Turmeric yesterday we have seen that market has moved 0.78% supported by short supplies and diminishing stocks. However, subdued exports and estimates of higher output limited the gains. Average daily prices at spot markets of Nizamabad were around 14000 for new crop and erode were down to Rs. 16000 per quintal for old crop. Arrivals at Nizamabad and Erode were around 300 bags and 3000 bags respectively. In Nizamabad, a major spot market in AP, the price ended at 16158.8 rupees dropped by -94.15 rupees. Market has opened at 10000 & made a low of 9936 versus the day high of 10160. The total volume for the day was at 2035 lots and the open interest was at 6275. Support for turmeric is at 9951 below that could see a test of 9831. Resistance is now seen at 10175 above that could see a resistance of 10279.

Trading Ideas:

Turmeric trading range is 9833-10281.

Turmeric gained supported by short supplies and diminishing stocks

Turmeric is having resistance at 10175 and support at 9951 level.

Arrivals at Nizamabad and Erode were around 300 bags and 3000 bags respectively.

SELL TMC APR BELOW 10000 SL 10165 TGT 9920-9842-9765. NCDEX

In Nizamabad, a major spot market in AP, the price ended at 16158.8 rupees dropped by -94.15 rupees.