Turmeric yesterday we have seen that market has moved 0.22% helped by bargain-buying amid reports of low carry forward stocks are supporting the prices. However, good rains in the growing areas of AP and Karnataka have raised possibilities of a better crop this year thereby pressurizing the prices. With sowing area in these two states expected to rise it can pressurize the prices to some extent. Turmeric arrivals in Nizamabad mandi slipped to 3,000 bags against 5000 bags and arrivals in Erode surged to 3,000 bags from 2,500 bags. In Nizamabad, a major spot market in AP, the price ended at 14861.5 rupees dropped by -24.2 rupees. Market has opened at 9836 & made a low of 9800 versus the day high of 9980. The total volume for the day was at 1635 lots and the open interest was at 6240.Support for turmeric is at 9831 below that could see a test of 9725. Resistance is now seen at 10011 above that could see a resistance of 10085.

Trading Ideas:

Turmeric trading range is 9728-10088.

Turmeric gained helped by bargain-buying amid reports of low carry forward stocks supported prices.

Turmeric is having resistance at 10011 and support at 9831 level.

Turmeric arrivals in Nizamabad mandi slipped to 3,000 and arrivals in Erode surged to 3,000 bags.

SELL TMC APR @ 10000 SL 10160 TGT 9880-9720-9640.NCDEX

In Nizamabad, a major spot market in AP, the price ended at 14861.5 rupees dropped by -24.2 rupees.