India Turmeric futures traded higher on Monday on fresh buying support, erasing the previous three consecutive sessions of losses. The commodity gained sharply higher in the opening moves and ended the day with marginal gains. Arrivals are lower in the major mandies while domestic and export demand is strong. Anticipation of higher area under coverage on receiving good rain this year weighed the sentiment.
Benchmark July contract on NCDEX ended the session higher by 0.41 percent at Rs 14520 after hitting the high of Rs 14680 per 100 kg.
The counter continued to close above the 50-day EMA, indicating long-term trend is bullish. The counter closed slightly below the 9-day and 20-day EMA, indicating short-term trend is weak. If prices trades above this levels and this will add further strength in the market. The 14-day RSI moved higher in the netural zone, indicating short-term trend is bullish.
Technically, the counter is having next resistance in the level Rs 14650-80 then at Rs 14780. The counter have strong support at Rs 14440 -10 then at Rs 14310.
Source : indiainfoline.com