Guar yesterday we have seen that market has moved -1.16% on profit booking amid owing to better arrivals in the domestic mandis. Since the first week of January, there has been an increase in overseas enquiries, especially from the US and China, which has prompted local stockiest and processors to increase buying of guar seed. India has exported almost 64000 tonnes of guar gum so far in the current year against the market expectation of around 80000 tonnes.

The total export to china was at 5000 tonnes which were well below the trader’s projection of around 8000-8500 tonnes. In Jodhpur guar prices gained 23.7 rupees to 2771.45 rupees per 100 kg. Market has opened at 2870 & made a low of 2818 versus the day high of 2899. The total volume for the day was at 216110 lots and the open interest was at 163100.

Now support for the guar is seen at 2795 and below could see a test of 2766. Resistance is now likely to be seen at 2876, a move above could see prices testing 2928. Trading Ideas: Guar trading range is 2768-2930. Guar ended lower on profit booking amid owing to better arrivals in the domestic mandis. Guar is taking resistance at 2880 and support is seen at 2799. NCDEX accredited warehouses guar stocks rose 977 tonnes to 88651 tonnes. In Jodhpur guar prices gained 23.7 rupees to 2771.45 rupees per 100 kg.