Chana settled down -1.01% at 3035 as the ongoing sowing and conducive weather weighed on prices. The supplies in Delhi have been roaring high over last few days. Meanwhile, some concerns are emerging over the Tur crop in Maharashtra and overall demand in pulses remains flat. Farmers have begun sowing chana in the major cultivating regions. There are some concerns over a shift in acreage in Madhya Pradesh. The Indian government has raised the price farmers will be paid for buying next year's chana to 3,100 rupees per 100 kg from 3,000 rupees a year earlier. Good sowing reports for Chana from MP, UP and Rajasthan amidst high stocks and fall in demand in mandis are keeping sentiments weak for the commodity in the Spot and Futures markets. Farmers have begun sowing Chana in the major cultivating regions. Meanwhile, the Agri Department has announced a robust start to the rabi sowing this season. The latest data shows that the area under rabi pulses is at 105 lakh hectares as on November 28, 2013, up around 2.4% compared to the same time last year. Bulk of this spurt in acreage is due to an excellent Monsoon and accounts for a generous rise in local Chana acreage this season. The arrivals in Delhi were 45 trucks yesterday. In Delhi spot market, chana gained by 0.35 rupee to end at 2975.35 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.71% to settled at 68150 while prices down -31 rupee, now Chana is getting support at 3009 and below same could see a test of 2983 level, And resistance is now likely to be seen at 3071, a move above could see prices testing 3107.

Trading Ideas:

Chana trading range for the day is 2982-3106.

Chana settled down as the ongoing sowing and conducive weather weighed on prices.

The supplies in Delhi have been roaring high over last few days.

NCDEX accredited warehouses chana stocks dropped by 1627 tonnes to 29532 tonnes.

In Delhi spot market, chana gained by 0.35 rupee to end at 2975.35 rupee per 100 kgs.