Turmeric hit contract highs for a third straight day on firm spot cues and low stocks, but conceded the gains by end of the session on profit-booking.

In Nizamabad, a major spot market in Andhra Pradesh, the price jumped 980 rupees to end at 11,722 rupees. Turmeric yesterday we have seen that market has moved -0.48%.

Market has opened at 11072 & made a low of 10480 versus the day high of 11289. The total volume for the day was at 41340 lots and the open interest was at 11640.

Support for turmeric is at 10425 below that could see a test of 10048. Resistance is now seen at 11234 above that could see a resistance of 11666.

Trading Ideas:

Turmeric trading range is 10048-11666.
Turmeric yesterday ended down on profit booking after hitting contracts high in the day
Resistance for turmeric is at 10870 and support is at 10730 level.
Yesterday we have seen that open interest fell by 3380 and volume rose by 39470 lots.
In Nizamabad price jumped 980 rupees to end at 11,722 rupees per 100 kg

Courtesy: Kedia Commodities

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