Guar yesterday we have seen that market has moved -0.64% due to higher production estimates as farmers expanded area on good monsoon rains. Subdued demand for churi and korma, byproducts of guar seed processing used as cattlefeed, also added to the fall. Selling pressure is high as the market is expecting a bumper crop this year. In Jodhpur guar prices dropped -25.1 rupees to 1989.75 rupees per 100 kg. Market has opened at 2034 & made a low of 2004 versus the day high of 2044. The total volume for the day was at 219930 lots and the open interest was at 200720.Now support for the guar is seen at 1997 and below could see a test of 1981. Resistance is now likely to be seen at 2037, a move above could see prices testing 2061.

Trading Ideas:

Guar trading range is 1981-2061.

Guar settled weak due to higher production estimates

Selling pressure is high as the market is expecting a bumper crop this year.

Guar is getting resistance at 2037 and support is at 1997 level

In Jodhpur guar prices dropped -25.1 rupees to 1989.75 rupees per 100 kg.