By Sreeram Iyer
Asian stocks generally fell, with the regional benchmark index heading for its first loss in three days, amid signs markets are overbought and as Japanese shares retreated as a stronger yen dimmed the outlook for export earnings.
Japan?s Nikkei share average closed at a 32-month high, as persistent weakness in the Yen boosted demand for exporters? shares. China?s shares closed up on Tuesday at a 7-1/2-month high, but the pace of growth abated after Monday?s aggressive rally.
Hong Kong stocks closed 0.14 percent lower on Tuesday on a lack of direction from Wall Street and as traders took profits following recent strong gains.
The BSE benchmark SENSEX breached the 20,000-mark twice during trading on Tuesday, though closing finally at 19,986 amid sustained fund-based buying following government measures to bolster economic growth and steady inflow of robust quarterly earnings.
The Indian Rupee weakened on Tuesday, hurt by dollar demand from oil firms and companies, but demand for the local currency from custodian banks prevented a sharper slide, and closed at 54.50.
Oil prices were trading near the lowest level in almost a week in New York after U.S. crude stockpiles increased. Total U.S. crude stockpiles rose by 46,000 barrels last week, according to the API, with last week level showing 1.314 MB.
EIA Crude Oil Stock is a measure of change in crude oil storage and it?s released by the Energy Information Administration. This report indicates the oil demand and the price volatility.
Crude Oil prices were on a small downtrend during most of the day and evening sessions, though being on a range-bound movement. However, the NYMEX prices witnessed a good downtrend post the MCX market closing yesterday, registering a low of 93.22 in the early morning hours of today. The prices have, perhaps, bounced back a little and presently on a small recovery movement and trading close to the yesterday?s support-turned resistance level of $ 93.61.
Crude Oil prices have opened up today on a conservative mode, opening on the similar value from where it left off yesterday, perhaps not showing any signs of a rapid fall in the early morning hours today, and was showing, at 10 am, 5128 for January contract, and 5173 for February contract, and NYMEX prices at $ 93.58, which is incidentally higher than yesterday?s opening level.
There may be some very good volatility/activity anticipated on account of some news/data releases today which are happening during the Indian afternoon and evening sessions.
Trading advice (MCX) for the day
Look for a buying opportunity when the market price breaks the first resistance level of 5185, first target 5215, and second target 5240.
On the selling side (which may be more probable today), look for the prices to breach the first support level of 5160, first target 5130, then 5095.
chesapeake energy dick clark death yom hashoah yolo liquidmetal gsa scandal kelis
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.