Commodity Outlook for Guar by KediaCommodity

GuarGuar fell nearly 3 percent on technical selling driven by forecast of normal monsoon and the trend JUNE continue on Tuesday. In the Jodhpur spot market, guar dropped 47 rupees to end at 2,369 rupees per 100 kg. Guar is a rain fed crop and normal monsoon JUNE boost the sowing of the crop. Guar yesterday we have seen that market has moved -2.57%. Market has opened at 2450 & made a low of 2375 versus the day high of 2455. The total volume for the day was at 148050 lots and the open interest was at 92220.Now support for the guar is seen at 2356 and below could see a test of 2326. Resistance is now likely to be seen at 2436, a move above could see prices testing 2486.

Trading Ideas:

Guar trading range is 2326-2486.

Guar fell yesterday on technical selling driven by forecast of normal monsoon

Guar is getting resistance at 2402 and support is at 2356 level

NCDEX accredited warehouses guar stocks fell by 30 tonnes to 17619 tonnes.

SELL GUAR JUNE @ 2400 SL 2426 TGT 2378-2360.NCDEX

In Jodhpur guar prices moved down 47 rupees to end at 2,369 rupees per 100 kg.