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| Commodity Trading Levels |
TREND BULLISH
SUPPORT 1: 413.65
SUPPORT 2: 418.10
RESISTANCE 1: 431.15
RESISTANCE 2: 436.85
CRUDE OIL (MAY) – Bahrain oil production is expected to double to 100,000 barrels a day (bpd) from the current 50,000 bpd within five years, said Abdul-Hussain Ali Mirza, Bahrain’s energy minister.Expected resistance and support levels for the crude MAY contract are:
TREND BEARISH
SUPPORT 1: 4980
SUPPORT 2: 4880
RESISTANCE 1: 5170
RESISTANCE 2: 5305
GOLD (JUN) - A short-covering rally that has been a long time coming finally arrived for gold, with chart support emerging in the low $1,500s, which supported the market twice in 2011,.Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:
TREND BULLISH
SUPPORT 1: 28880
SUPPORT 2: 28635
RESISTANCE 1: 29210
RESISTANCE 2: 29305
SILVER (JUL) – United States mined silver production declined by 9% versus last year and was down 6% versus January’s levels, as per latest data released by the United States Geological Survey (USGS).Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 53430
SUPPORT 2: 52820
RESISTANCE 1: 55805
RESISTANCE 2: 57430
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We expect a positive start for Indian indices. Whether the early pop will sustain remains to be seen.
The ‘risk off’ trade is likely to take a backseat temporarily. The markets world over seem to be coming to terms with the fact that leaders in Europe could step up efforts to stem the long-running debt crisis. US stocks rallied on Monday. Most European markets inched higher in a choppy session, but Spanish markets remained under pressure due to its precarious fiscal condition. Investors will now look forward to the informal EU summit on Wednesday.
Asian indices are up smartly this morning after Germany’s finance minister was quoted as saying that the nation will focus on measures to boost Europe’s economic growth. We expect a positive start for Indian indices. Whether the early pop will sustain remains to be seen. The risk-reward ratio is still not favourable though a technical rebound is not ruled out after a series of weekly losses. Stick to a stock-centric approach. Look for beaten down companies with sound fundamentals, clear earnings visibility and good management.
The Nifty has been trading in a tight range of 4850-4950 and a breakout beyond this range could some solace in the near term.
Telecom stocks could be in focus on reports of DoT’s unfavourable recommendations on 2G auction.
Click Here For Commodity Tips Market Overview For Today
We expect a positive start for Indian indices. Whether the early pop will sustain remains to be seen.
The ‘risk off’ trade is likely to take a backseat temporarily. The markets world over seem to be coming to terms with the fact that leaders in Europe could step up efforts to stem the long-running debt crisis. US stocks rallied on Monday. Most European markets inched higher in a choppy session, but Spanish markets remained under pressure due to its precarious fiscal condition. Investors will now look forward to the informal EU summit on Wednesday.
Asian indices are up smartly this morning after Germany’s finance minister was quoted as saying that the nation will focus on measures to boost Europe’s economic growth. We expect a positive start for Indian indices. Whether the early pop will sustain remains to be seen. The risk-reward ratio is still not favourable though a technical rebound is not ruled out after a series of weekly losses. Stick to a stock-centric approach. Look for beaten down companies with sound fundamentals, clear earnings visibility and good management.
The Nifty has been trading in a tight range of 4850-4950 and a breakout beyond this range could some solace in the near term.
Telecom stocks could be in focus on reports of DoT’s unfavourable recommendations on 2G auction.
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