Turmeric hit fresh contract highs on bullish cues from spot market, buying by stockists and on low stocks.

Buying is good in spot as this is the major demand period. In Turmeric, demand usually picks by March end.

Overseas enquiries are also likely to increase. In Nizamabad, a major spot market in Andhra Pradesh, the price jumped over 1100 rupees to end at 10,761 rupees against Friday's close. Turmeric yesterday we have seen that market has moved 4.01%.

Market has opened at 10645 & made a low of 10645 versus the day high of 10854. The total volume for the day was at 1870 lots and the open interest was at 15020.

Support for turmeric is at 10715 below that could see a test of 10575. Resistance is now seen at 10924 above that could see a resistance of 10993.

Trading Ideas:

Turmeric trading range is 10575-10993.
Turmeric hit fresh contract highs on bullish cues from spot market
Resistance for turmeric is at 10780 and support is at 10930 level.
Yesterday we have seen that open interest rose by 580 and volume fell by 23930 lots.
TMC AS TRADING ABOVE 10800 CAN JUMP TILL 11000 MARK CORRECTION DUE TODAY.
In Nizamabadthe price jumped over 1100 rupees to end at 10,761 rupees against Friday's close

Courtesy: Kedia Commodities

Investment Risk Analysis FREE to your inbox

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook