Guar yesterday we have seen that market has moved -1.05% on poor demand in physical market and rains in the biggest producer, Rajasthan, over weekend, which could accelerate sowing. Hopes of a higher acreage in the ongoing kharif season also weighed on prices. In the Jodhpur spot market in Rajasthan, guar fell by 34 rupees to 2,206 rupees per 100 kg. Market has opened at 2272 & made a low of 2243 versus the day high of 2278. The total volume for the day was at 245430 lots and the open interest was at 100560.Now support for the guar is seen at 2243 and below could see a test of 2225. Resistance is now likely to be seen at 2278, a move above could see prices testing 2295.

Trading Ideas:

Guar trading range is 2225-2295.

Guar extended its weakness on poor demand in physical market and rains.

Guar is getting resistance at 2278 and support is at 2243 level

NCDEX accredited warehouses guar stocks fell 270 tonnes to 12471 tonnes.

SELL GUAR AUG @ 2260-2270 SL 2292 TGT 2245-2225.NCDEX

In Jodhpur guar prices fell by 34 rupees and settled at 2,206 rupees per 100 kg.