Guar recovered sharply to end over 2 percent on lower-level buying spurred by weak output estimates and thin arrivals. On NCDEX accredited warehouses stock of guar fell by 50 tonnes to 33733 tonnes as on Jan. 22. In the Jodhpur spot market, guar price was rose by over 37 rupees to 2368.75 rupees per 100 kg at Jodhpur, Rajasthan. Guar yesterday we have seen that market has moved 2.02%. Market has opened at 2350 & made a low of 2336 versus the day high of 2394. The total volume for the day was at 248330 lots and the open interest was at 197740.Now support for the guar is seen at 2343 and below could see a test of 2311. Resistance is now likely to be seen at 2401, a move above could see prices testing 2427.

Trading Ideas:

Guar trading range is 2330-2420.

Guar recovered sharply to end over 2% on lower-level buying

Guar is taking support at 2354 and resistance at 2401 level.

In Jodhpur prices rose by over 37 rupees to 2368.75 rupees

Yesterday we have seen that open interest has fallen by 8370 lots

BUY GUAR FEB @ 2360-2370 SL 2340 TGT 2386-2400-2422.NCDEX