MCX - Gold

MCX - Gold Intra -After our short gold 1 kg touch low of 12175 & gold mini 12185

The world's single-largest oil deposit sits right here in North America. Time magazine calls it "Canada's biggest buried treasure." It's an area with up to 2.5 trillion barrels of oil, locked in Alberta sand. That's eight times the total reserves of Saudi Arabia, enough to satisfy the world's demand for petroleum for the next century. Now that could bring in more supply and a pause for SPIKING Oil Prices.

MCX - Sell Gold

Mcx IntraDay - Sell Gold Aug 12214 Tgt 12140-12115 SL 12290 (Less Risk Sell Gold Mini @ 12225)

Barking Left

Furious with the oil price hike announced today, the Left Parties said that they will go for a weeklong militant protest movement from tomorrow to June 11. Party leaders said that they will conduct "hartaal", "rail-roko" and even road blockage to manifest their anger against the government decision. Accusing the UPA government of contributing to inflation, the parties demanded that the government review today's decision, decrease excise duties even more, and impose windfall taxes on private companies. BUT ONE THING U NOTICED IS THAT THEY DIDNOT WITHDRAW SUPPORTT FROM GOVT. .. AS I TOLD U THEY WILL ONLY BARK ..VERY PREDICTABLE

Highlights

Highlights of petroleum product price hikes, tax revisions
Following are the highlights of the petroleum product price
hikes and tax revisions announced by the government:
* 3 rupees/L hike in diesel price.
* 5 rupees/L hike in petrol price.
* Govt hikes LPG prices by 50 rupees per cylinder.
* Customs duty on crude cut to nil.
* Govt cuts excise duty on diesel, petrol by 1 rupee/L.
* Customs other petro products cut to 5% vs 10%.
* Govt cuts customs duty on petrol, HSD to 2.5% from 7.5%.
* Excise duty cut to cost 66.60 bln rupees.
* Duty cut on oil pdts to cost govt 226 bln rupees.

Mcx Close 4-Jun

MCX
4-Jun-08
CLOSING RATE:- CRUDE:-5251,GOLD:-12205,SILVER:-23608,COPPER:-334.8,ZINC:-84.8,NICKEL:-965. 5,LEAD:-86.3,NATURAL GAS:-530.1

Litl

Litl sl hits @470

Essar Oil

Essar Oil may have to settle for half the stake in Kenya Petroleum Refineries (KPRL) than what it had desired. Essar Energy Overseas, a subsidiary of Essar Oil in January this year, had entered into an agreement with the government of Kenya to acquire 50 per cent stake in KPRL, a four million metric tonne per annum refinery, in Mombasa, Kenya. The government of Kenya holds the remaining 50 per cent in KPRL. However, according to a new arrangement by the Kenyan Government, a Libyan company, Tamoil Africa Holdings and Essar Oil will now own 25 per cent stake each in the company. Tamoil Africa reportedly, has offered a better deal to the Kenyan Government.

Fuel price spiral may squeeze airlines. The over 18 per cent hike in aviation turbine fuel effected by oil companies for June 2008 may step up the pressure on the profitability of listed airline companies.
It may also delay break-even for low-cost carriers such as SpiceJet and Deccan Aviation.
The latest hike takes the total year-on-year increase in ATF prices to over 85 per cent (from Rs 39,000/ kilolitre levels to Rs 73,000 per kl).

Fuel Prices to b hiked by 3-5 Rs for sure

Yesterday Whole Market Crushed After FED Chairman's Statement on Further Interest Rate. Today Again We Can See More Panic Selling Can Come in "Precious Metals" As Well As "Energy Complex". Today is Also Crude Oil Weekly Inventory So Evening Session Could Be More Volatile Than Expectations

Litl

Intraday - Buy Litl abv 480 sl 470 Small qty

JPT Frreze

JPT Frreze Again
CMP 72.95

NIFTY FUT CMP 4707.NIFTY FUT WEAK BELOW 4692.NIFTY FUT GOOD ABOVE 4724.

TODAY NEW LISTING : GOKUL(532980) & ANUS LAB(532981)

NIFTY :: Today ....4730-4749 are Hurdles !!

Decisive crossover above 4749 with volumes and stays above for 5-10 minutes..........will take to 4792-4813.

Major Hurdle @ 4822

Support exist at 4688...break will take to 4671-4665

Sensex will face hurdle at 16098...crossover will take to 16187 ,16247.

7DEMA- will act as major hurdle :16301

Support exist at 15989 ...Break below this level will take to 15847---15830 level.

News 4-Jun-08

Headlines for the day
4-Jun-08
Corporate News Headline
Infosys Technologies granted two patents in the area of holography and mobile communications by the United States Patent and Trademark Office. (BS)
ONGC won oil regulator DGH´s approval for giving stakes in its gas rich Krishna Godavari basin block to Petrobras of Brazil and StatoilHydro of Norway. (ET)
ABB India bagged orders worth Rs. 2.95 bn from JSW Energy for its 1200 MW power plant in Maharashtra. (ET)

Economic and Political Headline
The RBI has permitted Indian companies to invest in excess of 400% of their net worth in energy and natural resources sectors, such as oil, gas, coal and mineral ores to impart more flexibility in overseas investment. (BS)
India´s central bank raised capital requirements for consumer finance companies to reduce ``systemic risk´´ after the global credit market seizure pushed funding costs higher. (Bloomberg)
The US Federal Reserve Chairman Ben S. Bernanke announced that interest rates are ``well positioned´´ to promote growth and stable prices. (Bloomberg)