Daily Commodity Outlook August 27, 2012 News Highlights:  Crude Oil futures closed higher in the domestic market on Saturday amid rising fears of a possible disruption to crude oil production in the Gulf of Mexico due to increased threat from tropical storm Isaac, which moved in to the Caribbean Sea.  Federal Reserve Chairman Ben Bernanke signaled that there was an addi-tional scope of boosting monetary stimulus to lift the pace of US economic recovery. Hopes of further monetary easing in the US lifted domestic gold, crude oil and copper futures on Saturday.  Demand for durable US goods, excluding volatile transportation orders, fell for the fourth time in five months, falling 0.4 per cent in July from the previ-ous month, signaling a slowdown in the US manufacturing sector, and dim-ming the demand outlook for leading industrial commodities such as crude oil, and curbing the gains in the fuel in the domestic market on Saturday.  German Chancellor Angela Merkel backed Greece...

Indian benchmark indices ended the session lower backed by dim hopes of any ease in interest rates by the RBI. The 50‐share NSE Nifty closed below the 5400 level for the first time this week, weighed down by weak Global cues after doubts over Greece's future in the Eurozone and fading hopes of stimulus in the US. The NSE's Nifty fell 28.65 points to close at 5,386.70 ahead of F&O expiry week, after hitting an intraday low of 5,371. As mentioned in our previous reports, Nifty has multiple resistances between 5,450‐5,500 trajectory. On daily charts, Nifty failed to stage upside breakout from the key resistance zone, as a result market reacted downwards from those levels. Nifty has formed a small bearish candle and has broken below its supporting trendline, signaling a short‐term reversal or it may at least slowdown the pace of up move in the coming sessions if prices weaken and close below 5,350 bears would take control of the market. However, Nifty manages to hold 5,3...

Nifty Spot Recommendations for 27 August 2012   Scrip Previous Close   Support 1 Support 2 Resistance 1 Resistance 2 Nifty Spot 5386.70 5340 5266 5414 5492

[get this widget]