BULLION Gold traded down awaiting Fed; Palladium Crushed. Trend volatile
Review Yesterday, both the precious metals were trades slightly negative. Gold settled at $1279.70 per troy ounce up down 0.47% while silver settled at $14.901 per troy ounce down by 1%. U.S. economy is messing things up for gold longs, even as the Fed might come through for them. Palladium, meanwhile, is falling out of bed. After showing promise in the previous session that a return to $1,300-an-ounce pricing may be possible, both gold futures and bullion fell by about half a percent each on Monday as data showing 9-1/2 year highs in April's U.S. consumer spending boosted risk in equity markets and lowered appetite for safe havens like gold. Gold for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled the official session down $7.30, or 0.6%, at $1,281.50 per ounce.
TECHNICAL OUTLOOK
Today, Gold is having support at 31750--31580 while resistance at 31880-32050, silver is having support at 37150-36850 and resistance at 37750-37980. Traders are suggested to trade in a range with strict stop loss.
ENERGY Crude Oil plunged more than 4% on expectations of rising output, China stutter.
Review Yesterday, Crude Oil prices dipped more than 4% on Friday at MCX and settled at 4409 compared to previous day close of 4637. Brent crude oil drop on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions on Iran, but analysts said markets remained tight. A stutter in China's factory and servicing industries in April also weighed on crude prices, as it suggested Asia's biggest economy is still struggling to regain traction. Brent crude futures were at $71.75 per barrel, down 29 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were ats$63.35 per barrel, down 15 cents, or 0.2 percent from their previous settlement. Oil prices surged by around 40 percent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by U.S. sanctions on producers Iran and Venezuela.
TECHNICAL OUTLOOK
Crude oil is having support at 4570-4500 while resistance at 4650-4688, trades are suggested to trade in a range with strict stop loss.
AGRI COMMODITY Soybean May futures decline on fresh selling. Trend volatile.
Review Yesterday, Soybean May futures suffered losses in Friday afternoon session on the National Commodity & Derivatives Exchange (NCDEX) on fresh selling. On Thursday, the contract closed flat. Improved arrivals in physical market amid weak support from millers put pressure on prices. Forecast of near normal 2019 monsoon rains and higher 2018-19 output also had a sobering impact on prices. As per the second advance estimates for 2018-19 crops released by Ministry of Agriculture, soybean production is estimated higher by 20% at 136.89 lakh ton as compared to 113.90 lakh ton a year ago. On the global front, CBOT soybean closed higher marginally on low level buying as prices had fallen to 5-month low. However, there is still fundamental pressure from large South American soybean harvests and uncertainty about demand from China.
TECHNICAL OUTLOOK
Soybean is having support around 3655-3600 while resistance at 3735-3780, Refined Soyaoil is having support at 738-735.50 while resistance at 742.50-745.50 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 30-APR-2019
NIFTYMARKET RECAP AND OUTLOOK
For the entire week, domestic markets remained highly volatile and stuck in a band due to absence of any fresh triggers. The index Nifty spot, oscillated in a narrow band of 250 points to close extremely flat near 11750 mark. Meanwhile, the Nifty Bank index too ended marginally in red and that below near 30K mark. The volatility index VIX surged towards 26% which was previously witnessed during the year 2016 but settled near 22 mark. On the sectoral front, NIFTY IT (+2.64%) and NIFTY ENERGY (+0.58%) counters supported the markets whereas the NIFTY AUTO (-5.34%) and NIFTY MIDCAP 50 (-2.32%) stocks remained the biggest laggards. From the F&O space, ULTRACEMO (+8.22%), MCX (+7.52%) and DCB (+6.43%) were the outperformers during the week went by.
Once again during the week, the index found support near the 11550 mark. Thus we maintain our stance that if the support of 11550 is held then we might witness an extended relief rally going ahead. A sustainable move above 11750 might pull the index towards all-time high or may be 12000 also. Although we are bullish for short term but we continue to maintain our medium term view that this rally should be used to book profits in long positions.In case of any downside, 11620 – 11550 levels are likely to attract buying interest in coming sessions. Due to election activities we expect some volatility and thus continue to advice traders to avoid overleveraged positions and maintain strict stop loss.Disclaimer)
Posted by Mehul Kothari | Published on 30-APR-2019
MARKET RECAP Key Market Data Points
The truncated week started on a pessimistic note during yesterday’s session for the domestic markets and it was followed by another sharp selloff. The index Nifty spot plunged another 100 points during the first half to retest 11650 mark. However, strong buying in the later part of the session helped the index to recover majority of its losses to close flat. Meanwhile the Nifty bank still remained under pressure to close below 30K mark due to selloff in YESBANK (-30%). As the day progressed, market breadth turned in the favour of declining counters which indicates broad based selling. On the sectoral front, NIFTY MEDIA (+1.41%) and NIFTY METAL (+1.39%) stocks supported the markets really well. On the other hand, NIFTY PSU BANK (-3.34%) and NIFTY REALTY (-2.31%) stocks remained under pressure. From the F&O space, JSWSTEEL (+4.89%), ZEEL (+3.70%) and HCLTECH (+3.43%) were the biggest gainers.
MARKET OUTLOOK
NIFTY Hourly CHART :
Although volatile but the index Nifty oscillated in a broader range and thus we maintain our stance that if the support of 11550 is held then we might witness an extended relief rally going ahead. A sustainable move above 11750 might pull the index towards all-time high or may be 12000 also. Although we are bullish for short term but we continue to maintain our medium term view that this rally should be used to book profits in long positions.
In case of any downside, 11620 – 11550 levels are likely to attract buying interest in coming sessions. Due to election activities we expect some volatility and thus continue to advice traders to avoid overleveraged positions and maintain strict stop loss.Disclaimer)
Commodity Research Report – 30th April 2019
BULLION
Gold traded down awaiting Fed; Palladium Crushed. Trend volatile
Review
Yesterday, both the precious metals were trades slightly negative. Gold settled at $1279.70 per troy ounce up down 0.47% while silver settled at $14.901 per troy ounce down by 1%. U.S. economy is messing things up for gold longs, even as the Fed might come through for them. Palladium, meanwhile, is falling out of bed. After showing promise in the previous session that a return to $1,300-an-ounce pricing may be possible, both gold futures and bullion fell by about half a percent each on Monday as data showing 9-1/2 year highs in April's U.S. consumer spending boosted risk in equity markets and lowered appetite for safe havens like gold. Gold for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled the official session down $7.30, or 0.6%, at $1,281.50 per ounce.
TECHNICAL OUTLOOK
Today, Gold is having support at 31750--31580 while resistance at 31880-32050, silver is having support at 37150-36850 and resistance at 37750-37980. Traders are suggested to trade in a range with strict stop loss.
ENERGY
Crude Oil plunged more than 4% on expectations of rising output, China stutter.
Review
Yesterday, Crude Oil prices dipped more than 4% on Friday at MCX and settled at 4409 compared to previous day close of 4637. Brent crude oil drop on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions on Iran, but analysts said markets remained tight. A stutter in China's factory and servicing industries in April also weighed on crude prices, as it suggested Asia's biggest economy is still struggling to regain traction. Brent crude futures were at $71.75 per barrel, down 29 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were ats$63.35 per barrel, down 15 cents, or 0.2 percent from their previous settlement. Oil prices surged by around 40 percent between January and April, lifted by supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) as well as by U.S. sanctions on producers Iran and Venezuela.
TECHNICAL OUTLOOK
Crude oil is having support at 4570-4500 while resistance at 4650-4688, trades are suggested to trade in a range with strict stop loss.
AGRI COMMODITY
Soybean May futures decline on fresh selling. Trend volatile.
Review
Yesterday, Soybean May futures suffered losses in Friday afternoon session on the National Commodity & Derivatives Exchange (NCDEX) on fresh selling. On Thursday, the contract closed flat. Improved arrivals in physical market amid weak support from millers put pressure on prices. Forecast of near normal 2019 monsoon rains and higher 2018-19 output also had a sobering impact on prices. As per the second advance estimates for 2018-19 crops released by Ministry of Agriculture, soybean production is estimated higher by 20% at 136.89 lakh ton as compared to 113.90 lakh ton a year ago. On the global front, CBOT soybean closed higher marginally on low level buying as prices had fallen to 5-month low. However, there is still fundamental pressure from large South American soybean harvests and uncertainty about demand from China.
TECHNICAL OUTLOOK
Soybean is having support around 3655-3600 while resistance at 3735-3780, Refined Soyaoil is having support at 738-735.50 while resistance at 742.50-745.50 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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Weekly BSE & NSE Gainers & Losers - 22nd Apr to 26th Apr 2019
NIFTYMARKET RECAP AND OUTLOOK For the entire week, domestic markets remained highly volatile and stuck in a band due to absence of any fresh triggers. The index Nifty spot, oscillated in a narrow band of 250 points to close extremely flat near 11750 mark. Meanwhile, the Nifty Bank index too ended marginally in red and that below near 30K mark. The volatility index VIX surged towards 26% which was previously witnessed during the year 2016 but settled near 22 mark. On the sectoral front, NIFTY IT (+2.64%) and NIFTY ENERGY (+0.58%) counters supported the markets whereas the NIFTY AUTO (-5.34%) and NIFTY MIDCAP 50 (-2.32%) stocks remained the biggest laggards. From the F&O space, ULTRACEMO (+8.22%), MCX (+7.52%) and DCB (+6.43%) were the outperformers during the week went by. Once again during the week, the index found support near the 11550 mark. Thus we maintain our stance that if the support of 11550 is held then we might witness an extended relief rally going ahead. A sustainable move above 11750 might pull the index towards all-time high or may be 12000 also. Although we are bullish for short term but we continue to maintain our medium term view that this rally should be used to book profits in long positions.In case of any downside, 11620 – 11550 levels are likely to attract buying interest in coming sessions. Due to election activities we expect some volatility and thus continue to advice traders to avoid overleveraged positions and maintain strict stop loss.Disclaimer)
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Share Market Today - 2nd May 2019
MARKET RECAP Key Market Data Points The truncated week started on a pessimistic note during yesterday’s session for the domestic markets and it was followed by another sharp selloff. The index Nifty spot plunged another 100 points during the first half to retest 11650 mark. However, strong buying in the later part of the session helped the index to recover majority of its losses to close flat. Meanwhile the Nifty bank still remained under pressure to close below 30K mark due to selloff in YESBANK (-30%). As the day progressed, market breadth turned in the favour of declining counters which indicates broad based selling. On the sectoral front, NIFTY MEDIA (+1.41%) and NIFTY METAL (+1.39%) stocks supported the markets really well. On the other hand, NIFTY PSU BANK (-3.34%) and NIFTY REALTY (-2.31%) stocks remained under pressure. From the F&O space, JSWSTEEL (+4.89%), ZEEL (+3.70%) and HCLTECH (+3.43%) were the biggest gainers. MARKET OUTLOOK NIFTY Hourly CHART : Although volatile but the index Nifty oscillated in a broader range and thus we maintain our stance that if the support of 11550 is held then we might witness an extended relief rally going ahead. A sustainable move above 11750 might pull the index towards all-time high or may be 12000 also. Although we are bullish for short term but we continue to maintain our medium term view that this rally should be used to book profits in long positions. In case of any downside, 11620 – 11550 levels are likely to attract buying interest in coming sessions. Due to election activities we expect some volatility and thus continue to advice traders to avoid overleveraged positions and maintain strict stop loss.Disclaimer)