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| Commodity Trading Tips |
Expected resistance and support level for today trade are as follows:
TREND BULLISH
SUPPORT 1: 422.40
SUPPORT 2: 417.25
RESISTANCE 1: 431.15
RESISTANCE 2: 432.00
CRUDE OIL (JUN) – Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen..Expected resistance and support levels for the crude JUN contract are:
TREND BULLISH
SUPPORT 1: 4930
SUPPORT 2: 4880
RESISTANCE 1: 5170
RESISTANCE 2: 5270
GOLD (JUN) – MCX Gold surged above Rs. 29000 per 10 grams following gains in global prices as the metal continued to carve out an impressive recovery. The metal had rebounded from nearly four and half month lows of $1520 per ounce in the last week as safe haven buying finally came to the rescue of the commodity that has witnessed a free fall earlier. Gold had plummeted following a massive surge in the US dollar on worries of Grexit- Greece being ousted from Eurozone and returning to its old currency. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:
TREND CONSOLIDATE
SUPPORT 1: 28830
SUPPORT 2: 28745
RESISTANCE 1: 29190
RESISTANCE 2: 29305
SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 53800
SUPPORT 2: 53320
RESISTANCE 1: 55120
RESISTANCE 2: 56650
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31st May “Bharat Band” Opposing the Petrol Prices
WB govt warns of pay cut for absence on Bharat band on May 31Press Trust of India / Kolkata May 29, 2012,
West Bengal government today issued a circular warning government employees of pay-cut in the event of absence from duty on May 31 when the BJP-led NDA has called a 'Bharat bandh' to protest the petrol price hike.
NEW DELHI: Government is all set to face a united Opposition onslaught on petrol price hike and price spiral as efforts are on to forge a larger political consensus for a Bharat bandh on the issue on May 31.
While the NDA has given a Bharat Bandh call for the day, the Left parties have decided to observe an 'All India Protest Day' on May 31 that will include strikes, picketing, demonstrations, Rasta roko and rallies against the hike.
“Commodity News Updates”
Amid all the external and internal conflicts, our usually soft-spoken and mild-mannered PM has turned combative. Dr. Manmohan Singh has thrown the gauntlet at Team Anna to prove his guilt in the controversy over the allocation of coal blocks. The PM says he is ready to pull the plug on his political career if proven wrong. Another report shows UPA II may not be able to take any further bold measures in light of the stiff political resistance from all sides.
The economic environment remains challenging in India; sales of AC makers and lifestyle retailers have turned weak. At the same time, inflation is unlikely to soften materially as can be gauged from reports of yet another price hike by few car makers. The Indian markets will take a cue from Q4 GDP data due on Friday. But, before that we have to contend with the F&O expiry on Thursday and plenty of results.
The economic environment remains challenging in India; sales of AC makers and lifestyle retailers have turned weak. At the same time, inflation is unlikely to soften materially as can be gauged from reports of yet another price hike by few car makers. The Indian markets will take a cue from Q4 GDP data due on Friday. But, before that we have to contend with the F&O expiry on Thursday and plenty of results.
The opening today will be lower due to weak global cues. Asian indices are mostly down on mounting worries about the Spanish banking sector. US stocks played catch-up with other markets after an extended weekend. European markets managed to advance but Spanish stocks got pummeled again. The euro slid below $1.25, reflecting continued concerns about the debt-stricken region. The Hang Seng has slumped after a media report tempered expectations for a strong stimulus from China.
The EU officials will unveil a report card on the members’ fiscal health today. A survey shows that while several EU nations are questioning the merits of tighter integration, few are willing to dump the euro as a common currency. Interestingly, Greeks are among the keenest to keep the euro. Look out for data on manufacturing PMI from Australia to USA due out on Friday. World markets will also closely track the US monthly jobs report, also scheduled for Friday and US Q1 GDP data.
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