Guar yesterday as per expectation traded almost steady as profit-taking outweighed lower output concerns due to crop damage in key growing areas.
Poor monsoon has damaged nearly 70 percent of the standing guar crop in Rajasthan, which accounts for four-fifth of the country's guar acreage.
The market is cautious about the actual data on crop acreage drop is not out yet. Overall yesterday guar has moved -0.41%. Market has opened at 2563 & made a low of 2536 versus the day high of 2570.
The total volume for the day was at 62800 lots and the open interest was at 56180.Now support for the guar is seen at 2532 and below could see a test of 2517. Resistance is now likely to be seen at 2566, a move above could see prices testing 2585.
Trading Ideas:
GUAR TRADING RANGE IS 2470-2590.
GUAR YESTERDAY TRADED FLAT AND IN THE RANGE.
SELL GUAR NOV AT 2555-2565 SL 2585 TGT 2536-2522-2510.
NOW SUP IS AT 2522 BELOW THIS NEXT SUP IS AT 2506-2488 LVL.
OVERALL MARKET IS BULLISH BUT SOME PROFIT BOOKING CNBE SEEN
IN BIKANER PRICES DIP BY OVER 10 RUPEES AND ENDED AT 2522.50 RUPEES PER 100 KG
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