Guarseed yesterday we have seen that market has moved 0.46% supported by low stocks and good export demand and concerns about delayed sowing in Rajasthan, the top grower. Guar seed sowing in Rajasthan has not been progressing well due to erratic rainfall in the state. Stockists too are reportedly holding onto their stocks in anticipation of further rise in prices in coming days. Monsoon progress over Rajasthan remains critical for short term market movement for Guar and reports do indicate advancement towards the region over the next few days-this could pressurize sentiments in short term. Guar seed arrivals stood at 8,000 bags against 6,000 bags over previous close in the Jodhpur Mandi. In Jodhpur guarseed prices gained 43.4 rupees to 4074.25 rupees per 100 kg. Market has opened at 4141 & made a low of 4128 versus the day high of 4195. The total volume for the day was at 217720 lots and the open interest was at 202860.Now support for the guarseed is seen at 4141 and below could see a test of 4101. Resistance is now likely to be seen at 4208, a move above could see prices testing 4235.

Trading Ideas:

Guarseed trading range is 4101-4235.

Guarseed gained supported by low stocks and good export demand and concerns about delayed sowing

Guarseed is taking resistance at 4208 and support is seen at 4141.

NCDEX accredited warehouses guarseed stocks gained by 280 tonnes to 78005 tonnes.

In Jodhpur guarseed prices gained 43.4 rupees to 4074.25 rupees per 100 kg.