Guar yesterday we have seen that market has moved 0.98% following short covering by traders. Short covering by traders after yesterday's selloff by speculators, mainly kept guar prices in green zone. Industrial guar gum is the most sought after guar product and accounts for about 45 percent of the total demand. In the Jodhpur spot market, guar seed gained 6.75 rupees to end at 2,258.35 rupees per 100 kg. Market has opened at 2248 & made a low of 2244 versus the day high of 2274. The total volume for the day was at 124770 lots and the open interest was at 123340.Now support for the guar is seen at 2254 and below could see a test of 2234. Resistance is now likely to be seen at 2284, a move above could see prices testing 2294.

Trading Ideas:

Guar trading range is 2234-2294.

Guar settled positive Saturday following short covering by traders.

Guar is getting resistance at 2284 and support is at 2254 level

NCDEX accredited warehouses guar stocks rose by 89 tonnes to 21475 tonnes.

In Jodhpur guar prices fell by 7 rupees and settled at 2217 rupees per 100 kg.