Guar yesterday we have seen that market has moved 3.04% as receding stocks in major mandies have witnessed the strong stockiest buying. Waning carryover stocks of around 8-9 lakh bags in the current year have witnessed the stockiest buying at lower levels. However, some fresh arrivals of around 45000-50000 bags were reported in major mandies such as Sriganganagar and Hanumangarh. In Jodhpur guar prices gained 56.4 rupees to 2184.65 rupees per
100 kg. Market has opened at 2207 & made a low of 2201 versus the day high of 2271. The total volume for the day was at 327060 lots and the open interest was at 189870. Now support for the guar is seen at 2224 and below could see a test of 2178. Resistance is now likely to be seen at 2294, a move above could see prices testing 2318.

Trading Ideas:

Guar trading range is 2176-2316.

Guar ended higher as receding stocks in mandies witnessed strong buying

Guar is taking resistance at 2294 and support is seen at 2252.

NCDEX accredited warehouses guar stocks fell 50 tonnes to 33986 tonnes.

In Jodhpur guar prices gained 56.4 rupees to 2184.65 rupees per 100 kg.