Chana yesterday settled down -1.64% at 2933 due to higher acreage under kharif or summer-sown pulses and favourable weather. The overall trend in chana looks down because of higher acreage and rains in the leading cultivating regions. Chana is a rabi crop sown during the winter months in India and farmers depend on rains to moisten the land for sowing. The commodity has been witnessing a fairly tight trading activity in last few days as stockists are not letting the upside rule for long. The arrivals in Delhi's Lawrence Road mandi are 30 trucks as compared to just 35 trucks yesterday. The supplies had averaged around 35/40 in the last week. 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 spot prices are ruling around Rs 3150 per quintal- mostly following good leads from other mandies. Kabuli Chana in Indore is up sharply and good demand is seen from hereon in the entire pulses market. 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 spot prices ruled around Rs 3150 per quintal- mostly following good leads from other mandies. According to the latest Agri Ministry data, the acreage under pulses stood at 31.62 lakh hectares, up nearly 54% compared to last year. This is expected to keep a tab on the commodity and spot prices could once again ease towards its two-year lows around Rs 3000 per quintal in Delhi. In Delhi spot market, chana dropped by -36 rupee to end at 3072.5 rupee per 100 kgs. Now Chana is getting support at 2916 and below same could see a test of 2899 level, And resistance is now likely to be seen at 2965, a move above could see prices testing 2997.

Trading Ideas:

Chana trading range for the day is 2900-2998.

Chana dropped due to higher acreage under kharif or summer-sown pulses and favourable weather.

The total output of Chana is likely to be 8.57 million tonnes in the current year.

NCDEX accredited warehouses chana stocks dropped by 335 tonnes to 154952 tonnes.

In Delhi spot market, chana dropped by -35.85 rupee to end at 3072.5 rupee per 100 kgs.