NIFTY ON CHART

Let see  Nifty future as per this weekly chart.

1) 38.2% Retrenchment created at 5596

2) 61.8% support taken at  level of 5090

3)moving to 50% trying to kiss now the level of 5401

As shown in chart Trend is possibly bearish

5401 is the key level from where downside view.

CURRENCY & COMMODITIES VIEW

 


Market News
 Crude Rises to Five-Week High on Syria Tension
West Texas Intermediate crude rose to a five-week high on speculation that tension in Syria will disrupt Middle East supplies. Prices jumped as much as 3 percent as Syria’s defenses will surprise the world should the U.S. and its allies decide on military strikes. Western powers told the Syrian opposition to expect a strike against President Bashar al-Assad’s forces within days.
The geopolitical tension in Syria certainly escalated one notch higher and it’s a significant notch, it is the implication of what a broader conflict in Syria would mean to key suppliers in that region. The market simply positioned itself long and waited for the next turn of events. WTI for October delivery climbed $3.12, or 3 percent, to $109.04 a barrel on the New York Mercantile Exchange after increasing to $109.32, matching the July 19 high that’s the strongest since March 2012. Trading was 42 percent above the 100-day average for the time of day.
Brent for October settlement increased $3.35, or 3 percent, to $114.08 on the ICE Futures Europe exchange after rising to $114.15, a six-month high. Volume was 83 percent above the 100-day average. The European benchmark’s premium to WTI widened to $5.04 from $4.81 yesterday.
Gold Gains to 2-Month High on ETP Holdings, Syria Tension
Gold climbed to the highest since June as political tension over Syria increased demand for the precious metal as a store of value and safe haven. Platinum reached a four-month high. Syria will be held accountable for using chemical weapons. Gold rebounded 18 percent through yesterday from a 34-month low of $1,179.40 an ounce in June as lower prices boosted demand for jewelry, coins and bars.
Gold futures for December delivery climbed 2 percent to $1,421.10 an ounce at 10:29 a.m. on the Comex in New York, heading for the biggest jump since Aug. 15. Earlier, prices reached $1,424, the highest for a most-active contract since June 6.The fact that investment demand has picked up again somewhat of late, coupled with the escalating Syrian conflict, could see the upswing continue. Russia and Kazakhstan expanded their gold reserves for a 10th straight month in July, data on the International Monetary Fund’s website show. Azerbaijan, the Kyrgyz Republic and Guatemala also added to reserves in July, the IMF data show. Gold slid 17 percent this year through yesterday as some investors lost faith in the metal as a store of value and on speculation that the Federal Reserve will reduce stimulus that helped prices gain for a 12th year in 2012.
Libya Oil Output Tumbles as Protests Spread Westward
Libyan oil production fell to one-eighth of its capacity as protests over pay and allegations of corruption spread to fields operated by Eni SpA (ENI) and Repsol SA (REP), Protesters yesterday stopped production at Repsol-operated Sharara and Eni-operated El Feel, or Elephant, fields in western Libya, according to National Oil Corp. Director of Measurement Ibrahim Al Awami. Output from the North African nation slumped to about 200,000 barrels a day, compared with 640,000 in August and its optimal capacity of 1.6 million, NOC Chairman Nuri Berruien said today in an interview from Tripoli.