Chana gained Rs 57 and settled at Rs 3666 per quintal as strong buying was seen on the account of weak supply in major chana producing states. According to the first advance estimates, Kharif Pulses output for 2011-12 season is down by 9.6% at 6.43 mt. Tur output estimates is up by 0.35% while Moong & Urad is down by 21% & 16% Kharif Pulses sowing is down by 9% as on 23rd September, 2011. 109.41 lakh ha has been covered against 120.3 lakh ha in the last year. Chana production estimates stood at 8.25 million tonnes up 10.3% compared to last year. Prospect for Rabi sowing is also higher due to better soil moisture levels. Planning Commission has estimated that the demand for pulses during 2011-12 is 19.11 million tonne. The total arrivals of chana were around 40000 bags were reported. In Delhi spot market, chana jump up by 6.15 rupee to end at 3625 rupee per 100 kgs. The volume was noted at 173180 lots. Support for chana is at 3614 below that could see a test of 3562. Resistance is now seen at 3694 above that could see a resistance of 3722.

Trading Ideas:

Chana trading range is 3562-3722.

Chana ended with gains as strong buying was seen on the account of weak supply

Planning Commission has estimated that the demand for pulses during 2011-12 is 19.11 million tonne

NCDEX accredited warehouses chana stocks dropped by 877 tonnes to 161157 tonnes.

In Delhi spot market, chana jump up by 6.15 rupee to end at 3625 rupee per 100 kgs.