Turmeric may bounce back to Rs 1000/qntl: Nirmal Bang
Nirmal Bang has come out with its technical outlook on NCDEX Turmeric. "Expect the Turmeric prices may see a bounce back of Rs 800-1000/Qntl in the coming weeks one can use every dip as a good buying opportunity, says the research firm.
Nirmal Bang's report on NCDEX Turmeric
NCDEX TURMERIC: Turmeric prices witnessed a sharp fall from almost Rs 7600/Qntl to 5300/Qntl between Apr 2013 - June 2013. Have a look on the daily chart and we will realize that the turmeric prices has made a significant low at 5300/ Qntl and bounced back to 6100/Qntl.
Currently prices made a good support zone around Rs 5600-5500/Qntl and gave a sharp bull stroke of almost 4 percent on 3 July 2013, indicating that the prices are in 3rd wave and will witness a good rally in turmeric prices in the coming weeks. 2nd wave too has exactly retraced 61.8 percent of the wave 1, and 3rd wave projection will be minimum 161.8 percent of the wave 1 i.e. 7025/Qntl.
Outlook: We expect the Turmeric prices may see a bounce back of Rs 800-1000/Qntl in the coming weeks we should use every dip as a good buying opportunity. We recommend buying Aug or Sep Contract between Rs 6050-6000/Qntl with a stop loss below Rs 5500/Qntl as a daily closing basis for the target of Rs 6800-7000/Qntl in the coming weeks.
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