Turmeric yesterday we have seen that market has moved 0.59% as lower level buying from some bulk buyers reversed the declining trend. The prices were trading weak earlier in the day due to profit booking as the speculators cashed out their profit owing fresh arrivals in the major mandis. Average daily arrivals at spot market of Nizamabad were 4000 bags while Erode market reported 6000 bags arrival of fresh crop. In Nizamabad, a major spot market in AP, the price ended at 13254.55 rupees dropped by -536.35 rupees. Market has opened at 9774 & made a low of 9764 versus the day high of 9980. The total volume for the day was at 2270 lots and the open interest was at 6230. Support for turmeric is at 9783 below that could see a test of 9665. Resistance is now seen at 9999 above that could see a resistance of 10097.

Trading Ideas:

Turmeric trading range is 9668-10100.

Turmeric gained as lower level buying from some bulk buyers supported the prices

Turmeric is having resistance at 9999 and support at 9783 level.

Average daily arrivals in Nizamabad were 4000 bags while in Erode were 6000 bags

SELL TMC APR BELOW 9800 SL 9960 TGT 9720-9600-9480. NCDEX

In Nizamabad, a major spot market in AP, the price ended at 13254.55 rupees dropped by -536.35 rupees.