Chana yesterday settled down -2.46% at 3095 as good progress in the sowing of summer pulses due to ample monsoon rains weighed on prices. Chana prices are trading steady after the recent spate of losses amid a mild uptick in the demand for pulses. The arrivals in Delhi's Lawrence Road mandi totaled 40 trucks as compared to 60 trucks in the last session. Meanwhile, there are some concerns lingering on the pulses sowing in Maharashtra in select pockets. The total output of Chana is likely to be 8.57 million tonnes in the current year. This marks a gain of 11.29% compared to the last year's production of 7.57 million tonnes. Rabi Pulses output is likely to be 12.09 million tonnes, up 9.61% on the year. The traders are expecting demand for the commodity to pick up in next month. Chana sowing for the current kharif season is expected to go up on good monsoon rain fall. Sowing for kharif pulses crop commenced and 3.74 lakh hectares (ha) of land has been covered. The area under sown is higher when compared to the normal sowing of 1.22 lakh ha. Last year, deficient rains adversely affected the sowing process of chana for kharif crop. The sowing was down by 16 percent. However, reports on good monsoon and increased supply from Rajasthan are limiting gains in the commodity prices to some extent. In Delhi spot market, chana dropped by -15 rupee to end at 3100 rupee per 100 kgs. Now Chana is getting support at 3064 and below same could see a test of 3032 level, And resistance is now likely to be seen at 3152, a move above could see prices testing 3208.

Trading Ideas:

Chana trading range for the day is 3032-3208.

Chana ended with losses as good progress in the sowing of summer pulses due to ample monsoon rains weighed on prices.

reports on good monsoon and increased supply from Rajasthan also weighing on the prices.

NCDEX accredited warehouses chana stocks gained by 2415 tonnes to 145230 tonnes.

In Delhi spot market, chana dropped by -15 rupee to end at 3100 rupee per 100 kgs.