Turmeric yesterday we have seen that market has moved 1.05% on the back of short covering amidst lower stocks. The stocks will remain low as the fresh arrival is expected in the month of February, which will keep the prices firm in the near month contract. However, in long term prices are likely to remain bearish due to better production estimates of turmeric in 2010-11.In Nizamabad, a major spot market in AP, the price ended at 16857.9 rupees gained by 2.9 rupees. Market has opened at 14760 & made a low of 14720 versus the day high of 15344. The total volume for the day was at 4285 lots and the open interest was at 5255.Support for turmeric is at 14705 below that could see a test of 14401. Resistance is now seen at 15329 above that could see a resistance of 15649.

Trading Ideas:

Turmeric trading range is 14399-15647.

Turmeric ended higher on the back of short covering amidst lower stocks

Turmeric is having resistance at 15140 and support at 14880 level.

NCDEX accredited warehouses turmeric stocks fell 210 tonnes to 2931 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 16857.9 rupees gained by 2.9 rupees.