Turmeric hit fresh contract highs on buying by stockists and low stocks, overlooking an increase in margin on the long side announced by the exchange late on Monday. The margin has been doubled to 20 percent from 10 percent and shall be applicable from Thursday, the exchange said in its statement late on Monday. The Nizamabad market is shut yesterday on account of a Hindu festival. Turmeric yesterday we have seen that market has moved 4.01%. Market has opened at 10034 & made a low of 9995 versus the day high of 10436. The total volume for the day was at 25800 lots and the open interest was at 14440.Support for turmeric is at 10142 below that could see a test of 9848. Resistance is now seen at 10583 above that could see a resistance of 10730.

Trading Ideas:

Turmeric trading range is 9848-10730.

Turmeric hit fresh contract highs on buying by stockists and low stocks

Resistance for turmeric is at 10490 and support is at 10370 level.

Yesterday we have seen that open interest at 14440 and volume at 25800 lots.

Spread between Turmeric APR & MAY contracts yesterday traded in the range of -84 to -25.

TMC ABOVE 10500 LOOK TILL 10650 LEVEL.