Turmeric ended down towards 2% lower circuit on Saturday on heavy profit booking after rising heavily last few days. Turmeric prices were getting support on bullish cues from the physical market, where traders are accumulating on a likely rise in demand and on depleting carry-forward stocks. In Nizamabad spot market, prices settled at 9,640 rupees per 100 kg.

Turmeric yesterday we have seen that market has moved -2.88%. Market has opened at 10011 & made a low of 9540 versus the day high of 10038. The total volume for the day was at 26220 lots and the open interest was at 14320.Support for turmeric is at 9446 below that could see a test of 9244. Resistance is now seen at 9944 above that could see a resistance of 10240.

Trading Ideas:

Turmeric trading range is 9244-10240.
Turmeric ended down towards 2% lower circuit on heavy profit booking
Resistance for turmeric is at 9720 and support is at 9580 level.
Yesterday we have seen that open interest at 14320 and volume at 26220 lots.
In Nizamabad spot prices settled at 9,640 rupees per 100 kg.
SELL TURMERIC APR BELOW 9560 SL 9625 TGT 9502-9468-9422.NCDEX

Courtesy: Kedia Commodities

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