Guarseed yesterday we have seen that market has moved 4.02% on  bargain buying after falling more than 8 percent since the start of the month, while lower stocks supported the rise. Guar seed sowing in northern state of Rajasthan, India's top producer, declined due to delayed and uneven rainfall there. As on Aug 2, farmers had cultivated guar seed on 1.702 million hectares against 2.479 million hectares a year ago, data from the state farm department said. Guar seed sowing is lagging behind due to delayed and irregular rainfall in the state. More than 80 percent of the sowing is completed so far and the rest will be done in another 5-10 days. In Jodhpur guarseed prices dropped -25.1 rupees to 4049.15 rupees per 100 kg. Market has opened at 4100 & made a low of 4086 versus the day high of 4270. The total volume for the day was at 224760 lots and the open interest was at 102030.Now support for the guarseed is seen at 4147 and below could see a test of 4025. Resistance is now likely to be seen at 4331, a move above could see prices testing 4393.

Trading Ideas:

Guarseed trading range is 4025-4393.

Guarseed moved 4% on bargain buying while lower stocks supported the rise

Guar seed sowing in northern state of Rajasthan declined due to delayed and uneven rainfall there.

NCDEX accredited warehouses guarseed stocks gained by 101 tonnes to 68704 tonnes.

In Jodhpur guarseed prices dropped -25.1 rupees to 4049.15 rupees per 100 kg.