Guar yesterday we have seen that market has moved -0.59% on profit-booking after the recent rally, following lacklustre buying in the spot market and sluggish demand for churi and korma. Lower acreage in Rajasthan, India's biggest producer, however limited the downside. In the Jodhpur spot market, guar seed fell 25.5 rupees to end at 2,438 rupees per 100 kg. Market has opened at 2551 & made a low of 2512 versus the day high of 2562. The total volume for the day was at 418570 lots and the open interest was at 195540.Now support for the guar is seen at 2517 and below could see a test of 2490. Resistance is now likely to be seen at 2567, a move above could see prices testing 2590.

Trading Ideas:

Guar trading range is 2490-2590.

Guar ended down on profit-booking following lacklustre buying in the spot market

Guar is getting resistance at 2567 and support is at 2517 level

NCDEX accredited warehouses guar stocks fell by 2286 tonnes to 16376 tonnes.

In Jodhpur guar prices fell by 25.50 rupees and settled at 2438 rupees per 100 kg.