Guarseed yesterday settled flat as lower level buying, supported by a firm spot market where demand improved from millers and on depleting stocks, though rains that brightened prospects for the crop restricted the gains. Lower arrivals, low stocks and expected rise in export demand from US and EU along with stockists demand are however expected to support the prices. The trend is likely to remain volatile in short term depending on the demand and arrivals in the mandis. As per reports, the area cultivated in Rajasthan has fallen to 2.758 million hectares as on Aug 30 vs 3 million hectares same period last year. Guar seed arrivals stood steady at 5,000 bags in the Jodhpur mandi. In Jodhpur guarseed prices gained 47.35 rupees to 4263.75 rupees per 100 kg. Market has opened at 4290 & made a low of 4276 versus the day high of 4368. The total volume for the day was at 147380 lots and the open interest was at 127090.Now support for the guarseed is seen at 4265 and below could see a test of 4224. Resistance is now likely to be seen at 4357, a move above could see prices testing 4408.

Trading Ideas:

Guarseed trading range is 4224-4408.

Guarseed Settled flat ON lower level buying though rains that brightened prospects for the crop restricted the gains

Lower arrivals, low stocks and expected rise in export demand are expected to support the prices

NCDEX accredited warehouses guarseed stocks dropped by 682 tonnes to 64895 tonnes.

In Jodhpur guarseed prices gained 47.35 rupees to 4263.75 rupees per 100 kg.