Chana settled down -0.19% at 3080 on ongoing sowing operations and conducive weather conditions weighed on prices. 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. There are some concerns over a shift in acreage to wheat in Madhya Pradesh, the key producing state. 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. 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. Such a spurt is making traders release their Chana stocks as prices could correct further one the new crop hits the market in February next year. In Delhi spot market, chana gained  by 21.9 rupee to end at 2971.9 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 1.39% to settled at 78070 while prices down -6 rupee, now Chana is getting support at 3064 and below same could see a test of 3049 level, And resistance is now likely to be seen at 3100, a move above could see prices testing 3121.

Trading Ideas:

Chana trading range for the day is 3049-3121.

Chana dropped on ongoing sowing operations and conducive weather conditions weighed on prices.

There are some concerns over a shift in acreage to wheat in Madhya Pradesh, the key producing state.

NCDEX accredited warehouses chana stocks dropped by 9230 tonnes to 20302 tonnes.

In Delhi spot market, chana gained  by 21.9 rupee to end at 2971.9 rupee per 100 kgs.