Turmeric Expected To Extend Profits On Strong Demand .

India turmeric futures ended with moderate profits on Saturday on fresh buying supported by strong demand against lower arrivals. However, anticipation of increase in the area under coverage and weak export demand limited further gains.

The contract closed with gains for the second consecutive trading session. Turmeric for July settlement on NCDEX ended the day higher by 0.30 percent at Rs 14234 after moving in the range of Rs 14296-Rs 14154 per 100 kg.

The open interest in the contract added 1.10 percent to 10,090 tonnes from 9,980 tonnes, indicating fresh buying. Volume traded dipped to 2,595 tonnes from 4,955 tonnes traded on the previous day.

Technically, July contract found support in the level Rs 14154 and Rs 13968 while resistance was seen in the range of Rs 14586 and Rs 14680 during the previous week.

July contract closed just above the 50-day EMA of Rs 14191, indicating strong market in long term and closed slightly below the 9-day and 20-day EMA's, indicating the market will be bullish in short term only on crossing of this level.

The 14-day RSI ended at 46.42, indicating short-term trend is bullish. The averages in the MACD continued to move in the positive zone, indicating bullish trend.

July contract is likely to move higher on the break of the level Rs 14322 and has resistance at Rs 14410-80 and then at Rs 14586 and Rs 14680.

The contract has support in the level Rs 14191 and then at Rs 14030. The support below that level is Rs 13968.


Source : India Infoline