Turmeric recovered sharply from the last session losses on Saturday. Turmeric moved higher supported by fresh buying on strong fundamentals.
The fundamentals are firm on strong domestic demand against lower stocks and reports of the crop damages. In Nizamabad spot market, the price down 58 rupees to 10,806.4 rupees per 100 kg. Turmeric yesterday we have seen that market has moved 2.9%.
Market has opened at 10435 & made a low of 10381 versus the day high of 10810. The total volume for the day was at 18880 lots and the open interest was at 20090.Support for turmeric is at 10504 below that could see a test of 10228. Resistance is now seen at 10933 above that could see a resistance of 11086.
Trading Ideas:
TURMERIC TRADING RANGE IS 10300-11050.
TURMERIC ENDED HIGHER SUPPORTED BY FRESH BUYING ON STRONG FUNDAMENTALS.
BUY TMC NOV ABV 10820 SL 10600 TGT 10900-11020-11150. RISKY
NOW RES IS AT 10930 ABV THIS A RALLY TILL 11050-11200 CAN BE SEEN.
IN NIZAMABAD SPOT PRICES REMAINED STABLE AT 10,806.4 RUPEES PER 100 KG
Courtesy: Kedia Commodities
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