Metals & Energy News

* RBI expects no respite from rising inflation. Mint

* Trading in currency futures on NSE begins. Mint

*Rupee at 17-month low. Mint

*FMC not to hike penalty; mulls other options. Mint

*Gold near 2-week high, eyes US data. Business Line

* Crude above $118 as storm threatens to hit US coast. Business Line

*Copper falls on worries over China demand. Business Line

*Zinc declines a tad. Business Line

*Metals’ outlook positive despite recent correction. Business Line

*Bond gain for sixth day as rupee slides. The Financial Express

*Forex reserves surge $1.08 bn to $ 297.3 bn. The Financial Express

*Gold firm, demands slows as dips eyed. The Financial Express

*GDP falls to 7.9%. Business Standard

*High copper prices may not last long. Business Standard

*Foreign Exchange Reserves, Including Gold & SDR, rise $1,076 Million To

*Touch $297.3 Billion. The Economic Times

*Currency futures get off the mark. The Economic Times

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Day’s Highlight

Friday’s Highlights were:

• Crude oil accelerated as storm Gustav shutting oil, gas output across Gulf.
• US consumer spending up 0.2 pct; personal income tumbled 0.7 pct.
• US Chicago purchaser index raised to 57.9 vs. 49.8 expected.
• US Aug Reuters/Michigan consumer sentiment rises to 63.0 vs. 62.0 expected.

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S&P Nifty (4292.10 points) (-45.40 pts)

Again the Nifty traded in a narrow range on comparatively lower
volumes. It oscillated within the intraday levels of 4373 and 4280
points. On opening flat it languished for major portion of the day.
Failing to cross the required 4373 points, the Bears took charge in
the last hour. Free fall in the Banking and CGS sector led the down
slide and with Oil & Gas joining the Bulls had no choice but to give
up in the end. Support from Infosys went in vain as the Indices
closed a percent lower. The A/D ratio was negative at 1:1.5.
The Bears are defending their level at 4430-4445 points. Now the
onus is on the Bulls to hold 4220-4240 points’ area. A decisive
breakout from this range should give a trending move. A breach of
the recent low at 4158 points would push the Bulls on a back foot.
Resistance in rallies is at 4529 points.
Intraday, crucial support is at 4270-4245-4223 points. Pivot at 4313
points needs to be sustained for any upside. Resistance is pegged at
4343 and 4375-4387 points. Unless the 4353 points is not crossed
decisively, the Bears are safe. With August F & O expiry today and
inflation figures a concern, caution is advocated.

NIFTY Intra Week

Volatility 265 pts

S1 4234.50

S2 4141.55

R1 4433.90

R2 4540.40

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Short Term............!

Indian Hotel Chance
Buy CMP: 77.05
Tgt: 81-82


The daily candlestick chart of Indian Hotel shows a vertical decline from Rs.90 to
Rs.74.50. It is consolidating around Rs.76 for the past couple of sessions. Volumes
are slowly picking up. One can buy in declines around Rs.75-76 with a strict stop loss
below Rs.73.60 in close for a pullback to Rs.81-82 in the coming 7-8 days. A breach of
Rs.73.50 would continue its downtrend.

* Trade in cash and in small quantities.

===============================================


Hero Honda Risky
Buy CMP: 808.85
Tgt: 822-828


The daily candlestick chart of Hero Honda shows a bullish candle on high volumes. A
sustained upmove above Rs.811 can test Rs.819-822-828 in the coming 2-3 days.
High risk traders can buy in declines with a strict stop loss above Rs.795 in
close.
* Trade in cash and in small quantities.

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S&P Nifty (4337.50 points) (+2.15 pts)

The Indices continue to oscillate in a narrow range leaving the
market players perplexed. Gap up or down openings get filled up by
close indicating that both the Bulls and the Bears are holding their
territory and waiting for the other one to make a mo ve. Infosys
cushioned the morning fall and later the Banking, CGS sector along
with Reliance pack recovered from their lows providing some
intraday movement. The A/D ratio was slightly negative with
marginal rise in the volumes.
For the past couple of sessions, the Nifty is moving in a 150-175
points range. Support is pegged at 4220-4240 points while if the
resistance at 4430-4445 points is decisively crossed it may signal
some strength. Volatility is shrinking day by day; range expansion
is again due in the coming days.
Intraday, pivot is at 4327 points and immediate support is at 4280
points. The Bears have to push the Nifty below 4258 points to
mount the driver seat failing which the Bulls stand a chance. It has
to sustain above 4373 points for an intraday move to sustain and
surge further. Keep stop losses as we enter into penultimate day of
August F&O expiry.

NIFTY Intra Week

Volatility 265 pts

S1 4234.50

S2 4141.55

R1 4433.90

R2 4540.40

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Short Term.............!

Nagar Const. Chance Buy CMP: 122.85 Tgt: 129-130


The daily candlestick chart of Nag Constn shows a bullish candle. After a decline
from Rs.146 it is once again nearing support at Rs.112-115. High risk traders can buy
in declines around Rs.118-120 with a strict stop loss below Rs.113.50 in close for a
pullback to Rs.129-130 in the coming 7-8 days. A breach of Rs.112 would negate the
bullishness.

* Trade in cash and in small quantities.



Rel Infra Chance Buy CMP: 1002.30 Tgt: 1024-1053


The daily candlestick chart of Rel Infra shows a bullish candle on high volumes. It is
pecking the earlier highs at Rs.1016. If it sustains above Rs.1018-1024 then a test of
Rs.1053 is likely. High risk traders can buy Rel Infra in declines around
Rs.985 with a strict stop loss above Rs.963 in close for a pullback to Rs.1024
and an optimistic target of Rs.1053 in the coming 7-8 trading sessions.
* Trade in cash and in small quantities.

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S&P Nifty (4283.85 points) (-131.90 pts)

There was blood on the D-street as the Bulls were slaughtered
mercilessly. The Bears were back with a bang knocking of 140
points. The relentless selling was seen from the opening bell till the
last minute of the day. Banking, Realty and the IT stocks were the
main culprits, the Realty, CGS and other sectors bowed before the
Bear’s might. Reliance cushioned the fall to some extent. Volumes
were almost the same with A/D ratio negative at 1:2.5.
Since morning the Bulls were under pressure but panic Bull
liquidation was seen when the crucial support at 4375-4390 points
got breached. Caution had been advocated when the black trendline
on the RSI oscillator broke 2 days ago. With the support (4375)
breaching, range expansion which was long overdue tilted in the
Bears favour. Now the support in declines is at 4222-4249 points
(50% retracement of the rise from 3790-4649 and weekly s2).
Resistance at 4529 points has to be crossed to signal strength and
unless 4630 points is not sustained in closing, upside is capped.
Intraday, pivot is at 4324 points and resistance in rallies is at 4385,
4436 and points. Immediate support is at 4257 points, below that
4220-4230 points would come into play. Yesterday’s fall must have
sent shivers in the Bull’s spine. The Bears are tightening their grip;
it’s better to be with the tide or watch from the sidelines.

NIFTY Intra Week


Volatility 326 pts

S1 4389.70

S2 4249.75

R1 4642.65

R2 4722.55

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Short Term..........!

HCL Tech CMP: 222.25 Tgt: 214-207



The daily candlestick chart of HCL Tech shows a bearish candle. It is facing
resistance from the trendline in pink. Immediate support is at Rs.218 which if
breached can test Rs.214 and Rs.207 in a pessimistic scenario. One can exit in rallies
or High risk traders can sell around Rs.225-228 with a strict stop loss above Rs.235 in
close Holding period is 7-8 days.


* Trade in cash and in small quantities.

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S&P Nifty (4415.75 points) (+47.50 pts)

The Nifty closed a percent higher in yet another lackluster trading
session. It opened higher but later languished within 30-40 points.
Yesterday, the Teck stocks led from the front and with support
coming from the Reliance pack and CGS sector, the Indices rallied
in the end to close near the days high. Swift move in the Banking
stocks failed to sustain and gave away the gains. Volumes were
marginally higher and the A/D ratio was positive at 1.5:1.
A “hammer” formation is followed by a bullish candle. Now it has to
sustain above 4455-4460 points (preferably in close) to attempt the
4510 points. Support in decline is pegged at 4311-4321 points’ area
(38.2% retracement of the rise from 3790-4649 points).
Intraday, resistance in rallies is at 4460-4482 and 4519 points in an
optimistic scenario. Crucial support is at 4375-4390 points; a
decisive breach of it would turn the odds in the Bears favour.
Currently the Indices are oscillating in a narrow range with some
stock specific moves. Range expansion is likely in the coming days;
trade in the direction with the above mentioned levels.

NIFTY Intra Week

Volatility 326 pts

S1 4389.70

S2 4249.75

R1 4500.05

R2 4579.75

Read More

Short Term............!

DLF Ltd Chance Buy 500 CA in dips CMP: 23.10

The daily candlestick chart of DLF shows a vertical decline Rs.576 to Rs.488. If it
fails to breach Rs.482-485 in close, we could witness a pullback. High risk traders
can buy preferably in declines around Rs.20-22 with a strict stop loss below Rs.15 in
close for a pullback to Rs.28-30 which if sustained then Rs.34 in the coming 3-4 days.
A breach of Rs.480 would negate the pullback.
* Trade in cash and in small quantities.


Omaxe Ltd Chance Buy CMP: 127.95 TGT: 135-138

The daily candlestick chart of Omaxe shows a bullish candle. Currently it is
oscillating in between Rs.114-144 and has retraced 61.8% of the recent rise. High
risk traders can buy preferably in declines around Rs.124-126 with a strict
stop loss below Rs.122 in close for a pullback to Rs.135-138 in the coming 7-8
trading sessions.


* Trade in cash and in small quantities.

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Short Term............!

DLF Ltd Chance Buy 500 CA in dips CMP: 23.10

The daily candlestick chart of DLF shows a vertical decline Rs.576 to Rs.488. If it
fails to breach Rs.482-485 in close, we could witness a pullback. High risk traders
can buy preferably in declines around Rs.20-22 with a strict stop loss below Rs.15 in
close for a pullback to Rs.28-30 which if sustained then Rs.34 in the coming 3-4 days.
A breach of Rs.480 would negate the pullback.
* Trade in cash and in small quantities.


Omaxe Ltd Chance Buy CMP: 127.95 TGT: 135-138

The daily candlestick chart of Omaxe shows a bullish candle. Currently it is
oscillating in between Rs.114-144 and has retraced 61.8% of the recent rise. High
risk traders can buy preferably in declines around Rs.124-126 with a strict
stop loss below Rs.122 in close for a pullback to Rs.135-138 in the coming 7-8
trading sessions.


* Trade in cash and in small quantities.

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Delivery Call :

Strong Buy Deccan Aviation 93.75 stop 77 on closing basis tar 106-117-132. Short term.*

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AGRI COMMODITY NEWS

· India Commodity trade up 82.7% in July 16 – July 31 – as per FMC data. (Source: Reuters)

· India has one of the fastest growing commodity futures market with a combined trade turnover 40.66 trillion rupees in the financial year 2007/08. (Source: Reuters)

· Cabinet defers Pawar’s plan on SUGAR decontrol. (IE)

· India to turn major SUGAR importer (as crop shrinks and demand rises). (FE)

· More reforms in remaining term, says FM. (FE)

· Area under most Kharif crops still lags behind. Revival of monsoon could see coverage improving. (BL)

· CACP submits MSP proposals for 6 Rabi crops. (FE)

· MAIZE, GROUNDNUT, COTTON sowing down. (FE)

· India may ship record SOYBEAN MEAL. (FE)

· OILSEED growers to get good rains (in Maharashtra and Gujarat). (FE)

· Global COTTON prices seen rising in volatile market. (BL)

· MMTC seeks 6000 tons RBD Palmolein. (BL)


AA : The Asian Age
BL : Business Line
BS : Business Standard
CM : Capital Market
ET : The Economic Times
FE : Financial Express
HT : The Hindustan Times
IE : The Indian Express
RS : Rashtriya Sahara
TOI : Times of India

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Metals & Energy News Headlines

Metals & Energy News

Crude rallies more than $3 a barrel as Israel warns Iran. Business Line.

Crude may drop below $100; gold seen firm. Business Line.

Gold eases on firmer dollar. Business Line.

Platinum price forecasts cut. Business Line.

Rupee rises to 42.35.Business standard.

Copper, aluminium fall on slowing demand growth. Business Line.

Steel prices may go up by Rs.1500-3,000 a tonne. The financial express.

Chalco cuts spot alumina prices. Business Line.

Nickel declines on global cues. Business Line.

Oil min for resuming RBI oil bond scheme for retailers. The Economic Times.

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