COMMODITY TIPS TODAY 20 may 2011

India remained world’s largest gold market and consumes more gold than any other nation, pushing China again to the second spot, according to World Gold Council.

However, in case of gold bars and coins, India was pushed behind to second spot by China in the first quarter of 2011.

In its ‘Gold Demand Trends report for Q1 2011’ WGC said Chinese investors bought 93.5 tonnes of gold between ­January and March in the form of coins, bars and medallions, a 55 per cent increase from the previous quarter and more than double the level of a year earlier.

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NIFTY TREND TODAY 20 may 2011

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Markets edged higher in the afternoon session and ended the day on a positive note after engineering conglomerate L&T (Larsen & Tourbo) reported 17% rise in the fourth quarter profit. The S&P CNX Nifty ended at 5,428.10, up 7.50 points or 0.14 %. 

The Nifty futures closed and settled finally at 5424.80, up by 0.75 points or 0.01 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5385 else above resistance level of 5465 it would be in an upward trend. 

RESISTANCE: It has first resistance close to the level of 5465 & above this level the next resistance is seen near the 5540 mark.

SUPPORT: It has first support close to the level of 5385 & below this level the next support is seen near 5310 mark.