Guar as per expectation yesterday dipped by almost more than -2.02% witnessing some profit booking after witnessing upside in last couple of days, though the fundamentals remain firm on the back of improved export demand and a rising domestic demand for the by-products, churi and korma. India is the world's largest producer and exporter of guar gum and supplies 80 percent of the global demand. In Jodhpur guar prices dropped 44.7 rupees to 2276.7 rupees per 100 kg. Market has opened at 2430 & made a low of 2363 versus the day high of 2442. The total volume for the day was at 298120 lots and the open interest was at 180130.Now support for the guar is seen at 2344 and below could see a test of 2314. Resistance is now likely to be seen at 2423, a move above could see prices testing 2472.

Trading Ideas:

Guar trading range is 2314-2472.

Guar ended lower on profit booking after witnessing upside in last couple of days

Guar is taking resistance at 2400 and support is seen at 2352.

India is the world's largest producer and exporter of guar gum and supplies 80% of global demand

In Jodhpur guar prices dropped -44.7 rupees to 2276.7 rupees per 100 kg.