Guar erased early gains to end weak as forecast of normal monsoon rains and weak demand of churi and korma weighed on sentiment, offsetting negligible arrivals and estimates of lower output. The forecast of normal and early arrival of monsoon rains is weighing on prices. In the Jodhpur spot market, guar inched down 6 rupees to end at 2,302 rupees per 100 kg. Guar yesterday we have seen that market has moved -0.6%. Market has opened at 2328 & made a low of 2316 versus the day high of 2355. The total volume for the day was at 172230 lots and the open interest was at 156200.Now support for the guar is seen at 2308 and below could see a test of 2293. Resistance is now likely to be seen at 2347, a move above could see prices testing 2371.

Trading Ideas:

Guar trading range is 2293-2371.

Guar erased early gains due to forecast of normal monsoon rains and weak demand

Guar is getting resistance at 2347 and support is at 2293 level

NCDEX accredited warehouses guar stocks fell by 23 tonnes to 15196 tonnes.

Guar getting resistance at 2347 only a break abv will like to test the resistance at 2370-2380 level.

In Jodhpur guar prices dropped by 6 and settled at 2,302 rupees per 100 kg.

GUAR GETTING RESISTANCE AT 2347 ONLY A BREAK ABV WILL LIKE TO TEST THE RESISTANCE AT 2370-2380 LEVEL.