Guar struck fresh contract highs and ended steady as estimates of lower output and encouraging overseas enquiries outweighed profit-taking. Fall in production and rising export enquiries would support buying in guar.
Millers in physical market are buying only as per requirement in anticipation of a dip in prices. Guar yesterday we have seen that market has moved 0.04%. Market has opened at 2725 & made a low of 2682 versus the day high of 2729. The total volume for the day was at 316270 lots and the open interest was at 163840.
Now support for the guar is seen at 2690 and below could see a test of 2663. Resistance is now likely to be seen at 2737, a move above could see prices testing 2757.
Trading Ideas:
GUAR TRADING RANGE IS 2660-2770.
GUAR ENDED STEADY AS ESTIMATES OF LOWER OUTPUT OUTWEIGHED PROFIT-TAKING
SELL GUAR DEC AT 2720-2730 SL 2747 TGT 2702-2680-2665.
GUAR IS HAVING SUP IS AT 2690 BELOW THIS NEXT SUP IS AT 2663-2642 LVL.
FALL IN PRODUCTION AND RISING EXPORT ENQUIRIES WOULD SUPPORT BUYING IN GUAR.
IN BIKANER PRICES GAINED BY RUPEES 4 AND ENDED AT 2657.50 RUPEES PER 100 KG
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