DIWALI WEEK
Turmeric (Nov)…
Production forecast of 2015-2016 was lowered by Govt from 11.90 lakh tons to 8.52 lakh tons, amidst falling stocks. From April-Dec 2015-16, exports rise 25% to 85500 tons vs. 8600 tons last year. Lack of good quality produce amidst falling production and falling stocks could act as supporting factors.
Now what to expect??
Support seen at 7050 and Hurdle is at 7300.
Break and close above 7300 rally remain continue till 7550—7700 and then 7850++mark in days to come. Three consecutive close+ weekly close above 7850 will see further upside rally in it.
Support and stop loss below 7050 on closing basis.
Trading Recommendation (10 Oct 2017)
Buy Turmeric above 7300. Stop loss below 7050(on closing basis). Target 7550—7700 and then 7850+++ mark.
More will update soon!!!
