Turmeric Likely Extend Loss

On Tuesday, NCDEX Turmeric futures benchmark April contract closed lower 1.14% at Rs2595 per quintal, traded in the ranges of Rs2620-2586 per quintal. The open interest for the contract increased 2.05 % to 25,390 contracts as against Monday, indicating short selling and the volume traded decreased to 18,360 lots from 19,060 lots as against Monday.


In the daily technical charts, NCDEX Turmeric futures benchmark April contract closed below 9 day EMA of Rs2603.50 and far above 50 day EMA of Rs2436.90 per quintal, indicating short term weakness and long term bullishness.


NCDEX Turmeric April closed below 9 day moving average of Rs2623.10 per quintal, supporting the intraday weakness.

The MACD is falling in the positive zone supporting downward trend. The technical indicator 14 day RSI is at 58.73, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Turmeric April is having intraday resistances at Rs 2614.6 and Rs 2634.3 and supports at Rs 2580.6 and Rs 2566.3 per quintal respectively and Rs2600.3 per quintal will be crucial price level.

Technically the overall trend is negative Turmeric futures are expected trade with loss in today’s trading sessions .