Guar extended losses on weak spot demand and market talk normal monsoon rains will boost sowing of the rainfed crop. India's 2010 monsoon rains, crucial for farm output, will be normal. In the Bikaner spot market in Rajasthan, price fell Rs 38 to Rs 2,279 per 100 kg. Guar yesterday we have seen that market has moved -0.61%. Market has opened at 2317 & made a low of 2275 versus the day high of 2317.

The total volume for the day was at 101580 lots and the open interest was at 120470. Now support for the guar is seen at 2278 and below could see a test of 2255. Resistance is now likely to be seen at 2320, a move above could see prices testing 2339.

Trading Ideas:

Guar trading range is 2255-2339.

Guar yesterday extended losses on weak spot demand

Guar is getting resistance at 2320 and support is at 2278 level

NCDEX accredited warehouses guar stocks fell by 50 tonnes to 26834 tonnes.

In Jodhpur guar prices fell by 24 rupees to end at 2,321 rupees per 100 kg.

SELL GUAR APR @ 2310-2320 SL ABV 2343 TGT 2286-2267-2256.NCDEX