Guar yesterday we have seen that market has moved 0.5% on short covering after prices fell heavily in last couple of session due to likely rise in output and a decline in local demand. Stockists have slowed down their buying because of higher prices. Industry officials, however, expect fresh buying to come at lower levels due to export demand and declining arrivals.

The total daily arrivals of guar seed in major mandies were around 30000-35000 bags. In Jodhpur guar prices dropped -74.1 rupees to 2700.4 rupees per 100 kg. Market has opened at 2794 & made a low of 2712 versus the day high of 2809. The total volume for the day was at 415400 lots and the open interest was at 183510. Now support for the guar is seen at 2742 and below could see a test of 2679. Resistance is now likely to be seen at 2839, a move above could see prices testing 2873.

Trading Ideas: Guar trading range is 2677-2871. Guar gained short covering after prices fell heavily in last couple of session Guar is taking resistance at 2839 and support is seen at 2742. NCDEX accredited warehouses guar stocks rose 679 tonnes to 94150 tonnes. In Jodhpur guar prices dropped -74.1 rupees to 2700.4 rupees per 100 kg.