Turmeric yesterday we have seen that market has moved 3.68%, and hit the upper circuit and made contract highs bolstered by thin stocks and robust export demand,
Stocks were low as last year output fell sharply due to thin area and adverse weather. In Nizamabad, a major spot market in Andhra Pradesh, the price surged 939 rupees at 11,745 rupees per 100 kg.
This year production would be higher than last year, but that crop will enter into the market only from February.
The total volume for the day was at 3220 lots and the open interest was at 21560.Support for turmeric is at 10953 below that could see a test of 10740. Resistance is now seen at 11272 above that could see a resistance of 11378.
Trading Ideas:
TURMERIC TRADING RANGE IS 10700-11500.
TURMERIC HIT THE UPPER CIRCUIT BOLSTERED BY THIN STOCKS
BUY TMC NOV ABV 11200 SL 11100 TGT 11280-11370-11465.
NOW RES IS AT 11270 ABV THIS A RALLY TILL 11380-11500 CAN BE SEEN.
IN NIZAMABAD SPOT PRICES SURGED 995 RUPEES AT 11,802 RUPEES PER 100 KG
SHORTCOVERING WILL LIKELY TO BE THERE TODAY ALSO.
Courtesy: Kedia Commodities Explore Commodity Online Mobile Services
