Chana dropped Rs 15 and settled at Rs 2467 per quintal on mounting pressure from the new crop and on lack of buying by millers. Chana is expected to continue the bearish trend as traders and millers are yet to start buying for festival season and arrivals are continuously rising. The production of chana, or chickpea, is likely to fall to 7.37 million tonnes from 7.48 million tonnes a year ago. The total arrivals of chana were around 25 motors were reported at Lawrence Road, down around 5 motors from the last day. In Delhi spot market, chana jump up by 30.85 rupee to end at 2543.35 rupee per 100 kgs. The volume was noted at 42600 lots. Support for chana is at 2451 below that could see a test of 2436. Resistance is now seen at 2487 above that could see a resistance of 2508.

Trading Ideas:

Chana trading range is 2437-2509.

Chana dropped on mounting pressure from the new crop and on lack of buying by millers

Chana is taking resistance at 2490 and support is seen at 2448

NCDEX accredited warehouses chana stocks rose by 394 tonnes 22887 tonnes.

In Delhi spot market, chana jump up by 30.85 rupee to end at 2543.35 rupee per 100 kgs.