Guarseed yesterday we have seen that market has moved 1.73 as as the heavy rainfall activities are reportedly affecting the growth of the sown crop. The rates had fallen a lot in last few sessions and that has supported the prices with short covering at lower levels. The rainfall activities had been high in Rajasthan over the last few days and this could adversely affect the standing crop. Rains in Rajasthan over last few days too created a bearish impact as that would favor the sowing of the new crop. 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. In Jodhpur guarseed prices dropped -0.45 rupees to 4345.25 rupees per 100 kg. Market has opened at 4410 & made a low of 4346 versus the day high of 4480. The total volume for the day was at 135090 lots and the open interest was at 100540. Now support for the guarseed is seen at 4387 and below could see a test of 4299. Resistance is now likely to be seen at 4521, a move above could see prices testing 4567.

Trading Ideas:

Guarseed trading range is 4299-4567.

Guarseed moved 1.73 as as the heavy rainfall activities are reportedly affecting the growth of the sown crop

The rainfall activities had been high in Rajasthan over last few days and this could adversely affect the standing crop

NCDEX accredited warehouses guarseed stocks dropped by 149 tonnes to 64319 tonnes.

In Jodhpur guarseed prices dropped -0.45 rupees to 4345.25 rupees per 100 kg.