Chana dropped Rs 47 and settled at Rs 2296 per quintal as sharp selling was seen in market on the heels of steady supplies of chana in physical market against diminutive demand of millers. Fundamentals are quiet weak on excess production, which has resulted in higher arrivals. Production of chana, or chickpea, is likely to fall to 7.37 million tonnes from 7.48 million tonnes a year ago. The total daily arrivals of chana in major mandies augmented to 3.50 lakh bags from 3 lakh bags reported earlier.  In Delhi spot market, chana fell down by -25 rupee to end at 2225 rupee per 100 kgs. The volume was noted at 83360 lots. Support for chana is at 2282 below that could see a test of 2267. Resistance is now seen at 2323 above that could see a resistance of 2349.

Trading Ideas:

Chana trading range is 2268-2350.

Chana dropped on the heels of steady supplies of chana in physical market

Chana is taking resistance at 2323 and support is seen at 2282.

NCDEX accredited warehouses chana stocks gained by 744 tonnes to 46784 tonnes.

In Delhi spot market, chana fell down by -25 rupee to end at 2225 rupee per 100 kgs.