Guar yesterday we have seen that market has moved -1.37% on profit booking and on estimates of higher production, and poor demand for the by-products of guar seed. Demand for churi and korma, the by-products of guar seed used as cattle feed, has declined due to sufficient availability of green grass. In Jodhpur guar prices dropped -17.45 rupees to 1972.3 rupees per 100 kg. Market has opened at 2035 & made a low of 1995 versus the day high of 2037. The total volume for the day was at 149420 lots and the open interest was at 180570.Now support for the guar is seen at 1990 and below could see a test of 1972. Resistance is now likely to be seen at 2032, a move above could see prices testing 2056.

Trading Ideas:

Guar trading range is 1972-2056.

Guar settled weak on profit booking and on estimates of higher production

Guar is taking resistance at 2032 and support is seen at 1990.

NCDEX accredited warehouses guar stocks rose 20 tonnes to 20295 tonnes.

In Jodhpur guar prices dropped -17.45 rupees to 1972.3 rupees per 100 kg.