Guar yesterday we have seen that market has moved 2.28% on bargain hunting supported by some inquiries from exporters amid poor supplies. A severe drought had pulled down guar seed output in Rajasthan by over 80 percent last year, resulting in supply shortage. Prices are unlikely to sustain at higher levels for long time because of estimates of higher production. In Jodhpur guar prices gained 78.35 rupees to 2061.45 rupees per 100 kg. Market has opened at 2008 & made a low of 2000 versus the day high of 2095. The total volume for the day was at 353720 lots and the open interest was at 132160.Now support for the guar is seen at 2013 and below could see a test of 1959. Resistance is now likely to be seen at 2108, a move above could see prices testing 2149.

Trading Ideas:

Guar trading range is 1960-2150.

Guar settled higher on bargain hunting supported by some inquiries from exporters

Guar is getting resistance at 2090 and support is at 2042 level

NCDEX accredited warehouses guar stocks fell 151 tonnes to 20050 tonnes.

In Jodhpur guar prices gained 78.35 rupees to 2061.45 rupees per 100 kg.