Guar yesterday we have seen that market has moved -0.14% due to profit booking. However active buying by exporters to meet export orders and good local buying amid falling arrivals limited the losses. Exporters are buying guar gum aggressively to fulfil the overseas demand. Industrial guar gum, used as a controlling agent in oil wells to facilitate drilling and prevent fluid loss, is the most sought after guar product and accounts for about 45 percent of the total demand. In Jodhpur guar prices dropped -15.55 rupees to 2745.95 rupees per 100 kg. Market has opened at 2840 & made a low of 2822 versus the day high of 2858. The total volume for the day was at 154830 lots and the open interest was at 138940. Now support for the guar is seen at 2821 and below could see a test of 2804. Resistance is now likely to be seen at 2857, a move above could see prices testing 2876.

Trading Ideas:

Guar trading range is 2803-2875.

Guar yesterday ended weak due to profit booking.

Guar is taking resistance at 2857 and support is seen at 2821.

NCDEX accredited warehouses guar stocks rose 669 tonnes to 89040 tonnes.

BUY GUAR FEB @ 2820-2830 SL 2792 TGT 2854-2875-2892.NCDEX

In Jodhpur guar prices dropped -15.55 rupees to 2745.95 rupees per 100 kg.