Market related News expressed from leading Brokerage Houses

 I give below a summarized view of leading broking houses. To begin with Gold prices are expected to see $1230 (INR.26800) and selling can be expected at this point. Prices on down side can test $1210 (INR.26500)these price can form a range in which the gold could remain. Price mentioned here is the support and resistance levels. The overall sentiment remains negative  for Gold..

 November Copper prices will see support at Rs.414.50 The price of Copper is likely to move sideways to higher towards Rs.418.0. If buying interest continues further upside is possible. Otherwise price will again come down. On lower side Copper has  support at Rs.412.0

 Crude oil prices have strong support at Rs.5525 and as far as prices are holding this support, prices can trade sideways to higher and fresh upswing  can be seen if it goes above Rs.5650. For intraday traders prices can have intraday resistance at Rs.5590. A break down below Rs.5525 can extend towards Rs.4450 in coming days.

 SPOT USDINR prices are expected to open higher above 60.90 and prices are expected to have support at 60.90 where buying should be observed Prices on higher side can test 61.10. Prices are unlikely to fall below 60.80 The overall trading remains positive.

According to Agriculture Ministers statement Kharif food grain output is expected to fall by 7 per cent to 120.27 million tons (mt) this year. This if confirmed, the biggest drop since the severe drought some five years ago. An extended dry spell in the first six weeks of monsoon season, with subsequent floods in some places, has damaged crops. However, analysts said an adequate grain stock would keep the inflationary price trend at bay. Agriculture minister Radha Mohan Singh also said the estimate may be revised upwards later. “Planting of crops is as per average of last five years, and is now 3% lower than previous year. We estimate Kharif production to be approximately 120 mt," Singh said. "This is not final data, though. Production figures always increase by the fourth estimate," he said. In 2013-14, the country's Kharif output rose to a record 129.24 mt. Singh said he expected the Rabi (winter crop) production to increase with un sown Kharif area of over three million hectare to go under oilseeds this season. Rice production is estimated to fall to 88.02 mt, from 91.69 mt in the previous year, although the crop was planted on 36.67 million hectares, about the same as 36.79 million hectares a year ago.  Agriculture secretary Ashish Bahuguna said the delayed onset of monsoon led to late sowing of plants and was bound to have an impact on the crops productivity. The dry spell along with floods in several parts of the country has also impacted productivity, he added.