Guar yesterday we have seen that market has moved 1.7% following short covering by traders. Short covering by traders after yesterday's selloff by speculators, mainly kept guar prices in green zone. Industrial guar gum is the most sought after guar product and accounts for about 45 percent of the total demand. In the Jodhpur spot market, guar seed gained 6.75 rupees to end at 2,258.35 rupees per 100 kg. Market has opened at 2296 & made a low of 2278 versus the day high of 2332. The total volume for the day was at 334870 lots and the open interest was at 150050.Now support for the guar is seen at 2293 and below could see a test of 2258. Resistance is now likely to be seen at 2347, a move above could see prices testing 2366.

Trading Ideas:

Guar trading range is 2258-2366.

Guar ended higher following short covering by traders

Guar is getting resistance at 2347 and support is at 2293 level

NCDEX accredited warehouses guar stocks rose by 278 tonnes to 20289 tonnes.

In Jodhpur guar prices gained by 6.75 rupees and settled at 2258.35 rupees per 100 kg.