Turmeric hit upper circuit for second straight day, bolstered by robust demand in spot market and supply crunch due to lower carry-forward stocks.
Traders expect that said supply crunch is supporting upside and it will remain till fresh arrivals hit the market. Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March.
The peak season runs till June. Turmeric yesterday we have seen that market has moved 4.01%. Market has opened at 10083 & made a low of 9921 versus the day high of 10281.
The total volume for the day was at 22330 lots and the open interest was at 14750.Support for turmeric is at 10041 below that could see a test of 9801. Resistance is now seen at 10401 above that could see a resistance of 10521.
Trading Ideas:
TURMERIC TRADING RANGE IS 9800-10650.
TURMERIC HIT UPPER CIRCUIT BOLSTERED BY ROBUST DEMAND AND SUPPLY CRUNCH
BUY TMC DEC ON DIP AT 10050-10100 SL 9980 TGT 10165-10220-10290-10340.
NOW RESISTANCE IS AT 10390 AND SUPPORT IS AT 10120 LEVEL.
IN NIZAMABAD SPOT PRICES GAINED BY 429 RUPEES TO 11159.05 RUPEES PER 100 KG
ABOVE 10000 MARKET MARKET LOOK TO RETEST 10800 LEVEL AGAIN.
Courtesy: Kedia Commodities Explore Commodity Online Mobile Services
