The price of Turmeric has gone through severe correction from the highs of Rs 10618 levels as on 09th April till date.
The price of turmeric has been trading in a broad range of Rs 7426 to Rs 7250 levels since it registered a low of Rs 7150 levels on 08th Jun, 2011.
The price witnessed a strong up move during the previous session of trade on the back of strong surge in volumes and it registered a close above its rising trend line during the previous session.
Another, key observation to be made on the charts of Turmeric is that its indicators are coming out of the oversold territory and have given a buy signal.
We recommend traders to buy 50% at current levels and again on dips to Rs 7290—Rs 7250 levels with a stop loss placed below Rs 7207 levels for upside targets of Rs 7600 / Rs 8000 levels.
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