Guar yesterday we have seen that market has moved -2.9% as good rainfall in Rajasthan over the weekend is expected to boost sowing operations and on weakening demand for the byproducts of guar seed. This rainfall may help in accelerating the sowing operations in Rajasthan. In the Jodhpur spot market, guar seed fell 71 rupees to end at 2,298 rupees per 100 kg. Market has opened at 2436 & made a low of 2361 versus the day high of 2436. The total volume for the day was at 365880 lots and the open interest was at 174900.Now support for the guar is seen at 2349 and below could see a test of 2317. Resistance is now likely to be seen at 2424, a move above could see prices testing 2467.

Trading Ideas:

Guar trading range is 2317-2467.

Guar ended weak as good rainfall in Rajasthan is expected to boost sowing

Guar is getting resistance at 2424 and support is at 2349 level

NCDEX accredited warehouses guar stocks rose by 110 tonnes to 17042 tonnes.

In Jodhpur guar prices fell by 71 rupees and settled at 2298 rupees per 100 kg.