Guar dropped as weak spot demand outweighed thin arrivals and an output drop. Demand is not supporting prices. But export demand may emerge in the market in coming weeks. In the Bikaner spot market in Rajasthan, price fell 16 rupees to 2,317 rupees per 100 kg. Guar yesterday we have seen that market has moved -1.58%. Market has opened at 2340 & made a low of 2305 versus the day high of 2357. The total volume for the day was at 114890 lots and the open interest was at 124810.Now support for the guar is seen at 2288 and below could see a test of 2270. Resistance is now likely to be seen at 2340, a move above could see prices testing 2374.

Trading Ideas:

Guar trading range is 2270-2374.

Guar dropped as weak spot demand outweighed thin arrivals

Guar is getting resistance at 2328 and support is at 2288 level

Export demand may emerge in the market in coming weeks.

In Jodhpur guar prices fell by 10 rupees to end at 2,345 rupees per 100 kg.

SELL GUAR APR @ 2320 SL 2345 TGT 2302-2278.NCDEX