Guar closed down with substantial losses Saturday mainly due to profit booking. The prices were likely to get support recovery in the prices of 'churi' and 'korma,' the by-products of guar seed. In the Jodhpur spot market, guar moved down 4 rupees to end at 2,318 rupees per 100 kg. Guar yesterday we have seen that market has moved -0.78%. Market has opened at 2336 & made a low of 2304 versus the day high of 2346. The total volume for the day was at 123320 lots and the open interest was at 153520.Now support for the guar is seen at 2293 and below could see a test of 2278. Resistance is now likely to be seen at 2335, a move above could see prices testing 2362.

Trading Ideas:

Guar trading range is 2278-2362.

Guar closed down Saturday mainly due to profit booking

Guar is getting resistance at 2335 and support is at 2293 level

NCDEX accredited warehouses guar stocks fell by 485 tonnes to 25862 tonnes.

In Jodhpur guar prices down 4 rupees to end at 2,318 rupees per 100 kg.

SELL GUAR MAY @ 2320-2330 SL 2348 TGT 2302-2280.NCDEX