Guar yesterday we have seen that market has moved -0.14% almost steady and may trade marginally down on sufficient stocks and absence of fresh triggers from the spot market. In the Jodhpur spot market, guar seed price gained 2 rupees to 2,418 rupees per 100 kg. Guar output is likely to drop by 80 percent to 241,000 tonnes in 2009/10 as scanty rains trimmed area and yields so market not likely any major fall and expect guar futures to attract buying at low-levels on estimations of lower output. Yesterday market has opened at 2442 & made a low of 2412 versus the day high of 2458. The total volume for the day was at 319630 lots and the open interest was at 182620. Now support for the guar is seen at 2411 and below could see a test of 2388. Resistance is now likely to be seen at 2457, a move above could see prices testing 2480.

Trading Ideas:

Guar trading range is 2388-2480.

Guar steady and may trade marginally down on sufficient stocks and absence of fresh buying

Guar output is likely to drop by 80 percent to 241,000 tonnes in 2009/10 as scanty rains trimmed area and yields

Important support to the market is at 2390 where buying is expected.

BUY GUAR MAR @ 2415-2425 SL 2390 TGT 2438-2456-2475.NCDEX

In the Jodhpur spot market, guar seed price gained 2 rupees to 2,418 rupees per 100 kg.