Guar yesterday we have seen that market has moved 0.13%, as good rains weigh on prices. Good rains in key producing states of Rajasthan and Haryana have boosted sowing activity, in turn weighing on prices. Although there are concerns over farmers switching to other remunerative crops from guar, the current rains are dampening the market sentiment. Last year’s crop was 35/40 lakh bags and the carry over stock was 80 lakh bags while new season’s carry-over stock is likely to be around 20 lakh bags. Market has opened at 2293 & made a low of 2279 versus the day high of 2314. The total volume for the day was at 161360 lots and the open interest was at 113140.Now support for the guar is seen at 2275 and below could see a test of 2260. Resistance is now likely to be seen at 2310, a move above could see prices testing 2330.

Trading Ideas:

Guar trading range is 2260-2330.

Guar yesterday ended flat as good rains weigh on prices

Guar is getting resistance at 2310 and support is at 2275 level

NCDEX accredited warehouses guar stocks rose by 416 tonnes to 21327 tonnes.

In Jodhpur guar prices fell by 20 rupees and settled at 2246 rupees per 100 kg.