Guar erased early gains to end steady on weak demand in spot and forecast of normal monsoon, offsetting bargain buying. Lower supplies and decent demand of churi and korma, is supporting buying in guar. In the Jodhpur spot market, guar seed dropped 11 rupees to end at 2,358 rupees per 100 kg. Guar yesterday we have seen that market has moved -0.21%. Market has opened at 2388 & made a low of 2363 versus the day high of 2409. The total volume for the day was at 209080 lots and the open interest was at 98850.Now support for the guar is seen at 2356 and below could see a test of 2337. Resistance is now likely to be seen at 2402, a move above could see prices testing 2429.

Trading Ideas:

Guar trading range is 2337-2429.

Guar erased early gains to end steady on weak demand in spot

Guar is getting resistance at 2402 and support is at 2356 level

Yesterday we have seen that open interest rose by 6630 and volume by 61030

In Jodhpur guar prices moved down 11 rupees to end at 2,358 rupees per 100 kg.

BUY GUAR JUNE @ 2350-2360 SL 2338 TGT 2390-2412.NCDEX