Guar yesterday we have seen that market has moved -0.16% trimming its gains on profit-taking driven by weakening demand for churi and korma, the byproducts of guar seed. Apprehensions of lower sowing due to insufficient rainfall restricted the losses.

In the Jodhpur spot market, guar seed edged up 1.50 rupees to end at 2,463.50 rupees per 100 kg. Market has opened at 2570 & made a low of 2547 versus the day high of 2593. The total volume for the day was at 451510 lots and the open interest was at 196900.Now support for the guar is seen at 2538 and below could see a test of 2519. Resistance is now likely to be seen at 2584, a move above could see prices testing 2611.

Trading Ideas:

Guar trading range is 2519-2611.

Guar ended down trimming its gains on profit-taking

Guar is getting resistance at 2584 and support is at 2538 level

NCDEX accredited warehouses guar stocks rose by 3435 tonnes to 18662 tonnes.

BUY GUAR AUG @ 2530-2540 SL 2515 TGT 2565-2580.NCDEX

In Jodhpur guar prices gained by 1.50 rupees and settled at 2,463.50 rupees per 100 kg.