Turmeric yesterday we have seen that market has moved -0.52% on profit booking amid tepid exports and estimates of higher output weighed on sentiment. However short supplies and diminishing stocks has limited the losses. Spot prices are firm because local demand is supportive. But absence of export demand is weighing on sentiment. In Nizamabad, a major spot market in AP, the price ended at 16940.9 rupees gained by 45.9 rupees. Market has opened at 14524 & made a low of 14524 versus the day high of 14782. The total volume for the day was at 1740 lots and the open interest was at 4635.Support for turmeric is at 14489 below that could see a test of 14377. Resistance is now seen at 14747 above that could see a resistance of 14893.

Trading Ideas:

Turmeric trading range is 14377-14893.

Turmeric ended lower on profit booking amid tepid exports

Turmeric is having resistance at 14750 and support at 14490 level.

NCDEX accredited warehouses turmeric stocks fell 20 tonnes to 2861 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 16940.9 rupees gained by 45.9 rupees.