Gold stayed above $1,000 an ounce as the dollar remained pressured after last week's jobs data pushed the currency down broadly on concerns the U. S. economic recovery may not be as robust as previously thought. Silver prices too recovered following uptick in yellow metal.
Non-commercial net long positions in gold futures on the COMEX division of the New York Mercantile Exchange eased to
Crude oil was relatively insulated from the losses in other complexes and managed to stay above $69 barrel as geopolitical tension and Chinese buying lent support. Natural Gas too remained firm supported by the colder weather forecast.
Net long crude positions held by the key speculator group fell to 60,002 during the week, down from 98,031 in the week to Sept. 29, helping to lower overall non-commercial net longs. The reduction came as crude oil prices fell about $5 to $66 a barrel on rising inventories and weak demand.
Crude oil: The counter have been seen taking support around 3180 and bounced back to 3400 levels. As long as counter holds above 3290 levels- we can expect further upside in the counter expecting 3395 and 3450 levels in the near term. On the contrary if it breaches 3290 and trades below 3290, we can expect it to test 3263 and 3180 levels too.
Copper: The counter is trading below all the short term moving averages i. e. (9,21and 40 DMA) with Negative crossed over in RSI and MA and negative stochastic indicates short term weakness in the counter. We expect the counter to test 280-277 in the short run if trades below 285.
Nickel: The counter has been trading sideways to down since last two trading sessions, price has very good support around 820 levels if it breaches we can expect the counter to test 790 levels in the near term. We should sell below 820 levels for the target of 800 and 790.
Gold: The counter is facing pressure around 15700 level, we should wait for the triangular breakout. Prices are more likely to trade between 9 and 21 DMA i. e. 15570 and 15712 respectively. The RSI and MA remain flat with no signal on the direction. If the counter trades below 15570 we can expect it to test 15500 and 15440.
The Sensex ended at 17,134 up 7 points after trading in the band of 17,195?17,059 and Nifty ended flat to close at 5,083 after trading in a narrow range of 5,099?5,057. Buying was seen in select IT, metals and banking stocks while auto, oil & gas and healthcare counters remained under pressure. The market breadth was mixed and the total turnover was Rs 81,006 cr. The Oct Nifty future ended with 13 points discount. For the week the benchmark index ended 2.5 % higher.
Asian stocks fell for a third day, led by technology and mining companies, after economist Nouriel Roubini said share prices may drop and a report showed the U. S. lost more jobs than estimated. Crude oil slid 1.2% on Oct. 2, the most in a week. A gauge of six metals, including copper and nickel, fell 2% in London, adding to the previous day's 2.8% drop.
New York University Professor Nouriel Roubini, who predicted the financial crisis, said stock and commodity markets may drop in coming months as the gradual pace of the economic recovery disappoints investors.
Mr. Abhay Kumar Srivastava, the chairman and managing director of Cement Corporation of India (CCIL), has taken charge as the new CMD of National Aluminium Company Limited (NALCO).
Mr. Srivastava took over the post from C R Pradhan, who had retired as Nalco CMD yesterday.
Mr. Srivatava, who is a mechanical engineer by profession, has a huge working experience of 30 years in public sector enterprises covering various engineering and management fields.
Indian equities closed on a cheerful note after recording a gain of 441.55 points during the week.
The 30 share index, Sensex hit the 17K mark for the first time since May 21, 2008 on the back of continued buying by foreign funds in frontliners on hope of strong quarterly results amid mixed worldwide signals.
The index zoomed 441.55 points (2.65%) to 17,134 during the week ended Oct 01, 2009, whereas the broad based NSE Nifty surged 124.45 points (2.51%) to 5,083.40 during the same period.
Crude oil: The counter sharply rose 4% in the later sessionyesterday, takingsupport at 3180 levels. The move indicates trend reversal in thecounter. The RSI is seen comingback to the MA. Thus thecounter is expected to test 3380 levelstoday, and above 3380 prices can even test 3445 levelsin nearterm.