Turmeric yesterday we have seen that market has moved -0.6% as estimates of higher production weighed on sentiment, offsetting seasonal demand. Selling pressure was seen towards the close. But it is just a short technical correction and prices are unlikely to fall sharply because demand is regular. Export demand is good from European and Gulf countries. Local buyers are also active and demand is likely to continue to remain firm in coming few days. In Nizamabad, a major spot market in AP, the price ended at 14922.2 rupees gained by 128.45 rupees. Market has opened at 13362 & made a low of 13170 versus the day high of 13494. The total volume for the day was at 4205 lots and the open interest was at 11590.Support for turmeric is at 13099 below that could see a test of 12973. Resistance is now seen at 13423 above that could see a resistance of 13621.

Trading Ideas:

Turmeric trading range is 12979-13627.

Turmeric ended weak as estimates of higher production weighed on sentiment

Turmeric is having resistance at 13340 and support at 13100 level.

The fresh crop is expected to hit the market by mid-January.

In Nizamabad, a major spot market in AP, the price ended at 14922.2 rupees gained by 128.45 rupees.