Guarseed yesterday we have seen that market has moved -0.81% as pre-monsoon showers in north India has brightened the prospect of guar sowing in more areas. Early rains not only brightens the prospects of sowing guar in more areas but also triggers liquidation of existing stocks, thus impacting sentiment both in spot and futures market. Besides this, recent export restrictions imposed by the European Union is also pressuring the prices. In Jodhpur guarseed prices gained 10.75 rupees to 3279.65 rupees per 100 kg. Market has opened at 3341 & made a low of 3296 versus the day high of 3345. The total volume for the day was at 128220 lots and the open interest was at 193250.Now support for the guarseed is seen at 3292 and below could see a test of 3269. Resistance is now likely to be seen at 3341, a move above could see prices testing 3367.

Trading Ideas:

Guarseed trading range is 3269-3367.

Guarseed ended weak as pre-monsoon showers in north India has brightened the prospect of guar sowing

Guarseed is taking resistance at 3341 and support is seen at 3292.

NCDEX accredited warehouses guarseed stocks fell by 10 tonnes to 87099 tonnes.

In Jodhpur guarseed prices gained 10.75 rupees to 3279.65 rupees per 100 kg.