Technical Outlook & Trading Strategy:-
We reiterate our bullish bias on turmeric. The price of Turmeric has been in a strong downtrend since it registered a high of Rs 10980 levels as on 09 Mar, 2011.
But the most important observation to be made on the charts of pepper is the positive divergence displayed by the RSI indicator.
It signals that the downward movement of the price could have lost force and in all likelihood gives some kind of a bounce back from the current levels.
We recommend traders to buy 50% now and on dips to Rs 6090--Rs 6060 levels with a stoploss placed below Rs 5997 levels for upside targets of Rs 6280 / Rs 6375 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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