Guar yesterday we have seen that market has moved -0.13% weighed by rising arrivals and higher output. Weakening demand for churi and korma, by-products of guar seed, also added to the fall. Arrivals are good and are expected to rise further in coming days. Crop estimates are higher and this will keep the prices under pressure. In Jodhpur guar prices dropped -63.6 rupees to 2293.3 rupees per 100 kg. Market has opened at 2365 & made a low of 2336 versus the day high of 2385. The total volume for the day was at 206000 lots and the open interest was at 110900. Now support for the guar is seen at 2336 and below could see a test of 2311. Resistance is now likely to be seen at 2385, a move above could see prices testing 2409.

Trading Ideas:

Guar trading range is 2310-2408.

Guar ended down weighed by weakening demand for churi and korma

Guar is taking resistance at 2385 and support is seen at 2336.

NCDEX accredited warehouses guar stocks rose 491 tonnes to 40169 tonnes.

In Jodhpur guar prices dropped -63.6 rupees to 2293.3 rupees per 100 kg.