Turmeric yesterday we have seen that market has moved 0.56% on short-covering, driven by poor supplies in spot market. Prices are unlikely to sustain at higher levels as overall trend is weak on estimates of bumper crop. In Nizamabad, a major spot market in AP, the price ended at 13470.6 rupees dropped by -18.3 rupees. Market has opened at 11584 & made a low of 11550 versus the day high of 11832. The total volume for the day was at 1540 lots and the open interest was at 2660.Support for turmeric is at 11477 below that could see a test of 11373. Resistance is now seen at 11759 above that could see a resistance of 11937.

Trading Ideas:

Turmeric trading range is 11387-11951.

Turmeric ended positive on short-covering, driven by poor supplies in spot market

Turmeric looks to have resistance at 11700 and support is at 11480.

NCDEX accredited warehouses turmeric stocks fell 20 tonnes to 4617 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 13470.6 rupees dropped by -18.3 rupees.