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Crude oil ended up for the second consecutive day as government data showing a bigger-than-expected drawdown in domestic crude inventories. The Energy Information Administration in its weekly inventory report said US crude stockpiles fell by 5 million barrels in the week ended July 2. Oil companies do not expect to see much of an impact on production or refinery run rates from the storm in the Gulf of Mexico that reached land on Thursday. Now support for the crude is seen at 3487 and below could see a test of 3435. Resistance is now likely to be seen at 3580, a move above could see prices testing 3621.

Trading Ideas:

Recently sown paddy crop has been destructed in around 4 days of flood fury in some regions of Haryana and Punjab, the states, which are the largest food grain contributors to the national kitty.

Thus far, 11 fatalities have been reported including six in Punjab and five in Haryana, with 4-5 people missing after being washed away in both states.

Heavy rain accompanied by breaches in rivers and irrigation canals in some regions of both states resulted in flooding since Tuesday.

Silver ended lower falling with gold as demand for precious metals was dampened by greater stability in equities and currencies following last week's sell-off. Silver began the day at 28950. As base metals made gains, Silver reached a high of 29049. Following gold, Silver sold off reaching its low of 28582. Consistent but quiet buying took the metal to a close of 28734.Now support for the silver is seen at 28528 and below could see a test of 28321. Resistance is now likely to be seen at 28995, a move above could see prices testing 29255.

Trading Ideas:

Silver trading range is 28321-29255.

IDBI Bank has appointed Mr. R M Malla as its news Chairman and Managing Director for a period of three years.

The Ministry of Finance has nominated Mr. Malla to the post of Chairman and Managing Director.

Mr. Malla has been appointed for a period up to May 31, 2013, when he would attain the age of superannuation, or until further orders, whichever is earlier.

Earlier, Mr. Malla was the Chairman of SIDBI.

He takes charge from Mr. Yogesh Agarwal whose term finished in June this year and is now Chairman of PFRDA.

Gold settled down amid encouraging signs of recovery, following the IMF's upward revision of economic growth forecasts. Gold opened the day at 18393 quickly reaching its high of 18466. As equities advanced, the metal saw good selling taking it to a low of 18225. Opportunistic buying at these levels had Gold slowly climbing back during the rest of the session to close at 18313.Now support for the gold MCX is seen at 18203 and below could see a test of 18094. Resistance is now likely to be seen at 18444, a move above could see prices testing 18576.

Trading Ideas:

Gold trading range is 18094-18576.

A new research has discovered that fish oil supplements could lessen the chance of developing breast cancer by up to a third.

Fish oil have long been credited with health advantages like promoting brain power, but this is the first time it has been associated to a possible reduction in cases of breast cancer.

In a research comprising 35,000 females, scientists from the Fred Hutchinson Cancer Research Centre in Seattle, discovered that those who took the supplements on a regular basis were 32% less likely to develop cancer.