FOMC meeting may help determine Gold's near term direction. 30/04/2012 – 05/05/2012

The outcome of a two-day meeting of the Federal Open Market Committee will help determine gold’s near-term price direction, said HSBC in a commodity briefing.
The bank’s chief U.S. economist, Kevin Logan, said that doubts about the sustainability of the economic recovery will convince the Fed majority to keep policy highly accommodative for the time being. However, no decision on additional quantitative easing is likely and Logan expects only small changes in the committee’s assessment of the current economic situation and outlook.
Thus low interest rates will remain in place through late 2014. It looks for the Fed to continue with the maturity extension program known as Operation Twist. “What does this mean for gold?”
“Highly accommodative monetary policies are gold-friendly and an FOMC meeting that reaffirms accommodative policies should at least support gold prices. But as additional monetary easing appears unlikely, the near-term upside for gold prices may be capped by the meeting, we believe.
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Nifty future settled the Expiry series on a weak note on the raised concern of S&P outlook on India from stable to negative. Flat global markets affected nifty to consolidate in a range last week. 5150 has come out as a crucial point below which nifty is expected to test the key support level of 5030. While, strength can be said if it sustain above 5300 where 5410 will act as strong resistance for it.               

Major Market News-
Sensex posts weekly loss of 240 points.
Nikkei slips as BOJ impact shortlived; worst April in 7 years.
Jindal Steel and Power Q4 net up 16.50% to Rs 1,167 crore.
Pipavav plans to raise $200 million from overseas.
GMR to launch India's first long-term infra bonds in May.
Tata Motors looking to raise Rs 3 bn in bonds.
Axis Bank Q4 net up 25% on higher interest income.

CALLS OF THE WEEK –

EDUCOMP      SELL          BELOW 184.50 TARGETS 180-172  SL 188.
ACC                      SELL         BELOW 1190 TARGETS 1165-1135 SL 1225.
LAST UPDATE             LT SELL CALL BOTH TARGETS ACHIEVED.
LAST UPDATE       EXIDEIND SELL CALL BOTH TARGETS ACHIEVED.

TECHNICAL VIEW –

BATAINDIA FUTURE IS CONSOLIDATING AROUND THE LEVEL OF 868 AND IS EXPECTED TO SURGE ABOVE THIS LEVEL.
BUY ABOVE 868 TARGETS 900-940. MAINTAIN SL OF 835.

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Markets started the May contract on a flat note and ended the session near to their key support levels. Nifty future moved in the range of 5250-5150 last week. This consolidation is observed near to the upper band of downward channel on daily charts. If breakout of this range occurs on lower side of 5150 then it may slip towards deeper support of 5080. While, if it is able to trade consistently in the range of 5240-5290 then bullish sentiments may prevail further.  

TREND: SIDEWAYS
SUPPORT      : 5150 & 5100                  RESISTANCE:  5240 & 5290

Major Market News-
Sensex down 51 points; Realty, Metal fall.
ICICI Bank beats estimates with 31% growth in Q4 profit.
Hexaware Q1 earnings surge 64%; eyes Q2 revenue growth of 3.4-4.5% q-o-q.
Biocon Q4 earnings fall 3%.
HCC reports loss of Rs 541.7 mn in Q4.
Suzlon bags 50 MW order from Eoxis Group.

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Markets traded in losses for another session. Choppy movements were seen in Nifty future due to April F&O Expiry series. It opened below the 100 day EMA and traded on lower levels for the whole session. It is unable to close below its important support of 5180. Hence, on lower side 5130 is still acting as strong support for nifty surpassing which it may drag towards deeper support of 5080. Strength is seen only if it consistently trades in the range of 5240-5290.

TREND: SIDEWAYS

SUPPORT: 5130 & 5080 RESISTANCE: 5240 & 5290

Major market news-

Sensex continues to trade flat; Metal, CD gain.
MRF Q2 profit jumps 67%.
Strides reports consolidated profit of Rs 6.42 bn in Q1.
JSW crude steel production climbs 26% in Q4.
Nestle India Q1 profit rises 7.84%.
Indiabulls Real Estate cons Q4 profit surges 2.6 times.
Oberoi Realty consolidated Q4 profit up 5.15%.
 

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GOLD JUNE : UP

RESISTANCE 2 : 29220

RESISTANCE 1 : 29125

SUPPORT 1 : 28940

SUPPORT 2 : 28800

SILVER MAY. : UP

RESISTANCE2 : 57200

RESISTANCE1 : 56500

SUPPORT1 : 55250

SUPPORT2 : 54400

COPPER APR. : UP

RESISTANCE2 : 442

RESISTANCE1 : 438

SUPPORT1 : 433

SUPPORT2 : 430

CRUDE MAY. : UP

RESISTANCE2 : 5580

RESISTANCE1 : 5530

SUPPORT1 : 5470

SUPPORT2 : 5440

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CHANA MAY : SIDEWAYS

 

RESISTANCE 2 : 3850

RESISTANCE 1 : 3800

SUPPORT 1 : 3700

SUPPORT 2 : 3660

 

JEERA MAY : SIDEWAYS

 

RESISTANCE 2 : 12650

RESISTANCE 1 : 12500

SUPPORT 1 : 12200

SUPPORT 2 : 12000

 

SOYABEAN MAY : UP

 

RESISTANCE 2 : 3530

RESISTANCE 1 : 3500

SUPPORT 1 : 3430

SUPPORT 2 : 3370

 

PEPPER MAY : SIDEWAYS

 

RESISTANCE 2 : 39300

RESISTANCE 1 : 38800

SUPPORT 1 : 38100

SUPPORT 2 : 37600

 

 

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Markets washed off the early gains and broke their key support levels ahead of April F&O Expiry series. Nifty future surpassed its important support of 5180 and made intraday low of 5153. Finally, markets settled in the negative terrain. We expect further weakness if Nifty sustains in the range of 5180-5130 then it may further slip towards the support of 5080. Anyhow, if it is able to maintain above 5240 then it may lead towards 5300 which will act as strong resistance.

TREND: SIDEWAYS

SUPPORT: 5130 & 5080 RESISTANCE: 5240 & 5290

Major Market News-

Sensex down over 130 points; CG, Realty fall.
Wipro consolidated Q4 profit up 7.6% at Rs 14.8 bn.
Sesa Goa consolidated Q4 profit drops 20.47%.
LIC Housing Finance Q4 net falls 19.4%.
Tribhovandas Zaveri IPO subscribed 10%.
Sesa Goa expects SC to lift mining ban by June.
 

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GOLD JUNE : UP

 

RESISTANCE 2 : 29100

RESISTANCE 1 : 28950

SUPPORT 1 : 28580

SUPPORT 2 : 28350

 

SILVER MAY. : UP

 

RESISTANCE2 : 56500

RESISTANCE1 : 55800

SUPPORT1 : 54400

SUPPORT2 : 53750

 

COPPER APR. : UP

 

RESISTANCE2 : 438

RESISTANCE1 : 433

SUPPORT1 : 424

SUPPORT2 : 418

 

CRUDE MAY. : UP

 

RESISTANCE2 : 5550

RESISTANCE1 : 5510

SUPPORT1 : 5420

SUPPORT2 : 5380

 

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CHANA MAY : UP

 

RESISTANCE 2 : 3800

RESISTANCE 1 : 3750

SUPPORT 1 : 3650

SUPPORT 2 : 3560

 

 

JEERA MAY : SIDEWAYS

 

RESISTANCE 2 : 12700

RESISTANCE 1 : 12500

SUPPORT 1 : 12140

SUPPORT 2 : 11975

 

SOYABEAN MAY : UP

 

RESISTANCE 2 : 3600

RESISTANCE 1 : 3550

SUPPORT 1 : 3440

SUPPORT 2 : 3370

 

PEPPER MAY : SIDEWAYS

 

RESISTANCE 2 : 39650

RESISTANCE 1 : 38900

SUPPORT 1 : 37490

SUPPORT 2 : 36900

 

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GOLD JUNE : UP

 

RESISTANCE 2 : 29220

RESISTANCE 1 : 29125

SUPPORT 1 : 28940

SUPPORT 2 : 28800

 

SILVER MAY. : UP

 

RESISTANCE2 : 57200

RESISTANCE1 : 56500

SUPPORT1 : 55250

SUPPORT2 : 54400

 

COPPER APR. : UP

 

RESISTANCE2 : 442

RESISTANCE1 : 438

SUPPORT1 : 433

SUPPORT2 : 430

 

CRUDE MAY. : UP

 

RESISTANCE2 : 5580

RESISTANCE1 : 5530

SUPPORT1 : 5470

SUPPORT2 : 5440

 

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