Guar yesterday ended down on some profit booking. The prices witnessed some buying as demand rose at the lower levels. Prospects of higher production coupled with expectation of rise in arrival due to clearer skies have pressurized the prices. Higher crop estimate is expected to weigh on prices after every rise. However, good demand for guar gum restricted the downside in guar prices. In Jodhpur guar prices dropped -20.2 rupees to 2352.7 rupees per 100 kg. Market has opened at 2467 & made a low of 2455 versus the day high of 2488. The total volume for the day was at 147390 lots and the open interest was at 170990.Now support for the guar is seen at 2455 and below could see a test of 2439. Resistance is now likely to be seen at 2488, a move above could see prices testing 2505.

Trading Ideas:

Guar trading range is 2437-2503.

Guar ended weak on some profit booking

Guar is taking resistance at 2488 and support is seen at 2455.

NCDEX accredited warehouses guar stocks rose 2765 tonnes to 45920 tonnes.

In Jodhpur guar prices dropped -23.8 rupees to 2349.1 rupees per 100 kg.