Guar yesterday we have seen that market has moved -0.79% due to higher production estimates as farmers expanded area on good monsoon rains. Subdued demand for churi and korma, byproducts of guar seed processing used as cattlefeed, also added to the fall. Selling pressure is high as the market is expecting a bumper crop this year. In Jodhpur guar prices dropped -49.3 rupees to 1984.25 rupees per 100 kg. Market has opened at 2016 & made a low of 1972 versus the day high of 2027. The total volume for the day was at 354670 lots and the open interest was at 220350.Now support for the guar is seen at 1973 and below could see a test of 1945. Resistance is now likely to be seen at 2028, a move above could see prices testing 2055.

Trading Ideas:

Guar trading range is 1945-2055.

Guar settled weak due to higher production estimates

Selling pressure is high as the market is expecting a bumper crop this year.

Guar is getting resistance at 2028 and support is at 1973 level

In Jodhpur guar prices dropped -49.3 rupees to 1984.25 rupees per 100 kg.