Turmeric yesterday we have seen that market has moved -1.8% on estimates of higher output due to increased sowing in key growing regions and sufficient rainfall. Selling pressure is high in the physical market on apprehension of a further fall in the prices. In Nizamabad, a major spot market in AP, the price ended at 13638.1 rupees dropped by -230.3 rupees. Market has opened at 12000 & made a low of 11722 versus the day high of 12138. The total volume for the day was at 6825 lots and the open interest was at 4640. Support for turmeric is at 11675 below that could see a test of 11491. Resistance is now seen at 12091 above that could see a resistance of 12323.

Trading Ideas:

Turmeric trading range is 11491-12323.

Turmeric ended lower on estimates of higher output due to increased sowing

Turmeric looks to have resistance at 12000 and support is at 16700.

NCDEX accredited warehouses turmeric stocks fell 59 tonnes to 4528 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 13638.1 rupees dropped by -230.3 rupees.