Guar ended weak on profit-taking after rising more than 8 percent in the last seven sessions till Monday's close, and on support from a normal monsoon forecast. India's summer monsoon rainfall is likely to be 98 percent of the long-term average. In the Jodhpur spot market, guar seed dropped 39 rupees to end at 2,438 rupees per 100 kg. Guar yesterday we have seen that market has moved -3.08%. Market has opened at 2541 & made a low of 2472 versus the day high of 2552. The total volume for the day was at 383950 lots and the open interest was at 160790.Now support for the guar is seen at 2453 and below could see a test of 2423. Resistance is now likely to be seen at 2533, a move above could see prices testing 2583.

Trading Ideas:

Guar trading range is 2423-2583.

Guar ended weak on profit-taking after rising more than 8% in the last seven sessions

Guar is getting resistance at 2502 and support is at 2470 level

Yesterday we have seen that open interest fell by 19280 and volume by 39500.

In Jodhpur guar prices dropped by 39 rupees to 2,438 rupees per 100 kg.

SELL GUAR MAY 2500 SL 2522 TGT 2486-2470.NCDEX