Guar yesterday we have seen that market has moved -0.29% as estimates of better production due to higher sowing in the country and favourable weather conditions weighed on sentiment, offsetting poor supplies and inquiries for guar gum. Bargain-buying was seen in mid-session but selling emerged at higher levels on prospects of higher production. In Jodhpur guar prices dropped -24.3 rupees to 2037.15 rupees per 100 kg. Market has opened at 2060 & made a low of 2042 versus the day high of 2107. The total volume for the day was at 337830 lots and the open interest was at 124770.Now support for the guar is seen at 2035 and below could see a test of 2006. Resistance is now likely to be seen at 2100, a move above could see prices testing 2136.

Trading Ideas:

Guar trading range is 2007-2137.

Guar settled weak as estimates of better production due to higher sowing weighed

Guar is getting resistance at 2100 and support is at 2035 level

NCDEX accredited warehouses guar stocks fell 201 tonnes to 19849 tonnes.

In Jodhpur guar prices dropped -24.3 rupees to 2037.15 rupees per 100 kg.