Guar yesterday we have seen that market has moved -2.53% on estimates of higher production due to increased area in major cultivating states and subdued local demand. Tepid demand for churi, one of the by-products of guar seed processing used as cattle feed, due to sufficient availability of green grass in rainy season also weighed. In Jodhpur guar prices dropped -55.75 rupees to 1949.8 rupees per 100 kg. Market has opened at 2014 & made a low of 1955 versus the day high of 2014. The total volume for the day was at 320730 lots and the open interest was at 184660. Now support for the guar is seen at 1941 and below could see a test of 1918. Resistance is now likely to be seen at 2000, a move above could see prices testing 2036.

Trading Ideas:

Guar trading range is 1918-2036.

Guar settled lower on estimates of higher production

Guar is getting resistance at 2000 and support is at 1941 level

NCDEX accredited warehouses rose stocks rose 159 tonnes to 19989 tonnes.

In Jodhpur guar prices dropped -55.75 rupees to 1949.8 rupees per 100 kg