Guar yesterday we have seen that market has moved -1.49% in the wake of steady sowing progress of guar seed in major states along with waning export demand of guar gum. Moreover, most the exporters are sitting sideline and waiting for the further decline in guar seed and guar gum prices at major mandies. In the Jodhpur spot market, guar seed slipped 8.5 rupees to end at 2,312.50 rupees per 100 kg. Market has opened at 2404 & made a low of 2338 versus the day high of 2409. The total volume for the day was at 481690 lots and the open interest was at 157330. Now support for the guar is seen at 2338 and below could see a test of 2303. Resistance is now likely to be seen at 2409, a move above could see prices testing 2445.

Trading Ideas:

Guar trading range is 2303-2445.

Guar ended weak in the wake of steady sowing progress

Guar is getting resistance at 2409 and support is at 2352 level

NCDEX accredited warehouses guar stocks rose by 1021 tonnes to 18392 tonnes.

In Jodhpur guar prices fell by 9 rupees and settled at 2312 rupees per 100 kg.