Guar yesterday we have seen that market has moved -0.63% on estimates of higher production due to expanded area and weak spot demand but hopes of a likely delay in arrivals due to late sowing limited the downside. Estimates of bumper crop are putting pressure on guar futures. Buying is limited on anticipation of further fall in the prices. In Jodhpur guar prices dropped -13.15 rupees to 1989.75 rupees per 100 kg. Market has opened at 2061 & made a low of 2041 versus the day high of 2094. The total volume for the day was at 169820 lots and the open interest was at 183910.Now support for the guar is seen at 2031 and below could see a test of 2009. Resistance is now likely to be seen at 2084, a move above could see prices testing 2115.

Trading Ideas:

Guar trading range is 2009-2115.

Guar settled weak on estimates of higher production

Guar is taking resistance at 2084 and support is seen at 2031.

NCDEX accredited warehouses guar stocks rose 615 tonnes to 21669 tonnes.

In Jodhpur guar prices dropped -13.15 rupees to 1989.75 rupees per 100 kg.