One can buy Turmeric September at Rs 6892 and in dip between Rs 6750-6850 for the target price of Rs 7500 and Rs 7720 with a stop loss of Rs 6530 on daily closing basis, says Emkay.
NCDEX September Turmeric prices were consolidating between 6966 and 6500 since 19th June 2014. Today, prices gave breakout from descending trend line above 6800 and closing at 6892.
Prices are expected to have support at 6750 and buying can be seen there. On higher side prices can test 7720 which is 261.8% Fibonacci retracement level of consolidation between 6966 and 6500.
Turmeric Continuous chart is also showing breakout from descending trend line, as shown in the chart, above 6600 level. Prices can test 7500 which is earlier top.
Today rise in Turmeric is accompanied by increase in both volumes and open interest.
Turmeric September prices should not give a day close below 6530 to maintain positive outlook.
Strategy – Buy Turmeric September at 6892 CMP and in dip between 6750-6850 for target of 7500 and 7720 with stop loss of 6530 on daily closing basis.
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