Chana ended weak on mounting arrivals across the country, especially Madhya Pradesh, and expectations of higher output.

Arrivals are increasing from Madhya Pradesh and also small quantity is coming from Rajasthan. Arrivals are gradually increasing.

Delhi market received around 40-50 trucks. In Delhi spot market, price dropped 23 rupees to 2,157 rupees per 100 kg.

Chana dropped Rs 25 and settled at Rs 2200 per quintal. The volume was noted at 93080 lots.

Support for chana is at 2183 below that could see a test of 2165. Resistance is now seen at 2221 above that could see a resistance of 2241.

Trading Ideas:

Chana trading range is 2165-2241.
Chana ended weak on mounting arrivals across the country
Chana is getting support at 2183 and resistance is at 2221 level
NCDEX accredited warehouses chana stocks fell by 403 tonnes to 26144 tonnes.
In the Delhi spot market price dropped 23 rupees to 2,157 rupees per
SELL CHANA APR @2230 SL 2258 TGT 2216-2202-2180.NCDEX

Courtesy: Kedia Commodities

World events analysis and how they affect Markets

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