MUMBAI: India's chana futures rebounded from fresh contract lows hit earlier in the session on Friday on some buying interest at low levels after it
lost more than 7 percent in the last 9 sessions, analysts said.
"It's just a technical correction.... Overall trend is still weak because supply is good. We recommend to sell May contract at 2,090 rupees for the target of 2,040 and 2,000 rupees," said a senior analyst from Angel Commodities.
The most traded May contract NCHK0 had hit a contract low of 2,066 rupees earlier in the session.
In Delhi spot market, chana slipped 9 rupees to end at 2,100 rupees per 100 kg.
India's chana acreage as on April 8 stood at 8.93 million hectares, compared with 8.36 million hectares in the same period a year ago, farm ministry data showed.