Guar which hit a contract low early in the session, recovered sharply to end over 1 percent on lower-level buying spurred by weak output estimates and thin arrivals. On NCDEX accredited warehouses stock of guar rose by 69 tonnes to 30,367 tonnes as on Jan. 12. In the Jodhpur spot market, guar seed price was down by 8 rupees to 2,524 rupees per 100 kg at Jodhpur, Rajasthan. Guar yesterday we have seen that market has moved 1.43%. Market has opened at 2516 & made a low of 2490 versus the day high of 2561. The total volume for the day was at 91610 lots and the open interest was at 65760.Now support for the guar is seen at 2512 and below could see a test of 2466. Resistance is now likely to be seen at 2583, a move above could see prices testing 2608.

Trading Ideas:

Guar trading range is 2515-2610.

Guar recovered sharply to end over 1% on lower-level buying spurred by weak output estimates

Demat stock of guar at NCDEX-monitored warehouses rose by 69 tonnes to 30,367 tonnes

In Bikaner prices rose by over 13 rupees and settled at 2508.35 rupees per 100 kg.

BUY GUAR JAN @ 2560 SL 2538 TGT 2580-2598-2612.NCDEX