Guar yesterday we have seen that market has moved -1.64% on profit booking after recent rally while estimates of higher output also weighed on sentiment. According to the Rajasthan farm Department, Guar seed output in Rajasthan in the current season is estimated at 14.9 lakh tonnes. The forecasted Indian output this year is much higher than the 4.5 lakh tonnes of 2009-10 and 9.5-10 lakh bags in 2008-09. In Jodhpur guar prices dropped -21.8 rupees to 2868.1 rupees per 100 kg. Market has opened at 2975 & made a low of 2913 versus the day high of 2996. The total volume for the day was at 239060 lots and the open interest was at 164140.Now support for the guar is seen at 2899 and below could see a test of 2864. Resistance is now likely to be seen at 2982, a move above could see prices testing 3030.

Trading Ideas:

Guar trading range is 2866-3032.

Guar ended lower on profit booking after recent rally in prices

Guar is taking resistance at 2960 and support is seen at 2910.

NCDEX accredited warehouses guar stocks remained at 95397 tonnes.

SELL GUAR MAR BELOW 2940 SL 2988 TGT 2905-2872-2845.NCDEX

In Jodhpur guar prices dropped -21.8 rupees to 2868.1 rupees per 100 kg.