Agri-Commodity Update 6th February -2020
Guar seed prices on Wednesday rose by Rs 42 to Rs 3,918 per 10 quintals in futures trade after participants widened their holdings driven by a firm trend in the spot market.
On the National Commodity and Derivatives Exchange, guar seed for February contracts rose by Rs 42, or 1.08 percent, to Rs 3,918 per 10 quintals with an open interest of 37,615 lots.
Similarly, guar seed for March delivery gained Rs 40 to Rs 3,962 per 10 quintals with open interest lots of 54,880.
According to marketmen, raising bets by speculators tracking a firm trend in the spot market on thin supplies from growing belts mainly led to a rise in guar seed prices here.
Support seen at 4010 while Resistance is 4070.
Break and sustain below 4010 will take it to 3950—3900 mark or else it can touch its resistance level of 4070 again.
Sell it on rise!
Soybean has its support at 4110 and resistance 4210.
Break and sustain above 4210 will see a rise till 4300---4380 levels or else it can touch its support level of 4110 again.
Buy it on dips!
Trade with levels only.
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