Guar yesterday we have seen that market has moved 1.47% due to fresh enquiries from local buyers and exporters, while declining supplies also supported. Arrivals declined further to around 30000 bags as compared to 35,000 bags the previous day. According to Rajasthan farm department, Guar seed output in the current season is estimated at 14.9 lakh MT. Guar gum exports during the first 6 months of the financial year stood at 168234 MT and is expected to cross 3,00,000 MT. In Jodhpur guar prices gained 32.9 rupees to 2821.95 rupees per 100 kg. Market has opened at 2853 & made a low of 2839 versus the day high of 2924. The total volume for the day was at 283420 lots and the open interest was at 181190.Now support for the guar is seen at 2847 and below could see a test of 2801. Resistance is now likely to be seen at 2932, a move above could see prices testing 2971.

Trading Ideas:

Guar trading range is 2801-2971.

Guar gained due to fresh enquiries from local buyers and exporters

Guar is taking resistance at 2928 and support is seen at 2865.

NCDEX accredited warehouses guar stocks fell 22 tonnes to 94246tonnes.

In Jodhpur guar prices gained 32.9 rupees to 2821.95 rupees per 100 kg.