Turmeric yesterday we have seen that market has moved -2.03% as traders cashed in after the recent rally, High volatility continued for Turmeric as profit booking at the higher levels brought some corrections to the rising rates. Good demand and prospects of some fall in production from the earlier estimates kept overall trend firm. Prospects of improved export and domestic demand in coming weeks and reports delayed arrivals of the new crop could support the rates apprehensions of damage to sown crops have also been there. Overall better crop prospects this year however are expected to cool down rates to some extent. Stockiest reportedly held back stocks in anticipation of a rising demand. In Nizamabad, a key market in Andhra Pradesh, turmeric fell 36 rupees to end at 16,368 rupees; Market has opened at 10656 & made a low of 10330 versus the day high of 10674. The total volume for the day was at 4240 lots and the open interest was at 5635. Support for turmeric is at 10289 below that could see a test of 10137. Resistance is now seen at 10633 above that could see a resistance of 10825.

Trading Ideas:

Turmeric trading range is 10144-10832.

India's turmeric output in 2010/11 is expected to jump by 44 percent after farmers raised acreage to cash in on higher prices

Turmeric is having resistance at 10646 and support at 10302 level.

NCDEX accredited warehouses turmeric stocks setlles at 1481 tonnes.

TMC MARKET OVER RANNED WILL WAIT TO HAVE A FRESH ENTRY.

In Nizamabad, a major spot market in AP, the price ended at 16368.15 rupees dropped by -36.2 rupees.