FREE COMMODITY TIPS AND COMMODITY TRADING LEVELS FOR 31TH MAY 2012

Commodity Trading Levels

Commodity News and Insights for Traders and Investors
COPPER (JUN) – Base metals were accentuating on Monday, 28th May as the signs that voters in Greece may back austerity measures needed for a European Union bailout coupled with the speculation that major metal consumer China may subsidizes vehicle purchases in rural areas in order to stimulate the sluggish growth within the economy weighing on the sentiment. But, the focus on Spain's rising bond yields following the announcement of bailout plans for troubled lender Bankia was curbing huge gains in the metal space.

Expected resistance and support level for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 417.25

SUPPORT 2: 413.65

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 BEARISH

SUPPORT 1: 4880

SUPPORT 2: 4745

RESISTANCE 1: 5132

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: 29305

RESISTANCE 2: 29565

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: 53870

SUPPORT 2: 53650

RESISTANCE 1: 54870

RESISTANCE 2: 55120

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PETROL PRICE HIKE :12 HOUR NDA BANDH BEGINS

The bandh called by NDA and Left parties to protest the hike in petrol prices did not evoke much response in the national capital though party supporters blocked traffic in some places.

Small shops were seen open in many areas in the morning while commuters complained that there were less autos on roads as number of auto and taxi unions have joined the protest.

BJP activists led by Sanjay Joshi and Mukhtar Abbas Naqvi led the protest in Delhi near Akshardham temple blocking roads this morning. The leaders and several activists were detained.

“The bandh shows the public anger against this government. This will be the last nail in its coffin,” BJP National vice president Naqvi said.

As there were less autos on streets, people chose Metro services and there was huge crowds at such facilities in Laxmi Nagar and Rajiv Chowk besides other places.

Market Overview

The streets across many parts of India may appear empty on account of the nationwide ‘Bharat Bandh’ called by the Opposition in protest against the petrol price hike. The key Indian stock indices will open lower again as world markets continue to reel under the seemingly never-ending debt troubles of the eurozone. All eyes will be on Q4 GDP data and the Rupee. Volatility may inch up due to the F&O expiry.

The May series has also been pretty bad and there is no silver lining on the horizon as yet - be it the spate of domestic macro-economic issues or overseas headwinds. Therefore, one must remain guarded and vigilant. One may start accumulating at lower levels from the medium- to long-term perspective. Avoid misadventures and stick to quality counters. Don't forget to do proper homework before committing yourself to any counter. Get out of weak counters.

Reports that the monsoon is likely to be delayed are adding to the emptiness the market is experiencing. The good news is that the Government has taken steps to address some issues in mining and oil & gas sectors. The result season has almost drawn to a close.

Crude oil has taken a tumble, which is good for India. However, the rupee must recover to gain from the drop in oil prices. OMCs are likely to hold fortnightly review today. One has to see whether they announce any rollback in petrol hike.

The Q4 GDP figures could show further evidence of deceleration in growth. The Indian economy slowed from 8.5% yoy across 2010 to 6.1% y/y in the fourth quarter of 2011 and likely cooled further in early 2012, according to Moody’s Analytics. It estimates Q4 GDP growth of 5.9% yoy.

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CS YESTERDAY UPDATE: COPPER MADE DAY LOW 420.8 NEAR 3RD TG 420.5 BOOK FULL PROFIT.

SELL SILVER JULY BELOW 54200 TG 54130,54040,53940 SL  54350.15.

 YESTERDAY UPDATE: CRUDE CONTINUE GIVING SUPERB PROFIT 2ND TG 4945 ACHIEVED,BOOK MORE PROFIT 3RD TG IS 4920

CS TODAY’S EQUITY PERFORMANCE:

UNITED SPIRIT FUT 3TG,

GODREJCP 3TG,

NIITTECH 3TG,

ZANDUREALTY 3TG,

LIBERTSHOES 3TG

YESTERDAY POS. VGAURD 3TG

ITC PUT 2TG

REC FUT 2TG ALMOST ACHIEVED

VGUARD 1TG

PRIORITY CALL GODREJCP ON FIREE

NIFTY FUTURE COST EXIT

JSW STEEL COST EXIT

OILINDIA COST EXIT

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