Guar ended lower on sluggish demand, but looks to cover losses on bargain-buying, after losing nearly 6 percent in March till Monday's close.

Short-term trend is weak but bargain-buying may extend some temporary support to guar. In the Jodhpur spot market, guar slipped 9 rupees to end at 2,267 rupees per 100 kg. Guar yesterday we have seen that market has moved -0.58%.

Market has opened at 2248 & made a low of 2222 versus the day high of 2270. The total volume for the day was at 303700 lots and the open interest was at 187510.

Now support for the guar is seen at 2218 and below could see a test of 2196. Resistance is now likely to be seen at 2266, a move above could see prices testing 2292.

Trading Ideas:

Guar trading range is 2196-2292.
Guar yesterday as per expectation ended lower on sluggish demand
Support for the gaur is at 2218 and resistance is at 2266.
NCDEX accredited warehouses guar stocks seen steady at 28896 tonnes as on Mar 13.
In Jodhpur guar prices fell by 9 rupees and ended at 2267 rupees per 100 kg
BUY GUAR APR AT 2220-2230 SL 2205 TGT 2252-2270-2286.NCDEX

Courtesy: Kedia Commodities

Get a bigger political picture to help you invest

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook