Guar yesterday we have seen that market has moved -0.31% as traders booked profits before the expiry of the near month contract though poor demand for the byproducts of guar seed also weighed. Hopes of revival in monsoon are also adding pressure to the prices. In the Jodhpur spot market, guar gained 46 rupees to end at 2,462 rupees per 100 kg. Market has opened at 2563 & made a low of 2535 versus the day high of 2588. The total volume for the day was at 466400 lots and the open interest was at 185950.Now support for the guar is seen at 2534 and below could see a test of 2508. Resistance is now likely to be seen at 2587, a move above could see prices testing 2614.

Trading Ideas:

Guar trading range is 2508-2614.

Guar ended weak on profit booking and poor demand for byproducts also weighed

Guar is getting resistance at 2587 and support is at 2534 level

NCDEX accredited warehouses guar stocks rose by 640 tonnes to 15227 tonnes.

In Jodhpur guar prices gained by 46 rupees and settled at 2,462 rupees per 100 kg.