Guar ended lower tracking weakness in the physical market and on subdued demand from millers. The monsoon forecast report by Indian meteorological department is likely to be released by third week of April. The report is expected to be normal. In the Jodhpur spot market, guar dropped 14 rupees to end at 2,326 rupees per 100 kg. Guar yesterday we have seen that market has moved -1.25%. Market has opened at 2309 & made a low of 2268 versus the day high of 2314. The total volume for the day was at 74940 lots and the open interest was at 106170.Now support for the guar is seen at 2263 and below could see a test of 2242. Resistance is now likely to be seen at 2309, a move above could see prices testing 2334.

Trading Ideas:

Guar trading range is 2242-2334.

Guar ended lower tracking weakness in the physical market

Guar is getting resistance at 2309 and support is at 2263 level

NCDEX accredited warehouses guar stocks fell by 396 tonnes to 26448 tonnes.

In Jodhpur guar prices fell by 14 rupees to end at 2,312 rupees per 100 kg.

SELL GUAR APR @ 2310-2320 SL 2338 TGT 2290-2265.NCDEX