Gold: The counter is trading range bound since few sessions. The remained positive yesterday taking support at 15450 levels but closed below the trend line only. The counter is expected to continue sideways as there is no clear direction from the RSI and ADX indicates short term weakness with –DI on the upside. Thus prices may remain side-ways between 15425-15600, beyond 15625 prices may move positive.
U. S. crude oil futures moved slightly lower in post-settlement trading on Tuesday after industry data showed that crude oil inventories rose more than expected last week.
The API said domestic crude stocks shot up 2.8 million barrels in the week to Sept. 25, to 340 million barrels. Distillate supplies, which include heating oil and diesel fuel, jumped 2.3 million barrels to 170.7 million barrels. Gasoline stocks fell
1.7 million barrels to 212.5 million barrels, the API said.
Industrial metals traded mixed on Tuesday but settled slightly up except Copper which remained unchanged after supportive buying from China waned as the world's top metals consumer neared a holiday period, and mixed economic data from the United States failed to inspire.
Data from the Conference Board showed U. S. consumer confidence index fell to 53.1 in September, from an upwardly revises 54.5 in August. Weak consumer confidence data offset by better-than-expected housing data showing improvement in U. S. home price index for sixth straight month.
Precious metals remained subdued in the last trading session as they seem to have entered in to a consolidation phase after the recent rally. Gold ended slightly up in a choppy trading on Tuesday as a dollar bounce kept bullion investors largely on the sidelines. Silver futures ended in a negative territory, shedding 0.12 percent on COMEX.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,094.15 tonnes as of Sept. 29, unchanged from the previous business day.
U. S. stocks declined as technology shares retreated from a one? year high and energy producers dropped as a stronger dollar dragged down oil, overshadowing the biggest gain in home prices in four years. Technology shares in the S&P 500 fell 0.7 percent after closing yesterday at the highest level since September 2008. The group is still the best? performing industry in 2009, having surged 45 percent. The S&P 500 Energy Index slumped 0.6 percent as the U. S. currency gained. Exxon, the biggest U. S. oil producer, lost 0.8 percent to $69.07.
The Nifty managed to close above the 5K mark as huge buying continued to see in pharma, IT and oil & gas stocks which kept the market momentum going. The Sensex closed up 160 points at 16,853 after trading in the narrow range of 16,907 - 16,802. The Nifty shut at 5,007 up 48 points or 0.97%. Among the broader indices, midcap and smallcap were also up 1% each. The breadth remained strong for the entire session but the market total turnover were lower at 65,365 cr. The Oct Nifty future ended with 10 points discount.
After a bright opening, the Sensex continued its positive run on the back of buying action witnessed across frontliners. The major gainers on the Sensex included IT, consumer durables and teck stocks.
BSE Midcap and Smallcap index gained 0.90% and 1.29% respectively.
Today (Sep 29), the 30-share index, BSE Sensex belled the day after gaining 136.11 points at 16,829.11.
Crude oil: The counter traded positive yesterday with close just above the previous high. The immediate howeverremains downwards with negative break-out from the triangle. The RSI is below the MA while ADX indicate short-term downtrend. Thus one should wait and watch for confirmation as prices are expectedto resist the 3280 levels and continue the downtrend.
Copper: The counter looks weak with drop belowthe channel; In addition the RSI is dropping while ADX indicate downtrend. However the prices are seen taking supportat the 288-87 levels, breaching 286 can push prices lower to 280-79 levels in short run. Thus one can remainshort at every risewith Stoploss abovethe7 DMA of 295.2.
Gold: The counter remained positive in theyesterday’ssession but failed to closed above 15600 levels. The directional index is still negative with –DI on the upside, but RSI seems to take support at this levels. Thus prices closing above 15600 can bring in upside movement in the counter, howeverbreaching support at 15425 can trigger further downside till 15250.