Turmeric plunges on profit booking

Turmeric yesterday we have seen that market has moved -1.52% on profit-booking triggered by adequate stocks in the market following mounting arrivals and subdued spot demand.
Turmeric arrivals in Nizamabad mandi were at 10,000 bags and the arrivals at Erode in the state of Tamil Nadu were at 12,000 bags. In Nizamabad, a major spot market in AP, the price ended at 9456.5 rupees gained by 182.6 rupees.
Market has opened at 8950 & made a low of 8760 versus the day high of 9040. The total volume for the day was at 6345 lots and the open interest was at 14575.
Support for turmeric is at 8693 below that could see a test of 8587. Resistance is now seen at 8973 above that could see a resistance of 9147.
Trading Ideas:
Turmeric trading range is 8581-9141.
Turmeric dropped on profit-booking triggered by adequate stocks in the market
Turmeric is having resistance at 8973 and support at 8693 level.
Turmeric arrivals in Nizamabad mandi were at 10,000 bags and arrivals at Erode were at 12,000 bags.
In Nizamabad, a major spot market in AP, the price ended at 9456.5 rupees gained by 182.6 rupees.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Turmeric-plunges-on-profit-booking-12608.html)