Guar snapped a 3-day losing streak on weak supply in the spot market and buying interest at low-levels. Supply is coming from Gujarat and Bikaner, but it is very thin. It is likely to trade in a range as there is no major demand from the overseas market. In Jodhpur, a major trading hub in Rajasthan, guar seed traded steady at 2,292 rupees per 100 kg. Guar yesterday we have seen that market has moved 1.06%. Market has opened at 2270 & made a low of 2249 versus the day high of 2291. The total volume for the day was at 225220 lots and the open interest was at 147800.Now support for the guar is seen at 2263 and below could see a test of 2235. Resistance is now likely to be seen at 2305, a move above could see prices testing 2319.

Trading Ideas:

Guar trading range is 2235-2319.

Guar snapped a 3-day losing streak on weak supply in the spot market

Guar is getting resistance at 2263 and support is at 2305 level

NCDEX accredited warehouses guar stocks rose by 216 tonnes to 26869 tonnes.

In Jodhpur guar prices dropped 3 rupees to end at 2,289 rupees per 100 kg.

BUY GUAR APR @ 2270-2280 SL 2256 TGT 2300-2322-2335.NCDEX