Guar pared most of the early session gains and ended steady on profit-taking. Fresh arrivals of guarseed were around 55000-60000 bags were reported in major mandies. Prices were also discouraged by strong production estimates of guarseed in the current year. The total production of guarseed is likely to be around 1.25 crore bags in the current year against 35 lakh bags reported last year. In Jodhpur guar prices gained 26.05 rupees to 2298.15 rupees per 100 kg. Market has opened at 2362 & made a low of 2328 versus the day high of 2432. The total volume for the day was at 541590 lots and the open interest was at 163410.Now support for the guar is seen at 2314 and below could see a test of 2269. Resistance is now likely to be seen at 2418, a move above could see prices testing 2477.

Trading Ideas:

Guar trading range is 2269-2477.

Guar pared most of the early session gains and ended steady on profit-taking.

Guar is taking resistance at 2384 and support is seen at 2346.

NCDEX accredited warehouses guar stocks rose 248 tonnes to 34264 tonnes

In Jodhpur guar prices gained 26.05 rupees to 2298.15 rupees per 100 kg.