the prices. In Delhi spot market, chana fell down by -15.85 rupee to end at 3268.45 rupee per 100 kgs. The volume was noted at 171530 lots. Support for chana is at 3300 below that could see a test of 3281. Resistance is now seen at 3336 above that could see a resistance of 3353.

Trading Ideas:

Chana trading range is 3281-3353.

Chana settled flat as strong demand from consumers in ongoing festive season neglated profit-taking

Chana prices are likely to rise further as pulses output in other producing countries are likely to fall

NCDEX accredited warehouses chana stocks gained by 120 tonnes to 166182 tonnes.

In Delhi spot market, chana fell down by -15.85 rupee to end at 3268.45 rupee per 100 kgs.