NIFTY LEVELS FOR TODAY

Positional Support for NIFTY 5606 5544 5428 5308 and positional Resistance for NIFTY is 5690 5691 5692 5705 . Intraday Resistance of NIFTY are 5665.8/5694.7/5727.6/5747.7/5785.9/5824.3 Intraday Support of NIFTY are 5596.2/5567.3/5521.1/5483.8/5446.6

ZINC INTRADAY LEVELS

Buy is advised only above 107.9 with a stop at 105.2 Below 104.5 go for sell and put stop at 107.2 Intraday Resistance of ZINC are 106.9/107.6/110.9/113.9/119/121.9/127.5/133.2 Intraday Support of ZINC are 105.5/104.8/101/98.2/93.6/91/86.3/81.8

NICKEL INTRADAY LEVELS

Buy is advised above 884.6 with a stop at 872.2 Below 869.2 go for sell Intraday Resistance of NICKEL are 884.7/891.1/903.6/918/926/941.3/956.7 Intraday Support of NICKEL are 869.1/862.7/844.6/836.9/822.5/808.3

NATURALGAS INTRADAY LEVELS

Buy is advised above 211.1 with a stop at 204.3 Below 202.4 go for sell Intraday Resistance of NATURALGAS are 208.7/210.6/213.9/217.9/225/228.9/236.6/244.3 Intraday Support of NATURALGAS are 204.7/202.8/199.5/196/189.4/185.8/179/172.4

LEAD INTRADAY LEVELS

Buy is advised only above 122.8 with a stop at 120 Below 119.3 go for sell and put stop at 122.1 Intraday Resistance of LEAD are 121.9/122.7/125.9/129.1/134.5/137.6/143.5/149.6 Intraday Support of LEAD are 120.2/119.4/115.4/112.4/107.4/104.7/99.6/94.7

COPPER INTRADAY LEVELS

Buy is advised above 425.1 with a stop at 417.9 Below 416.1 go for sell with a stop at 423.3 Intraday Resistance of COPPER are 422.4/423.9/430.2/436.1/446.1/451.7/462.4/473.2 Intraday Support of COPPER are 418.8/417.3/410.6/404.9/395.4/390.2/380.3/370.7

SILVER INTRADAY LEVELS

Buy is advised above 61586 with a stop at 60512 Below 60236 go for sell Intraday Resistance of SILVER are 61414/61832/61325/61449 Intraday Support of SILVER are 60405/59987/60339/60216

GOLD INTRADAY LEVELS

Buy is advised above 31674 with a stop at 31315 Below 31238 go for sell Intraday Resistance of GOLD are 31700/31903/31854/31943 Intraday Support of GOLD are 31211/31008/31144/31056

CRUDEOIL INTRADAY LEVELS

Buy is advised above 4791 with a stop at 4687 Below 4658 go for sell Intraday Resistance of CRUDEOIL are 4753/4782/4829 Intraday Support of CRUDEOIL are 4696/4668/4620

Sensex drops over 150 ; OH NO !!!

Indian stock markets saw a sharp selloff in the last hour of trade on Friday. The Sensex dropped over 150 points while the broader Nifty slipped below the key support of 5,600 in a broad based selloff. At 03.10 p.m. the Sensex traded 157 points lower at 18,314 while the broader Nifty dropped 58 points or 1 per cent to 5,573. Indian markets have fallen for five straight days tracking global weakness and poor domestic macro data. The Winter Session of Parliament, starting next week, may throw up some cues for the markets now.

Sensex falls for 6th day, Nifty below 5600

The BSE Sensex fell for the sixth straight day on the back of a sudden selloff in the last hour of trade on Friday. The Nifty shed over 1 per cent to close below the key support of 5,600. The BSE Sensex ended 162 points lower at 18,309 while the Nifty declined 57 points to 5,574. Indian stock markets have been under pressure tracking weak global cues and poor domestic macro data. Earlier this week, factory output data for September indicated a contraction in industrial activity. The trade deficit in October widened to $21 billion, India's worst on record according to Credit Suisse. The headline inflation eased to an eight-month low in October, but RBI governor today said that inflation rate is still high, suggesting that the bank is unlikely to loosen monetary conditions anytime soon to support faltering growth. The Winter Session of Parliament, starting next week, may throw up some cues for the markets now. A weakness in global markets weighed on the domestic shares. Asian markets mostly ended lower while European stocks also traded in the red.

World Gold demand slips 11% in Q3 !!!

Global gold demand fell in the third quarter as investors bought fewer bars and coins and buyers in China held back because of an economic slowdown, an industry group said on Thursday. About 1,085 metric tons of gold was sold worldwide in the three months through September, the World Gold Council said in a report. That's down 139 metric tons, or 11%, from a record 1,223.5 tons in the same period of 2011. Bar and coin purchases slid by nearly a third to 294 tons while jewelry buying dipped 9% to 449 tons. Central bank purchases also slowed. The declines were offset somewhat by rising demand from exchange traded funds that buy gold bars on behalf of investors. Gold, which has risen about 10 percent in the past six months, was trading at $1,725 an ounce. Gold demand in China, the world's second biggest market, "lost further momentum" in the quarter, with demand falling 8% to 176.8 tons as the country's painful economic slowdown hurt consumer sentiment. "This was particularly noticeable among the middle classes whose purchases of 18-carat gold jewelry were among the worst casualties,'' the report said. A slowdown in the number of jewelry stores opening in China, which also sell bars and coins, also hit demand. But the report forecast that China would recover on hopes of an economic stimulus package from the country's new leaders and as the holiday gift giving season approaches. Companies in China would buy gold jewelry and other luxury items to give as bonuses to staff and as a way to thank customers, said Albert Cheng, a managing director at the World Gold Council. India, the world's biggest gold market, rebounded 8% to 223.1 tons as buying picked up again following strikes by jewelers, fewer auspicious marriage days and a new import duty in the first half of the year. Rising prices also prompted people to buy on expectations of further prices increases, the report said.

Banks seen shrinking for good as lay-offs near 160,000 !!!

Banks seen shrinking for good as lay-offs near 160,000 !!! Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one. A Reuters analysis of job cuts announced by 29 major banks showed the lay-offs were much bigger in Europe than in Asia or the United States. That is a particular blow to Britain where the finance industry makes up roughly 10 percent of the economy. The tally of nearly 160,000 job cut plans, meanwhile, is likely to be a conservative estimate as smaller banks and brokers are also cutting staff or shutting up shop, and bigger banks have not always disclosed target numbers of lay-offs. The tally also does not include reports of 6,000 job cuts to come at Commerzbank, for example, which the German group would not confirm last week. Well-paid investment bankers are bearing the brunt of cost cuts as deals dry up and trading income falls. That is particularly the case in some activities such as stock trading, where low volumes and thin margins are squeezing banks. "When I let go tons of people in cash equities this year, I knew most would be finished in this business. It is pretty dead. Some will just have to find something completely different to do," said one top executive at an international bank in London, on condition of anonymity. The job cuts eat into tax revenues usually reaped from the sector at a time when the global economic recovery is slowing. This year's tax income from the industry in Britain could drop to around 40 billion pounds ($63 billion) this year, compared to 70 billion in 2007/08, when the financial crisis hit, the Centre for Economics and Business Research (CEBR) think-tank said this week. The job cuts announced since the beginning of 2011 come on top of job cuts already carried since 2009. Of the 29 banks, from Europe's biggest bank HSBC to US investment bank Morgan Stanley, just over 83,700 net jobs have been lost since 2009, with 167,200 jobs axed and 83,500 created. Squeezed by regulations forcing banks to store up more capital in their trading businesses, firms are likely to shrink their investment banking units even further, as they overhaul their models to survive. "It is structural as well as in response to cycles in the market. The market is still over-broked," said Zaheer Ebrahim at recruiters Kennedy Group. Swiss bank UBS last month outlined a further 10,000 lay-offs after announcing a plan for 3,500 job cuts last year. It said in October it had decided to exit most of its rates and debt trading units. Workers in retail banking operation will not be immune to job cuts either, particularly in slowing European economies. In France for instance, bank executives predict retail revenues will falter. "There are still 300,000 too many full-time employees in the top financial services players in Europe," said Caio Gilberti from the financial services practice of consultancy AlixPartners. Gilberti said cutting those jobs could lop just over 20 billion euros off banks' collective cost base.

Petrol to be cheaper by Rs. 0.95/liter from midnight !!!

In a marginal relief to consumers, petrol prices have been cut by Rs 0.95 per liter with effect from midnight. Petrol prices were last revised on October 27 when they were raised by 29 paisa to Rs 68.19 per liter in Delhi following government raising the commission paid to petrol pump dealers. Petrol will be priced at Rs 67.24 from tomorrow. The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation. Last week Prime Minister Manmohan Singh had justified the recent "difficult" decision to hike prices of petroleum products and asked Congress cadres to have confidence in these measures arguing these were necessary. "We have to make all out efforts to change the conditions that affect the rapid growth of the country's economy," he said addressing a dialogue meeting of top Congress leaders.

BP agrees to record criminal penalties for US oil spill

BP Plc will pay USD 4.5 billion in penalties and plead guilty to felony misconduct in the Deepwater Horizon disaster, which caused the worst US offshore oil-spill ever. The settlement includes a USD 1.256-billion criminal fine, the largest such levy in US history, the oil company said on Thursday. US Attorney General Eric Holder called the deal a "critical step forward" but was adamant that it did not end the government's criminal investigation of the spill. The government also indicted the two highest-ranking BP supervisors aboard the Deepwater Horizon during the disaster, charging them with 23 criminal counts including manslaughter. The April 2010 explosion on the rig in the Gulf of Mexico killed 11 workers. The mile-deep (1.6 km) Macondo oil well then spewed 4.9 million barrels of oil into the Gulf over 87 days, fouling shorelines from Texas to Florida and eclipsing in severity the 1989 Exxon-Valdez spill in Alaska. The company said it would plead guilty to 11 felony counts related to the workers' deaths, a felony related to obstruction of Congress and two misdemeanors. It also faces five years' probation and the imposition of two monitors who will oversee its process safety and ethics for the next four years. Wall Street analysts said the deal will allow BP to focus again on oil production, while one US Senator from Louisiana said he hoped the settlement would not prevent his state and others from collecting civil penalties. US-listed BP shares gained about 0.3 percent on Thursday while its London-traded shares were flat. BP, which replaced its chief executive after the spill as its market value plummeted, still faces economic and environmental damage claims sought by four Gulf Coast states and other private plaintiffs. "It certainly is an encouraging step," said Pavel Molchanov, oil company analyst with Raymond James. "By eliminating the overhang of the criminal litigation, it is another step in clearing up BP's legal framework as it relates to Macondo." The disaster has dragged BP from second to a distant fourth in the ranking of top Western oil companies by value.

Sensex up 50 pts......

The 30-share BSE Sensex was completely lacklustre in early trade on Friday amid concerns over weak Eurozone economic activity and US fiscal crisis. The BSE benchmark was up 54.41 points to 18,525.78. Telecom operators Bharti Airtel and Idea Cellular were up over 1 percent, extending gains after 2G spectrum auction. Cigarette major ITC and private oil & gas producer Reliance Industries went up 0.8 percent each. Software services exporter Infosys moved up 0.5 percent while its rival TCS declined 0.3 percent. Capital goods majors Larsen & Toubro and BHEL gained 0.5 percent. HDFC, HDFC Bank, ICICI Bank, Wipro, Dr Reddy's Labs, Tata Power and GAIL were under pressure. The CNX Midcap Index was up 27 points at 7,966. In the second line shares, Tata Coffee jumped another 7 percent following yesterday's 20 percent rally. Other beverages stocks like Jayshree Tea and Assam Company gained over 2 percent.

Why Nifty may be under pressure today.....

The US markets recovered from their lows, but still finished in negative territory in a choppy session. With the recent declines, the Dow and S&P 500 are on pace for their biggest monthly losses since May. All three major indices have plunged more than 5% since last week's presidential election. On the economic data front, US eco data weekly jobless claims were up 78,000 to 439,000 during the week ended tenth of November, was way beyond economists' expectations. Consumer price index edged up 0.1% in October following a 0.6% rise in September

Petrol to be cheaper by Rs. 0.95/liter from midnight !!!

In a marginal relief to consumers, petrol prices have been cut by Rs 0.95 per liter with effect from midnight. Petrol prices were last revised on October 27 when they were raised by 29 paisa to Rs 68.19 per liter in Delhi following government raising the commission paid to petrol pump dealers. Petrol will be priced at Rs 67.24 from today. The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation. Last week Prime Minister Manmohan Singh had justified the recent "difficult" decision to hike prices of petroleum products and asked Congress cadres to have confidence in these measures arguing these were necessary. "We have to make all out efforts to change the conditions that affect the rapid growth of the country's economy," he said addressing a dialogue meeting of top Congress leaders.