BULLION Gold dips on long liquidation and sluggish week. Trend volatile.
Review Yesterday, both the precious metals were trades mixed in international markets. Gold settled at $1291.30 per troy ounce down by 0.18% while silver settled at $14.97 per troy ounce up by 0.34%. Domestic markets were also traded mixed. Gold settled at Rs.31856 per 10 gram with the loss of 0.02% and MCX Silver settled at 37273 per 1 kilogram with the gain of 0.14%. Gold prices are modestly lower in early-afternoon U.S. trading Monday. However, prices have moved well up from daily lows in late action. The safe-haven metals continue to suffer from a lack of turbulence on the geopolitical front that would provide some demand for them. A sell off in the U.S. Treasury bond markets recently has been a bit bearish for gold, as the rising yields on those securities make a better return for fixed-income investors. U.S.-China trade talks statements will continue speculate in gold prices. We expect gold to hold key support of $1284. Gold is having support at $1284-1280 and resistance at $1300-1306. Silver is having support at $14.80-14.64 while resistance at $15.14-15.30.
TECHNICAL OUTLOOK
Today Gold is having support at 31733-31609 while resistance at 31927-31997, silver is having support at 36996-36720 and resistance at 37444-37616. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude oil dips on demand concern, Russian remark and higher U.S. output. Trend volatile.
Review Yesterday, Crude oil prices dips in international market WTI Crude settled at $63.40 while Brent settled at $71.27 per barrel. At MCX Crude oil settled negative at 4403 per barrel with the loss of 1.08%. Oil bulls have no intention of letting the market slide. Yet, pushing for new meaningful highs is going to require solid demand and a supportive economy, not just OPEC production cuts. There's also the question of Russian commitment to OPEC+ output cuts beyond June, something Moscow has indicated reluctance to continue with, given its worries about losing market share to U.S. crude if it were to extend those cuts. U.S. crude output from seven major shale formations is expected to rise by about 80,000 barrels per day in May to a record 8.46 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday. Total production from shale and other sources is estimated at around 12.2 million bpd. Looking to the change in fundamentals crude oil prices remain volatile and could test support of $62.50. Crude oil is having support at $63-62.50 and resistance at $64-64.50.
TECHNICAL OUTLOOK
Crude oil is having support at 4379-4355 while resistance at 4425-4447, trades are suggested to trade in a range with strict stop loss.Crude oil is having support at 4379-4355 while resistance at 4425-4447, trades are suggested to trade in a range with strict stop loss.
BASE METAL Base metals steady ahead of Chinese data and demand prospects. Trend volatile.
Review Yesterday, base metal prices settled mixed in international market. 3M LME copper settled at $6489 per metric ton down by 0.25% from previous session. Copper prices steadied on Monday, reinforced by a lower dollar and healthy economic numbers from China ahead of a barrage of growth data later this week from the top consumer. Chinese data from Friday is supporting copper and other industrial metals and market is waiting for the next bunch of data from China. China imported 391,000 tons of unwrought copper last month, up 25.7 percent from the previous month and 26.5 percent higher than a year earlier. China's first-quarter economic growth is expected to have cooled to the weakest pace in at least 27 years. Industrial output is forecast to have increased 5.9 percent from a year earlier, quickening from 5.3 percent in the first two months, which was the weakest pace in 17 years. We expect ahead of major Chinese data release market will remain volatile. Today, Copper is having support around 448-446 while resistance at 451-454. Nickel will trade in a range of 884-922, Zinc will trade in a range of 226-234, and Lead will trade in a range of 132-138 while Aluminium trade in a range of 146-151.
TECHNICAL OUTLOOK
Copper is having support at 448 and 446 while resistance at 451 and 454, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITY IMD predicts normal monsoon in first estimates; profit booking seen. Trend volatile.
Review Yesterday, Soybean settled weak in domestic markets at 3675 per quintal with the loss of 1.16%. CBOT were settled at 898. IMD release its first monsoon forecast yesterday and predicts 96% rain in June to August which is expected to be normal and also predicts lower impact of el-nino. After IMD forecast most of the agriculture commodities witness profit booking and closed in red. We expect market will remain volatile due to short week and weakness in rupee will support prices at lower levels. Chana settled positive with the gain of 0.18%, Castor seed settled negative with the loss of 2.60%. RM Seed closed negative with the loss of 0.16%. Guar Seed settled weak with the loss of 0.83% while Guar Gum settled with the loss of 1.24%. Spices pack settled mixed Jeera settled positive while Coriander and Turmeric settled negative. Cotton seed oilcake closed negative with the loss of 0.86%. Refined Soyoil closed negative with the loss of 0.06%. We expect Refined Soyoil to trade in a range of 732-748.
TECHNICAL OUTLOOK
Soybean is having support around 3640-3620 while resistance at 3700-3720, Refined Soyaoil is having support at 734-732 while resistance at 744-748 traders are suggested to trade as per levels with strict stop loss.
News Source: Bloomberg, investing.com, kitco.com and ticker news.
Disclaimer: This document is not to be construed as an offer to sell or the solicitation of an offer to buy any commodity. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the commodity and currencies mentioned in the report.
Posted by Mehul Kothari | Published on 16-APR-2019
MARKET RECAP KEY MARKET DATA POINTS
Although the week began on a flat note but the domestic markets remained firm to close near day’s high with moderate gains. The index Nifty managed to clear the hurdle of 11685 and close above the same with a rise of around 50 odd points. Meanwhile, the Nifty Bank index too ended with decent gains and reclaimed the milestone of 30K.
Right from the beginning of the session, market breadth remained strongly in the favor of advancing counters. On the sectoral front, except NIFTY PSU BANK (-0.40%) and NIFTY MEDIA (-0.39%) all the other group indices closed in green. From the gainers, NIFTY REALTY (+1.65%) and NIFTY AUTO (+1.53%) stocks remained under limelight. From the F&O space, PCJEWELLER (+14.07%), INFIBEAM (+9.68%), and IDEA (+7.99%) were the biggest gainers.
MARKET OUTLOOK
NIFTY DAILY CHART
Since past few sessions, we have been talking about the range of 11550 – 11685 for Nifty spot. Now during yesterday’s session the index managed to breakout from the said range on closing basis which is a bullish sign. Going ahead, Nifty has potential to retest the all-time high of 11761 and reach towards 11900 mark. However, the bullish view would only be negated below 11550 mark.
On the levels front, 11710 – 11760 zone might act as an intermediate resistance whereas on the downside 11625 – 11575 levels could act as strong support in the coming sessions. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets have entered the phase of general election wherein we might observe surge in volatility.Disclaimer)
Posted by Mehul Kothari | Published on 16-APR-2019
MARKET RECAP
KEY MARKET DATA POINTS
Yesterday, we witnessed another historical session for the domestic markets wherein the benchmark indices registered another life high which was in line with our bullish stance. The index Nifty surged around 100 points to sneak above the 11800 mark and closed near the same. Meanwhile, the buying in Nifty Bank index intensified and as a result the index gained around 450 points. Right from the beginning of the session, market breadth remained strongly in the favor of advancing counters. On the sectoral front, except NIFTY REALTY (-1.00%) and NIFTY PSU BANK (-0.28%) all the other group indices closed in green. From the gainers, NIFTY PVT BANK (+1.69%) and NIFTY BANK (+1.42%) stocks remained under limelight. From the F&O space, PCJEWELLER (+14.40%), INDIGO (+6.46%), and DCBBANK (+5.75%) were the biggest gainers.
MARKET OUTLOOK
NIFTY DAILY CHART
In our previous report we stated that post the breakout on the daily char, Nifty has potential to retest the all-time high of 11761 and reach towards 11900 mark. In line with that the index reached 11800 mark and closed on a strong note. Now the index has entered an uncharted territory and there could be an extend rally going ahead towards 11200 or above levels. However, this could possibly be the last leg of rally which might be followed by a meaningful correction.
Hence, traders are advised to start booking their long positions. On the levels front, 11810 – 11760 zone might act as an intermediate resistance whereas on the downside 11730 – 11650 levels could act as strong support in the coming sessions.
Disclaimer)
Daily Commodity Research Report – 16th April 2019
BULLION
Gold dips on long liquidation and sluggish week. Trend volatile.
Review Yesterday, both the precious metals were trades mixed in international markets. Gold settled at $1291.30 per troy ounce down by 0.18% while silver settled at $14.97 per troy ounce up by 0.34%. Domestic markets were also traded mixed. Gold settled at Rs.31856 per 10 gram with the loss of 0.02% and MCX Silver settled at 37273 per 1 kilogram with the gain of 0.14%. Gold prices are modestly lower in early-afternoon U.S. trading Monday. However, prices have moved well up from daily lows in late action. The safe-haven metals continue to suffer from a lack of turbulence on the geopolitical front that would provide some demand for them. A sell off in the U.S. Treasury bond markets recently has been a bit bearish for gold, as the rising yields on those securities make a better return for fixed-income investors. U.S.-China trade talks statements will continue speculate in gold prices. We expect gold to hold key support of $1284. Gold is having support at $1284-1280 and resistance at $1300-1306. Silver is having support at $14.80-14.64 while resistance at $15.14-15.30.
TECHNICAL OUTLOOK
Today Gold is having support at 31733-31609 while resistance at 31927-31997, silver is having support at 36996-36720 and resistance at 37444-37616. Traders are suggested to trade in a range with strict stop loss.
ENERGY
Crude oil dips on demand concern, Russian remark and higher U.S. output. Trend volatile.
Review
Yesterday, Crude oil prices dips in international market WTI Crude settled at $63.40 while Brent settled at $71.27 per barrel. At MCX Crude oil settled negative at 4403 per barrel with the loss of 1.08%. Oil bulls have no intention of letting the market slide. Yet, pushing for new meaningful highs is going to require solid demand and a supportive economy, not just OPEC production cuts. There's also the question of Russian commitment to OPEC+ output cuts beyond June, something Moscow has indicated reluctance to continue with, given its worries about losing market share to U.S. crude if it were to extend those cuts. U.S. crude output from seven major shale formations is expected to rise by about 80,000 barrels per day in May to a record 8.46 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday. Total production from shale and other sources is estimated at around 12.2 million bpd. Looking to the change in fundamentals crude oil prices remain volatile and could test support of $62.50. Crude oil is having support at $63-62.50 and resistance at $64-64.50.
TECHNICAL OUTLOOK
Crude oil is having support at 4379-4355 while resistance at 4425-4447, trades are suggested to trade in a range with strict stop loss.Crude oil is having support at 4379-4355 while resistance at 4425-4447, trades are suggested to trade in a range with strict stop loss.
BASE METAL
Base metals steady ahead of Chinese data and demand prospects. Trend volatile.
Review
Yesterday, base metal prices settled mixed in international market. 3M LME copper settled at $6489 per metric ton down by 0.25% from previous session. Copper prices steadied on Monday, reinforced by a lower dollar and healthy economic numbers from China ahead of a barrage of growth data later this week from the top consumer. Chinese data from Friday is supporting copper and other industrial metals and market is waiting for the next bunch of data from China. China imported 391,000 tons of unwrought copper last month, up 25.7 percent from the previous month and 26.5 percent higher than a year earlier. China's first-quarter economic growth is expected to have cooled to the weakest pace in at least 27 years. Industrial output is forecast to have increased 5.9 percent from a year earlier, quickening from 5.3 percent in the first two months, which was the weakest pace in 17 years. We expect ahead of major Chinese data release market will remain volatile. Today, Copper is having support around 448-446 while resistance at 451-454. Nickel will trade in a range of 884-922, Zinc will trade in a range of 226-234, and Lead will trade in a range of 132-138 while Aluminium trade in a range of 146-151.
TECHNICAL OUTLOOK
Copper is having support at 448 and 446 while resistance at 451 and 454, traders are suggested to trade as per levels with strict stop loss.
AGRI COMMODITY
IMD predicts normal monsoon in first estimates; profit booking seen. Trend volatile.
Review
Yesterday, Soybean settled weak in domestic markets at 3675 per quintal with the loss of 1.16%. CBOT were settled at 898. IMD release its first monsoon forecast yesterday and predicts 96% rain in June to August which is expected to be normal and also predicts lower impact of el-nino. After IMD forecast most of the agriculture commodities witness profit booking and closed in red. We expect market will remain volatile due to short week and weakness in rupee will support prices at lower levels. Chana settled positive with the gain of 0.18%, Castor seed settled negative with the loss of 2.60%. RM Seed closed negative with the loss of 0.16%. Guar Seed settled weak with the loss of 0.83% while Guar Gum settled with the loss of 1.24%. Spices pack settled mixed Jeera settled positive while Coriander and Turmeric settled negative. Cotton seed oilcake closed negative with the loss of 0.86%. Refined Soyoil closed negative with the loss of 0.06%. We expect Refined Soyoil to trade in a range of 732-748.
TECHNICAL OUTLOOK
Soybean is having support around 3640-3620 while resistance at 3700-3720, Refined Soyaoil is having support at 734-732 while resistance at 744-748 traders are suggested to trade as per levels with strict stop loss.
News Source: Bloomberg, investing.com, kitco.com and ticker news.
Disclaimer: This document is not to be construed as an offer to sell or the solicitation of an offer to buy any commodity. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the commodity and currencies mentioned in the report.
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Share Market Today - 16th April 2019
MARKET RECAP KEY MARKET DATA POINTS Although the week began on a flat note but the domestic markets remained firm to close near day’s high with moderate gains. The index Nifty managed to clear the hurdle of 11685 and close above the same with a rise of around 50 odd points. Meanwhile, the Nifty Bank index too ended with decent gains and reclaimed the milestone of 30K. Right from the beginning of the session, market breadth remained strongly in the favor of advancing counters. On the sectoral front, except NIFTY PSU BANK (-0.40%) and NIFTY MEDIA (-0.39%) all the other group indices closed in green. From the gainers, NIFTY REALTY (+1.65%) and NIFTY AUTO (+1.53%) stocks remained under limelight. From the F&O space, PCJEWELLER (+14.07%), INFIBEAM (+9.68%), and IDEA (+7.99%) were the biggest gainers. MARKET OUTLOOK NIFTY DAILY CHART Since past few sessions, we have been talking about the range of 11550 – 11685 for Nifty spot. Now during yesterday’s session the index managed to breakout from the said range on closing basis which is a bullish sign. Going ahead, Nifty has potential to retest the all-time high of 11761 and reach towards 11900 mark. However, the bullish view would only be negated below 11550 mark. On the levels front, 11710 – 11760 zone might act as an intermediate resistance whereas on the downside 11625 – 11575 levels could act as strong support in the coming sessions. Traders are advised to avoid over leveraged positions and maintain strict stop loss on positional trades since the markets have entered the phase of general election wherein we might observe surge in volatility.Disclaimer)
Next Story
Share Market Today - 18th April 2019
MARKET RECAP KEY MARKET DATA POINTS Yesterday, we witnessed another historical session for the domestic markets wherein the benchmark indices registered another life high which was in line with our bullish stance. The index Nifty surged around 100 points to sneak above the 11800 mark and closed near the same. Meanwhile, the buying in Nifty Bank index intensified and as a result the index gained around 450 points. Right from the beginning of the session, market breadth remained strongly in the favor of advancing counters. On the sectoral front, except NIFTY REALTY (-1.00%) and NIFTY PSU BANK (-0.28%) all the other group indices closed in green. From the gainers, NIFTY PVT BANK (+1.69%) and NIFTY BANK (+1.42%) stocks remained under limelight. From the F&O space, PCJEWELLER (+14.40%), INDIGO (+6.46%), and DCBBANK (+5.75%) were the biggest gainers. MARKET OUTLOOK NIFTY DAILY CHART In our previous report we stated that post the breakout on the daily char, Nifty has potential to retest the all-time high of 11761 and reach towards 11900 mark. In line with that the index reached 11800 mark and closed on a strong note. Now the index has entered an uncharted territory and there could be an extend rally going ahead towards 11200 or above levels. However, this could possibly be the last leg of rally which might be followed by a meaningful correction. Hence, traders are advised to start booking their long positions. On the levels front, 11810 – 11760 zone might act as an intermediate resistance whereas on the downside 11730 – 11650 levels could act as strong support in the coming sessions. Disclaimer)