Guar inched down on Friday in absence of fresh triggers from the physical market, where demand was steady, and on forecast of normal monsoon. In the Jodhpur spot market, guar inches down 3 rupees to end at 2,416 rupees per 100 kg. Guar is a rain fed crop and normal monsoon may boost the sowing of the crop. Guar yesterday we have seen that market has moved -0.04%. Market has opened at 2458 & made a low of 2437 versus the day high of 2470. The total volume for the day was at 93380 lots and the open interest was at 87400. Now support for the guar is seen at 2437 and below could see a test of 2421. Resistance is now likely to be seen at 2470, a move above could see prices testing 2487.

Trading Ideas:

Guar trading range is 2421-2487.

Guar inched down in absence of fresh triggers from the physical market

Guar is getting resistance at 2470 and support is at 2437 level

NCDEX accredited warehouses guar stocks fell by 703 tonnes to 17649 tonnes.

In Jodhpur guar prices moved down 3 rupees to end at 2,416 rupees per 100 kg.

SELL GUAR JUNE @ 2470 SL 2490 TGT 2456-2432.NCDEX