Guar fell more than 2 percent tracking weakness in the spot market, hopes of normal monsoon rains in 2010 and sufficient stocks. Demand is not that strong. Stocks are sufficient to meet the demand. In the Jodhpur spot market, guar dropped 31 rupees to end at 2,292 rupees per 100 kg. The movement in guar seed is largely driven by the monsoon report as it is a rain-fed crop. Guar yesterday we have seen that market has moved -2.24%. Market has opened at 2325 & made a low of 2262 versus the day high of 2335. The total volume for the day was at 231720 lots and the open interest was at 156610.Now support for the guar is seen at 2243 and below could see a test of 2216. Resistance is now likely to be seen at 2316, a move above could see prices testing 2362.

Trading Ideas:

Guar trading range is 2215-2361.

Guar fell more than 2 percent tracking weakness in the spot market

Guar is getting resistance at 2288 and support is at 2256 level

NCDEX accredited warehouses guar stocks fell by 297 tonnes to 26653 tonnes.

In Jodhpur guar prices dropped 31 rupees to end at 2,292 rupees per 100 kg.

GUAR LOOK TO HOLD SUPPORT AT 2240 WHERE BUYING IS EXPECTED.