Turmeric which were trading at a discount to the spot market, hit the upper circuit for a second straight day on dwindling stockpiles. Futures are in discount to spot. They are trying to bridge the wider gap. In Nizamabad, a major spot market in Andhra Pradesh, the price fell by 30 rupees to 9,970 rupees per 100 kg.

Turmeric yesterday we have seen that market has moved 4.01%. Market has opened at 9262 & made a low of 9262 versus the day high of 9444. The total volume for the day was at 1100 lots and the open interest was at 13610. Support for turmeric is at 9323 below that could see a test of 9201. Resistance is now seen at 9505 above that could see a resistance of 9565.

Trading Ideas:

TURMERIC TRADING RANGE IS 9050-9800.

TURMERIC HIT THE UPPER CIRCUIT FOR A SECOND STRAIGHT DAY ON DWINDLING STOCKPILES

AS PER EXPECTATION TMC JUMPED NOW LOOK TILL 9550 LEVEL FROM WHERE AGAIN WEAKNESS.

NOW RESISTANCE IS AT 9505 AND SUPPORT IS AT 9324 LEVEL.

IN NIZAMABAD SPOT MARKET PRICE FELL BY 30 RUPEES TO 9,970 RUPEES PER 100 KG