Guarseed yesterday we have seen that market has moved 4% on weather concerns in Rajasthan and still rising export demand. Traders are however not ruling out some profit booking at these high levels as the rates have moved up significantly over past few weeks. Rains in the growing areas during the next few days would be critical for the sowing activities for Guar. Stockists too are reportedly holding onto their stocks in anticipation of further rise in prices in coming days. But 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. In Jodhpur guarseed prices gained 214 rupees to 4623.8 rupees per 100 kg. Market has opened at 4535 & made a low of 4530 versus the day high of 4678. The total volume for the day was at 206450 lots and the open interest was at 167440.Now support for the guarseed is seen at 4579 and below could see a test of 4481. Resistance is now likely to be seen at 4727, a move above could see prices testing 4777.

Trading Ideas:

Guarseed trading range is 4481-4777.

Guarseed ended higher on weather concerns in Rajasthan and still rising export demand

Stockists too are reportedly holding onto their stocks in anticipation of further rise in prices in coming days

NCDEX accredited warehouses guarseed stocks gained by 1430 tonnes to 78651 tonnes.

In Jodhpur guarseed prices gained 214 rupees to 4623.8 rupees per 100 kg.