Share Market Today - 18th April 2019

BULLIONGold 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 OUTLOOKCrude 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 METALBase metals steady ahead of Chinese data and demand prospects. Trend volatile. ReviewYesterday, 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 COMMODITYIMD predicts normal monsoon in first estimates; profit booking seen. Trend volatile. ReviewYesterday, 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. 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Wipro Ltd has announced the much awaited buyback on last Friday (16th April 2019). For detail please refer to note below. IndiaNivesh View According to IndiaNivesh Research, Annual report filing by the company and the data availability, acceptance ratio in excess of 90% is very likely for the retail shareholders.* Retail investors can lock in decent gains by participating in the buy back. *Retail shareholders are classified as the one’s who hold shares of market value upto 2 lakhs on the record date. *Calculations are made on basis of purchasing 615 shares at cmp of Rs.281. After buyback , remaining shares will be with the shareholder, which is assumed to be sold at CMP of Rs. 281. Other Information about the Buyback Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback Record date for the buyback is yet to be announced by the company The Entire procedure might take approximate 3/4 months   Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (“INSL”), for use by the recipient as information only and is not for circulation or public distribution. INSL includes subsidiaries, group and associate companies, promoters, employees and affiliates. INSL researches, aggregates and faithfully reproduces information available in public domain and other sources, considered to be reliable and makes them available for the recipient, though its accuracy or completeness has not been verified by INSL independently and cannot be guaranteed. The third party research material included in this document does not represent the views of INSL and/or its officers, employees and the recipient must exercise independent judgement with regard to such content. This document has been published in accordance with the provisions of Regulation 18 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. This document is not to be altered, transmitted, reproduced, copied, redistributed, uploaded or published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from INSL. This document is solely for information purpose and should not to be construed as an offer to sell or the solicitation of an offer to buy any security. 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. INSL does not take responsibility thereof. The research analysts of INSL have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. This document is based on technical and derivative analysis center on studying charts of a stock’s price movement, outstanding positions and trading volume, as opposed to focusing on a company’s fundamentals and, as such, may not match with a report on a company’s fundamentals. Nothing in this document constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances. INSL does not accept any responsibility or whatever nature for the information, assurances, 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 document only. The opinions are subject to change without any notice. INSL directors/employees and its clients may have holdings in the stocks mentioned in the document.This report is based / focused on fundamentals of the Company and forward-looking statements as such, may not match with a report on a company’s technical analysis reportEach of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Dharmesh Kant Following table contains the disclosure of interest in order to adhere to utmost transparency in the matter:   INSL, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. INSL reserves the right to make modifications and alternations to this statement, as may be required, from time to time. Research Analyst has not served as an officer, director or employee of Subject Company One year Price history of the daily closing price of the securities covered in this note is available at www.nseindia.com and www.economictimes.indiatimes.com/markets/stocks/stock-quotes. (Choose name of company in the list browse companies and select 1 year in icon YTD in the price chart))