Gold, silver bounce back on low-level buying

Snapping a two day losing trend, both the precious metals, gold and silver, today bounced back on buying by retailers at existing low levels for the ongoing wedding season amid a firm global trend. While gold rebounded by Rs 175 to Rs 32,175 per 10 grams, silver gained Rs 100 to Rs 61,100 per kg. Traders said emergence of buying at existing lower levels to meet the wedding season demand amid a firm global trend, mainly pushed up the precious metals prices. They said the gold in overseas markets rose following an escalating conflict in the Middle East spurred demand for a investment haven. Gold in New York, which normally sets the price trend on the domestic front, rose by 0.1 per cent to USD 1,714.70 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity staged a sharp recovery of Rs 175 each at Rs 32,175 and Rs 31,975 per 10 grams, respectively. The metal had lost Rs 485 in last two sessions. Sovereigns remained steady at Rs 25,500 per piece of eight grams. Silver ready also recovered by Rs 100 to Rs 61,100 per kg while weekly-based delivery shed Rs 55 to Rs 60,900 per kg. The metal had lost Rs 1,100 in last two days.

Gold futures rise on global cues

Gold prices rose by Rs 49 to Rs 31,689 per 10 gm in futures trade today as speculators created fresh positions, taking positive cues from overseas markets. At the Multi Commodity Exchange, gold for delivery in December rose by Rs 49, or 0.15 per cent, to Rs 31,689 per 10 gm, with a business turnover of 403 lots. Similarly, the metal for delivery in February moved up by Rs 53, or 0.17 per cent, to Rs 32,100 per 10 gm, with a business turnover of 36 lots. Marketmen said fresh buying by speculators in tandem with a firm global trend as the weakening dollar boosted appeal for the metal, mainly led to a rise in gold futures. Globally, the gold in Singapore climbed 0.6 per cent to USD 1,723.70 an ounce.

Sensex remains lacklustre.....

The BSE Sensex stayed lacklustre since morning trade, but the broader markets were under pressure with the BSE Midcap losing 0.6 percent. The 30-share BSE benchmark was up just 0.38 point to 18,309.75 and the 50-share NSE benchmark went up 7.5 points to 5,566.55.

Low risk, high reward: The secret at the world's most expensive bank HDFC !!!

When reports surfaced in July that Deccan Chronicle Holdings Ltd was struggling for survival, several of its creditors were caught off-guard. Not HDFC Bank Ltd Even as Deccan, which also owned a glitzy cricket team, sought to reassure markets that it held enough assets to stave off a crisis, HDFC Bank was busy getting rid of the loans extended to the group, three sources with direct knowledge of the matter said. That agility paid off: Deccan has since lost its cricket franchise and its lenders, including heavyweight ICICI Bank Ltd , Axis Bank Ltd and a dozen others, have been left with bad loans totaling $750 million. "Alertness and the ability to pick early signs of problems have helped," Paresh Sukthankar, executive director at HDFC Bank, told Reuters in an interview, pointing to the bank's low bad loans of 0.9 per cent of its book compared with 4.2 per cent expected for the industry by March.

SILVER TREND

The Silver is in perfect uptrend .The open interest is not increasing with trend.Cautious point is buying at higer levels seems decreasing.Positionally Support for the Silver is 60700-60594-60340-59700.Immediate resistance for Silver is 61824.

GOLD TREND

Currently Gold is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend .Positionally Support for the Gold is 31418-31166-31162.Immediate resistance for Gold is 32065.

ALUMINIUM TREND

Currently Aluminium is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend . In last few days lot of positive accumulation happened in the Aluminium Cautious point is buying at higer levels seems decreasing.Positionally Support for the Aluminium is 106-104.Immediate resistance for Aluminium is 110

CRUDEOIL TREND

Currently Crudeoil is moving sideways is showing BUY signal.Buy can be considered in the Crudeoil if it close above 4842 or buy with strict stop at 4575.Positionally Support for the Crudeoil is 4691-4683-4664.Resistance for the Crudeoil is 4820-5000-5014

COPPER TREND

Overall trend of the Copper is bearish for medium-long term .In last 1 month volatality is very less and fresh Buy can be considered in the Copper if it close above427 or buy with strict stop at 411.Positionally Support for the Copper is 417.Resistance for the Copper is 424-431-435.

IMG to meet on Today to decide fate of 14 coal mines....

After recommending deallocation of eight blocks alloted to PSUs, the Inter-Ministerial Group (IMG) is likely to meet on Monday to decide the fate of 14 more mines alloted to public sector firms. "The IMG is likely to meet tomorrow to decide the fate of 14 coal blocks alloted to public sector firms," an official in the coal ministry said. The IMG, early in November, had recommended de-allocation of eight such blocks after scrutiny of 19 cases of public sector firms.The panel, whose earlier recommendation for de-allocation of 13 mines to private firms has already been accepted by the government, had also asked for imposition of bank guarantees in six cases and deduction in two cases. The IMG on October 9 and 10 had examined 33 coal blocks allocated to public sector firms which were issued notices for delay in production. The panel has already concluded the scrutiny of 31 coal blocks allotted to 51 private firms and in October , the government had accepted its recommendations for de-allocation of 13 mines and deduction of bank guarantees of 14 allottees. A total of 58 mines were issued show-cause notices for their failure to develop blocks within stipulated timeline. The government had formed the IMG in July to review progress of coal blocks allocated to firms for captive use. The CAG had estimated that undue benefits to the tune of Rs. 1.86 lakh crore might accrue to private firms on account of allocation of 57 mines to them without auction.

NIFTY TREND ANALYSIS

Nifty again slipped to close at 5574 signalling high chance of downward trend. So today the first resistance for nifty is at 5603-07 level. Next resistance ranges are at 5631-35,5681-85levels. On downside first support is at 5544-40 level. Next supports are at 5515-10,5491-87level.Nifty slightly slipped to negative region so today if nifty is below 5540 be very alert and below 5510 sellers can strike with more strength and on up side chance of covering is high above 5635 level.