MUMBAI (Commodity Online): Chana futures moved up after opening down in the morning trade on Friday on the back of short covering. However, fundamentals remained bearish on weak demand and higher supply.

NCDEX chana March contract edged up Rs eight at Rs 2,143 a quintal. The contract so far fluctuated between Rs 2,149- 2,128 a quintal. April contract traded at Rs 2,210 a quintal, up Rs 11. It so far moved between Rs 2,215- 2,198 a quintal. Volumes in the March and April contracts recorded at 3,470 and 12,690 tons respectively.

NCDEX May contract currently traded at Rs 2,275 a quintal, up Rs 10 and moved in the range of Rs 2,280- 2,254 a quintal. Total volume was 5,810 tons.

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Chana ended down on rising arrivals in the physical market and hopes of higher output on expanded area. After Maharashtra, arrivals from Madhya Pradesh have started. Stockists are not showing any deep interest in initiating the long position.

In Delhi spot market, prices gained 8 rupees to 2,168 rupees per 100 kg. Chana dropped Rs 5 and settled at Rs 2138 per quintal. The volume was noted at 30790 lots. Support for chana is at 2125 below that could see a test of 2112. Resistance is now seen at 2153 above that could see a resistance of 2168.

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