Guar continued gaining streak Saturday also on dwindling arrivals, estimates of lower output and decent demand of churi and Korma, the by-products of guar seed. Market did not react much to the monsoon forecast as expected. Demand for by-products of guar seed is supporting prices. In the Jodhpur spot market, guar edged up 53 rupees to end at 2,450 rupees per 100 kg. Guar yesterday we have seen that market has moved 3%. Market has opened at 2438 & made a low of 2436 versus the day high of 2503. The total volume for the day was at 213080 lots and the open interest was at 190210.Now support for the guar is seen at 2458 and below could see a test of 2414. Resistance is now likely to be seen at 2525, a move above could see prices testing 2548.

Trading Ideas:

Guar trading range is 2414-2548.

Guar continued gaining streak Saturday on dwindling arrivals and estimates of lower output

Guar is getting resistance at 2525 and support is at 2478 level

NCDEX accredited warehouses guar stocks fell by 3214 tonnes to 18201 tonnes.

In Jodhpur guar prices gained 53 rupees to end at 2,450 rupees per 100 kg.

BUY GUAR MAY ON DIP @ 2480 SL 2460 TGT 2498-2512.NCDEX