Turmeric Down After Firm Opening

Turmeric futures witnessed weakness after a firm opening . The weakness was due to the selling pressure as the contract was in the over bought territory. The benchmark Turmeric futures April contract on NCDEX lost Rs15 to the opening sessions low of Rs2686 per quintal. The counter traded in the ranges of Rs2716-Rs2686 per quintal. The open interest for the contract witnessed increase of 0.07% to 26,380 contracts, indicating short selling. The contract was in the over bought territory, the 14 day RSI was at 75.51, indicating over bought region.