Guar yesterday we have seen that market has moved -0.17% due to higher production but the downside was limited supported by good demand from millers and exporters and on falling arrivals. Millers are getting good parity. There is a good demand for guar gum from oil and gas sector. In Jodhpur guar prices gained 43.4 rupees to 2806.15 rupees per 100 kg. Market has opened at 2937 & made a low of 2905 versus the day high of 2969. The total volume for the day was at 292190 lots and the open interest was at 190240.Now support for the guar is seen at 2898 and below could see a test of 2869. Resistance is now likely to be seen at 2962, a move above could see prices testing 2997.

Trading Ideas:

Guar trading range is 2870-2998.

Guar yesterday ended weak due to higher production

Guar is taking resistance at 2962 and support is seen at 2898.

NCDEX accredited warehouses guar stocks rose 310 tonnes to 92404 tonnes.

In Jodhpur guar prices gained 43.4 rupees to 2806.15 rupees per 100 kg.