Guar hit the 4 percent lower circuit in late trade on rising stocks, weak overseas demand for guar gum and dull spot market. In NCDEX-accredited warehouses stock of guar rose by 10 tonnes to 33,823 tonnes as on Jan. 20. In the Jodhpur spot market, guar price dropped 66 rupees to 2,392 rupees per 100 kg. Guar yesterday we have seen that market has moved -4%. Market has opened at 2465 & made a low of 2379 versus the day high of 2472. The total volume for the day was at 381530 lots and the open interest was at 227080.Now support for the guar is seen at 2348 and below could see a test of 2317. Resistance is now likely to be seen at 2441, a move above could see prices testing 2503.

Trading Ideas:

Guar trading range is 2330-2420.

Guar hit the 4% lower circuit on rising stocks and weak overseas demand

Guar is taking support at 2362 and resistance at 2398 level.

In Bikaner prices fell by 33.50 rupees and settled at 2357.50 rupees per 100 kg.

Demat stock of guar at NCDEX-monitored warehouses rose by 10 tonnes to 33,823 tonnes

GUAR STILL LOOK WEAK TILL 2340 LEVEL WILL WAIT TO TAKE POSITION