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Red turnips you planted and had to water every day. Every day you keep them growing for, their value goes up, to a maximum of 6 days (worth 16,000 bells). Basically I'd buy one every Sunday and sell it the next Sunday
For Red turnips, buy them on Sunday and water them every day (including the day you bought them) until the next Sunday and sell them. They do not appear in NL.
For white turnips, buy a couple hundred and keep going to Nook every day and asking him turnip prices. When they are around double what you bought them for, sell them. Sometimes he'll buy them for even more. One time I got a white turnip buying price of around 1,100 bells and I made over 1,000,000 that week cause I bought a LOT of turnips.