Guar yesterday we have seen that market has moved 0.95% on value-buying by traders on expectations of demand from exporters amid poor spot supplies. A severe drought had pulled down guar seed output in Rajasthan by over 80 percent last year, resulting in supply shortage. In Jodhpur guar prices gained 48.35 rupees to 2023.4 rupees per 100 kg. Market has opened at 1990 & made a low of 1990 versus the day high of 2050. The total volume for the day was at 347370 lots and the open interest was at 204720.Now support for the guar is seen at 1983 and below could see a test of 1956. Resistance is now likely to be seen at 2043, a move above could see prices testing 2076.

Trading Ideas:

Guar trading range is 1956-2076.

Guar settled positive on value-buying by traders on expectations of demand

Guar is getting resistance at 2043 and support is at 1983 level

NCDEX accredited warehouses guar stocks rose 40 tonnes to 20265 tonnes.

In Jodhpur guar prices gained 58.5 rupees to 2033.55 rupees per 100 kg.