Guar yesterday we have seen that market has moved -3.99% due to profit-taking, supported by higher production estimates. Exporters are not placing orders at these prices and are waiting for a correction. Industry officials, however, expect bargain-buying to support prices from lower levels because of overseas demand for guar gum. The total daily arrivals of guarseed in major mandies were around 30000-35000 bags. In Jodhpur guar prices dropped -102.1 rupees to 2806.95 rupees per 100 kg. Market has opened at 2960 & made a low of 2839 versus the day high of 2975. The total volume for the day was at 280350 lots and the open interest was at 123420. Now support for the guar is seen at 2794 and below could see a test of 2748. Resistance is now likely to be seen at 2930, a move above could see prices testing 3020.

Trading Ideas:

Guar trading range is 2751-3023.

Guar ended lower due to profit-taking, supported by higher production estimates.

Guar is taking resistance at 2878 and support is seen at 2810

NCDEX accredited warehouses guar stocks remained unchanged at 95867 tonnes.

In Jodhpur guar prices dropped -102.1 rupees to 2806.95 rupees per 100 kg.