Guar continued its weak trend and settled 1.2% lower as selling continues in the market as traders opting to sell anticipating normal monsoon rains and weak demand for the byproducts of guar seed. In Jodhpur, a major trading hub in Rajasthan, guar seed dropped 40 rupees to 2,338 rupees per 100 kg.

Market has opened at 2326 & made a low of 2309 versus the day high of 2340. The total volume for the day was at 51350 lots and the open interest was at 59270. Now support for the guar is seen at 2307 and below could see a test of 2293. Resistance is now likely to be seen at 2338, a move above could see prices testing 2355.

Trading Ideas:

Guar trading range is 2293-2355.

Guar continued its weak trend on Saturday on selling pressure

Guar is getting resistance at 2338 and support is at 2307 level

NCDEX accredited warehouses guar stocks fell 941 tonnes to 11150 tonnes.

In Jodhpur guar prices fell by 40 and settled at 2,338 rupees per 100 kg.

SELL GUAR JUNE @ 2355 SL 2372 TGT 2325.NCDEX