India Business

Base Metals Trading Tips and Market Outlook: Nirmal Bang

Copper: The counter looks strong as itre-enteredthe channeland closed above the 7 DMA. The RSI have come close to the MA intending to breach the same. Thus prices can test the 21 DMA at 301.5 and next 304(Resistance line)if maintains above 292.5 levels.

Nickel: The counter has again breached the trend-line and closedabove the 7 DMAtesting the 21 DMA also. Thus the counterlooks strong above the trend line, especially above the 7 DMA of 822. Maintaining above the trend line counter can even test 875-880 levels in near term.

Gold and Silver Futures, Commodity Market Outlook: Nirmal Bang

Gold: The counter traded very strong above the trend line and closed higher resisting the 21 DMA of 15733. Thus the intermediate side-ways trend hasended. The +DI have breached the –DI on the upside, indicating anuptrend in prices. Therefore the counter is expectedto remainpositive, on breaching 15750 levels next resistance is seen at 15900-16000 levels in near term.

Energy Sector and Oil Futures Update for Commodity Traders: Nirmal Bang

U. S. crude oil futures surged nearly 6 percent to end above $70 a barrel on Wednesday as refined product futures rallied on supportive inventory data and traders shrugged off a big increase in crude oil supplies. New York Mercantile Exchange natural gas November futures lost ground as concerns about record high storage, fairly mild near-term weather and a steeply discounted cash market continued to weigh on front months.

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Base Metals Trading Techniques and Market Research Data: Nirmal Bang

Industrial metals settled higheras a combination of a weaker dollar and quarter end squaringhelped give the market a lift, despite negative reports from the manufacturing and labor markets.

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Mitsubishi Materials Corp, Japan's third-largest copper smelter, said on Thursday that it plans to produce 156,102 tonnes of copper in October-March, up about 20 percent from a year earlier.

Trading strategy for Gold and Silver Futures, Commodity Market Outlook

Gold reclaimed $1,000 an ounce on Wednesday, rising 1.5 percent as a weaker dollar helped lift the precious metal to its best quarterly performance since early2008. Crude oil's rally and simmering geopolitical tensions inthe Middle East also supported gold.

Silver outperformed gold in the last trading session, gaining about 3 percent on COMEXcompared with 1.5 percent rise in gold.

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Nifty Has Resistance At 5,150: Nirmal Bang Research

Strong fund based buying helped the Sensex closed above the 17,000 mark for the first time since May 21, 2008. The benchmark index advanced 274 points to close at 17,127 and the Nifty gained 77 points to end at 5,084 after it touched an intraday high of 5,087 and a low of 5,004. Huge buying in banking, auto, metals and cap goods stocks led the markets higher. The market breadth was positive throughout the session and the total turnover was at Rs 82,231 cr.

World Market Review and Indian Stock Market Analysis By Nirmal Bang Securities

Asian stocks fell, led by companies reliant on exports, after an unexpected drop in Chicago business activity raised concern the U. S. economic recovery will falter.

World Market Review By Nirmal Bang Securities

Strong fund based buying helped the Sensex closed above the 17,000 mark for the first time since May 21, 2008. The benchmark index advanced 274 points to close at 17,127 and the Nifty gained 77 points to end at 5,084 after it touched an intraday high of 5,087 and a low of 5,004. Huge buying in banking, auto, metals and cap goods stocks led the markets higher. The market breadth was positive throughout the session and the total turnover was at Rs 82,231 cr.

Energy Sector Outlook for Commodity Traders: Nirmal Bang

Crude oil: The counter traded range bound yesterday between 3185-3250. The Prices remain below all short term moving averages, the RSI remains steady while the –DI remains on the upside. The bias remain on downside but prices may remain positive on breaching the 7 DMA at 3257. While breaching 3180 levels can move downwards to 3150-3125 levels.

Base Metals Trading Tips and Market Outlook: Nirmal Bang

Copper: The counter remains range bound between 292-287 since few sessions, however the counter formed a DOJI yesterday after closing near its open. Thus there seems to be an uncertainty in the trend. However bias remains on downside after looking at the rising –DI and dropping RSI. Thus one can sell only below 287 levels targeting 284 and 282.