Chana gained marginally by Rs 4 and settled at Rs 3215 per quintal on lower level demand from stockists due to ongoing festive season and on firmness in prices of other pulses. Weak spot and some profit booking at current higher rates kept the trend bearish even as demand is expected to rise at lower levels. Festive demand is likely to provide support to the rates at the lower levels. High volatility is likely to continue in the short term but with Festive demand there, a firm medium term trend cannot be ruled out with high short term volatility. In Delhi spot market, chana fell down by -33.85 rupee to end at 3150 rupee per 100 kgs. The total daily arrivals chana were hovering at higher levels of around 0.50 lakh bags in the entire major mandies. The volume was noted at 184470 lots. Support for chana is at 3190 below that could see a test of 3164. Resistance is now seen at 3236 above that could see a resistance of 3256.

Trading Ideas:

Chana trading range is 3164-3256.

Chana gained marginally on lower level demand from stockists due to ongoing festive season

Weak spot and some profit booking at current higher rates kept trend bearish even as demand is expected to rise

NCDEX accredited warehouses chana stocks dropped by 11 tonnes to 164300 tonnes.

In Delhi spot market, chana fell down by -33.85 rupee to end at 3150 rupee per 100 kgs.