Bears tighten grip over NCDEX Turmeric futures

Bears tighten grip over NCDEX Turmeric futures

Short term support for NCDEX Turmeric July contract is seen at 6200 and resistance at 7600. Intra day support is seen at 6950 and resistance at 7060.

The sowing of the Turmeric crop is expected to pick up gradually as rains in growing areas in Andhra Pradesh and Tamil Nadu kept possibilities of improved sowing. This is keeping sentiments weak for the counter in the near term. But with prices having fallen a lot, some bounce back too is possible.

NCDEX Turmeric July contract was moving down by -0.55 per cent to 6926 level at 11.20 am on Tuesday.

Milan Shah, agri research analyst at commodity Online, said NCDEX Turmeric July contract is likely to trade bearish for short term and side ways for intra day. Short term support for NCDEX Turmeric July contract is seen at 6200 and resistance at 7600. Intra day support is seen at 6950 and resistance at 7060. Prices have fallen a lot. But improved Monsoon reports amidst expectations of improved sowing in coming days prevented any strong recovery for the counter. 

Turmeric has been maintaining a lower range since past few weeks in response to the recent IMD forecast of monsoons to progress satisfactorily during next few weeks has kept sentiments on the dismal side.