MUMBAI (Commodity Online): Chana futures tumbled in the early trading session Tuesday as traders indulged in profit taking due to the higher supply in the domestic spot market.

NCDEX chana March contract moved down Rs 16 at Rs 2,133 a quintal. The contract so far fluctuated between Rs 2,146- 2,130 a quintal. April contract traded at Rs 2,209 a quintal, down Rs 16. It so far moved between Rs 2,224- 2,206 a quintal. Volumes in the March and April contracts recorded at 3,780 and 17,380 tons respectively.

Stockists buying may be initiated as the prices are quoting at lower levels. If, significant demand from the domestic market is there Chana prices may find support and strengthen.

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According to second advance estimates, another bumper crop of Chana is expected in the coming season due to increased acreage and favorable weather in key growing areas. This may cap the prices and selling is likely to be witnessed if prices touch resistance level at the futures.

Area under other Rabi pulses like Urad and Moong is expected to be better according to the report on March 04, 2010. This may cap the upside in Chana prices.

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