Thursday, 23 November 2017

Rupee opens 11 paise higher at 64.80 against US dollar

The Indian rupee has opened higher by 11 paise compared with previous day's closing level of 64.91 a dollar.

The Indian rupee has opened at 64.80 against the US dollar, higher by 11 paise compared with previous day's closing level of 64.91 a dollar.

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Mohan Shenoi of Kotak Mahindra Bank said US FOMC minutes sounded caution on potential impact of sudden reversal of asset price inflation on growth.

Activity in the currency market is expected to be muted due to the Thanksgiving holiday in the US, according to him.He feels the Rupee holds on to its gains registered post the Moody's upgrade and is expected to trade today in the range of 64.65-64.95 against the US dollar.

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Gold mining firms set aside $360 million for South Africa silicosis law suit

Six gold mining firms, including Anglo American, have made a 5 billion rand ($361 million) provision to settle a class action law suit with thousands of miners who contracted fatal lung diseases while working in South African mines, an industry document said on Wednesday.

Earlier on Wednesday, lawyers acting for miners who contracted silicosis and TB said settlement talks with implicated gold companies for an out-of-court deal could be reached by December.

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Sensex, Nifty trade flat after opening higher; Bharti twins gain

Integrated travel and travel related financial services player Thomas Cook India said its board approved a fund raising plan of Rs 600 crore by divesting 5.42 percent stake in its subsidiary Quess Corp.

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The company said the stake sale will be carried out through an offer-for-sale route. It has fixed a floor price of Rs 800 per share.

The company said the move is to meet Sebi regulations that require promoters to bring down their stake to 75 percent. Post-dilution, the combined promoter shareholding in Quess Corp (of Thomas Cook India and Ajit Isaac, CMD & CEO, Quess Corp) would be 75.38 percent.

Technical textiles manufacturer Garware-Wall Ropes (GWRL) posted 6.9 percent growth in profit after tax at Rs 28.2 crore for the quarter ended September 30, compared to the same period last year.

The company's PAT stood at Rs 26.3 crore in the corresponding period of FY17, GWRL said in a release issued here.

Net sales, however, declined by 8.9 percent to Rs 206 crore in the second quarter of FY18, compared to Rs 226.1 crore in the same period of FY17.

"In the second quarter, domestic fisheries contributed to a large proportion of the overall sales. As has been informed in previous months, we have been seeing a short-term disruption in our domestic business on account of GST implementation, more particularly in the fisheries sector," GWRL CMD Vayu Garware said.

9:15 am Market Check: Equity benchmarks opened mildly higher on Thursday but immediately erased those gains to trade flat. Investors closely watch crude oil prices movement and other global cues due to lack of domestic cues.

The 30-share BSE Sensex was down 23.63 points at 33,537.92 and the 50-share NSE Nifty fell 4.80 points to 10,337.50.

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About 719 shares advanced against 409 declining shares on the BSE.

Bharti Airtel, Bosch, Bharti Infratel, Infosys and Power Grid were early gainers.

Dr Reddy's Labs, UltraTech Cement, Asian Paints, Zee Entertainment and Axis Bank were early losers.

ICICI Prudential Life, HDFC Standard Life and SBI Life were under pressure, falling 2-4 percent.

Quess Corp plunged 6 percent as Thomas Cook (up 4.5 percent) is selling some stake in the company.

PC Jeweller, VIP Industries and ACE gained 2-4 percent.

Nifty may open on positive note, gain 16 points

F&O Outlook:

Nifty PCR-OI has remained flat at 0.97 compared to previous trading day. PE of 10300 and CE of 10400 are the highest number of contracts traded.


Opening for the Day:

Trading of SGX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 16 points at the opening bell.

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Nifty likely to head towards 10,600; top 3 stocks could give up to 16% return in 6 months

The Nifty regained momentum in the preceding five sessions, after last week’s decline, led by broad-based buying and supportive global cues.

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We continue to maintain our positive stance and expect the index to head towards a target of 10,600 levels in the coming weeks as it is the measuring implication of the Bullish Double Bottom pattern formed during the August – September period.

The Nifty50 held on to its key support of 10,100 levels during the recent decline from 10,490, as it is the confluence of following:

The bullish gap area leading to the breakout from three-month range is placed around 10,123-10,096 region

- 50 percent retracements of current up move (9,687-10,490) are placed at 10,094 levels

- Equality of preceding decline (10,178-9,687=491 points) as calculated from life high of 10,490 is placed around 10000 levels

We believe current round of profit booking will make the market healthier by working off short-term overbought conditions.

Here is a list of top three stocks which could give up to 16% return in the next 6 months:

Tata Chemical: BUY| CMP Rs736| Target Rs805| Stop Loss Rs695| Return 9%| Time Frame 1 month

Tata Chemical has resumed its up move after consolidation above the recent trend line breakout area signalling a change of polarity as previous trend line resistance reverse its role and acting as support.

The stock after three weeks of profit booking, which has been characterized by shallow correction has broken above prior week’s high indicating resumption of up move and offers fresh entry opportunity.

The lower band of recent consolidation was placed at Rs702 levels is likely to act as support in the short term. Weekly 14-period’s RSI is in a strong uptrend forming higher high and higher low and is seen rebounding taking support at its nine period’s average thus supports the continuation of the uptrend in the short term

Based on the above technical observation we expect the stock to head towards Rs805 levels over the coming month being the 161.8% external retracement of recent decline (Rs765-702) placed at Rs805 levels

MOIL: BUY| CMP Rs252| Target Rs282| Stop Loss Rs232| Return 12%| Time Frame 1 months

MOIL Ltd has witnessed a strong breakout rally during October 2017 rallying from Rs190 to 52 weeks high of Rs285. In the process, the stock has registered a resolute breakout above the rebounding pattern containing the entire price activity since January 2017 to October 2017.

Post the breakout rally the stock has entered a shallow correction in the last three weeks to work off the overbought condition developed during the previous rally.

The stock has recently resumed its up move after consolidating near the 38.2% retracement of the previous rally placed around Rs242 levels, which is likely to act as major support for the stock in short-term.

Among oscillators, the weekly MACD (E-12/26/9) which measures the underlying strength in the trend had entered into rising trajectory since August 2017 and is currently diverging from its 9-period average highlighting strong bullish momentum and indicates strength in the price structure.

Based on aforementioned technical observations, we believe the consolidation phase over the last three weeks has approached maturity, thus offering fresh entry opportunity. We expect the stock to resolve higher and test its recent high of Rs285 in coming weeks.

Oberoi Realty: BUY| CMP Rs509| Target Rs590| Stop Loss Rs465| Return 16%| Time Frame 6 months

The stock remains in a well-established uptrend and continues to inch northwards in a rising peaks and troughs manner on medium time frame charts.

Structurally, the rallies are becoming bigger and swifter underlying the robustness in the price structure along with strong momentum. At the same time, corrections are short-lived and shallow in nature which is the sign of the consistent appetite for the stock at elevated levels.

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In the current week, the share price has resumed its uptrend following the two-week breather, as it breaks out of Bullish Flag continuation pattern. Breakout from bullish flag pattern offers a fresh entry opportunity to ride prevalent uptrend in the stock.

Based on aforementioned technical observations, we believe the stock price is expected to continue its current upward trend. We have projected a medium-term target of Rs590 based on the measuring implication of the bullish Flag pattern breakout.

Wednesday, 22 November 2017

ONGC Videsh buys 15% stake in Namibian oil block

State-run explorer Oil and Natural Gas Corp (ONGC)'s overseas arm ONGC Videsh Ltd (OVL) on Tuesday said it has acquired 15 per cent stake from UK's Tullow Oil in an oil block in Namibia.

"This is OVL's second acquisition in as many months in the African nation," a company statement said here.

OVL said its indirect subsidiary ONGC Videsh Vankorneft Pte Ltd (OVVL)) had signed binding agreements with Tullow Namibia Ltd, a wholly owned subsidiary of Tullow Oil Plc, for buying the 15 per cent participating interest in Namibia Petroleum Exploration License (PEL) 30, covering Block 2012A.

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"The licence is currently under First Renewal Exploration Period and the joint venture partners are carrying out data evaluation for identifying a drill prospect," the statement said.

Eco Oil and Gas Namibia Ltd, Azimuth Namibia Ltd and National Petroleum Corp of Namibia are the other partners in the licence.

In October, OVL had acquired from Tullow 30 per cent stake in PEL-37 covering three offshore blocks. The latter held 65 per cent interest in PEL-37 while Pancontinental Namibia Ltd held 30 per cent and the remaining 5 per cent is with Paragon Oil and Gas.

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OVL said: "Eco is the operator of PEL-30 and Tullow will acquire another 15 per cent participating interest from Eco to assume operatorship."

Gold sluggish ahead of Fed meeting minutes

Gold prices remained in a narrow range on Wednesday as investors remained cautious ahead of the release of minutes from the U.S. Federal Reserve's last meeting, which could offer hints on the outlook for the central bank's monetary policy.
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Spot gold was nearly unchanged at $1,280.20 per ounce by 0421 GMT.

U.S. gold futures for December delivery were down 0.1 percent at $1,280.10.

"We are not really sure that this (Fed meeting minutes) will have much of an impact given that the decision to raise rates in December is pretty much a forgone conclusion," INTL FCStone analyst Edward Meir said.

"Nevertheless, we suspect that investors will want to see what policymakers are thinking about the rate situation and how aggressive they will be on this front going forward."

The Fed kept interest rates unchanged at its last meeting, minutes of which will be released on Wednesday.

The Fed is "reasonably close" to its goals and should keep gradually raising U.S. interest rates to avoid the dual pitfalls of letting inflation drift below target for too long, and of driving unemployment down too far, Fed Chair Janet Yellen said on Tuesday.

Higher interest rates help the dollar gain and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.

Spot gold looks neutral in a narrow range of $1,274-$1,283 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.

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In other markets, the dollar treaded water against its peers on Wednesday, capped as U.S. Treasury yields failed to rise despite increasing investor risk appetite in broader financial market. [USD/]

Amid lack of investment demand, gold's inverse relationship with the dollar is the strongest in more than a decade, Julius Baer analyst Carsten Menke said in a note.

"While the dollar is unlikely to return to its recent peak, we still see upside from current levels as the U.S. Federal Reserve continues to hike interest rates. This should weigh on gold prices heading into next year."

A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.

In other metals, silver was down 0.1 percent at $16.93 an ounce, while platinum dipped 0.2 percent to $930.85. Palladium gained 0.1 percent to $999.55 an ounce.

Nifty likely to move towards 10,450-10,500; 5 stocks which could give up to 16% return

We can see short covering on every dip as Put writers are once again seen active in Tuesday’s sessions. We have seen Put writing in 10,300, 10,200 puts and unwinding in calls.

nifty trading tips

As per the current derivatives data, Nifty can move towards 10,450-10,500 in coming sessions amid further short covering by call writers.

The derivative data indicates bullish scenario to continue with Nifty having multiple strong supports at lower levels around 10,250, 10,200 & 10,100 spot levels.

Here is a list of top five stocks which could give up to 16% return in short term:

Tata Elxsi: BUY| Target Rs1075| Stop Loss Rs850| Return 15%

After taking support at its 100-days exponential moving average (DEMA) on the daily charts, the stock has been relatively trading higher along with the consistent rise in volumes.

The stock gave a fresh consolidation breakout this week above the recent resistance level placed around Rs920, supported with positive divergence in the secondary indicators such as relative strength index (RSI) and stochastic.

Traders can accumulate the stock in a range of Rs930-935 for the target of Rs1075 and a stop loss placed below Rs850.



FDC: BUY| Target Rs232| Stop Loss Rs190| Return 13%

The stock has witnessed a smart recovery from lower levels in the recent past and has once again managed to hold well above its 200-DEMA on the daily charts.

Additionally, on the weekly charts, the stock has formed an inverted head and shoulder formation and has also given a breakout in prices above the neckline of the formation.

Traders can accumulate the stock in a range of Rs205-209 for the upside target of Rs232 and a stop loss placed below Rs190.

Ratnamani Metals & Tubes: BUY| Target Rs1125| Stop Loss Rs885| Return 15%

The stock has been trading in a thin range of Rs850-950 from the last ten weeks with multiple supports placed on the downside at its short and long-term moving averages.

However, last week the consolidation breakout in prices has been witnessed on charts with rising volumes above the Rs950 levels.

The breakout in prices with decent volumes suggest more upside in coming sessions. Traders can accumulate the stock in a range of Rs970-980 for the target of Rs1125 and a stop loss placed below Rs885.

Arshiya: BUY| Target Rs105| Stop Loss Rs82| Return 16%

After giving a consolidation breakout above Rs75 level, the stock has tested Rs90 in the recent past, but, since then prices are seen trading sideways as the stock is maintaining a range of Rs80-95 from the last six weeks.

The stock gave a fresh breakout this week in prices and has also risen above the rectangle formation made on the daily charts.

The pattern is traded as continuation pattern of the previous trend. Traders can accumulate the stock in a range of Rs90-94 for the target of Rs105 and a stop loss placed below Rs82.

Sadbhav Infrastructure Projects: BUY| Target Rs156| Stop Loss Rs120| Return 17%

The stock has formed a bullish flag formation on the daily charts and has also given a breakout above the falling trend line of pattern formation. It has also risen above its recent resistance to Rs130 levels in the past session.


Additionally, rising volumes with rising prices suggest more upside in prices in the coming sessions as well. Traders can accumulate the stock in a range of 133-136 for the target of 156 with a stop loss below 120.

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Nifty may open higher, gain 34 points

F&O Outlook:

Nifty PCR-OI has increased to 0.97 from 0.91. The rise in the ratio may be due to increase in PE of 10300 and decrease in CE of 10300. PE of 10300 and CE of 10400 are the highest number of contracts traded.

Opening for the Day:

Trading of SGX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 34 points at the opening bell.


Tuesday, 21 November 2017

Oil prices decline ahead of OPEC meeting

Oil prices declined as investors became cautious ahead of an OPEC (Organisation of the Petroleum Exporting Countries) meeting next week, a media report said.

equity tips

OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output, Xinhua news agency reported.

In a bid to end a global oversupply, the group has been restraining output since the start of this year.

It is widely expected that the agreement will be extended to cover the next year.

Meanwhile, a strong dollar dented market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was up 0.40 per cent at 94.038 in late trading.

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Gold prices rise, North Korea tensions support

Gold prices crept up early on Tuesday after falling more than 1 percent in the previous session, with U.S. President Donald Trump's move to put North Korea back on a list of state sponsors of terrorism burnishing the metal's safe-haven appeal.

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FUNDAMENTALS

Spot gold was up 0.2 percent at $1,279.05 per ounce by 0059 GMT. Bullion fell about 1.4 percent on Monday in its biggest one-day percentage drop since Sept. 11.

U.S. gold futures for December delivery gained 0.3 percent to $1,278.60.

Trump put North Korea back on a list of state sponsors of terrorism on Monday, a designation that allows the United States to impose more sanctions and risks inflaming tensions over Pyongyang's nuclear weapons and missile programmes.

The dollar gave back some of its gains in Asian trading on Tuesday, but remained not far from a one-week high against a basket of currencies as German political uncertainty continued to pressure the euro.

Federal Reserve Chair Janet Yellen said on Monday she would resign her seat on the Fed's Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the U.S. central bank.

Chancellor Angela Merkel said she would prefer a new election to ruling with a minority after talks on forming a three-way coalition failed overnight, but Germany's president told parties they owed it to voters to try to form a government.

Russia's VTB Capital, one of Russia's biggest gold traders, aims to more than double sales of the precious metal to China next year, its global commodities chief said, after import curbs forced it to cut its target for this year.

Russia's gold reserves stood at 57.9 million troy ounces as of the start of November, the central bank said on Monday.

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Russia's Norilsk Nickel , the world's top palladium producer, said it plans to boost purchases of palladium for its fund from Russian central bank reserves to help ease shortages in the market.

U.S. Treasury yields rose on Monday as investors awaited minutes on Wednesday from the Fed's last meeting, with no major economic releases due this week and trading expected to be subdued before the Thanksgiving holiday on Thursday.

Sensex gains 100 pts, Nifty above 10,300 at open; Quess Corp jumps 8%

Quess Corp was up 8 percent after acquisition of 51 percent equity stake in Tata Business Support Services Limited.

Mahindra & Mahindra, one of India's oldest vehicle manufacturers, is testing autonomous tractors, trucks and cars, while moving closer to bringing electric vehicles to the United States, Chairman Anand Mahindra said.

equity tips

The company, which opened a new North American headquarters north of Detroit on Monday, is considering when to begin US sales of the vehicles, Anand Mahindra said in an interview.

It is also weighing whether the vehicles should carry the Mahindra brand or those of its affiliates Pininfarina, the famed Italian design house; and Ssangyong Motor Co , a Korean manufacturer of utility and crossover vehicles, he added.

IT major Tech Mahindra said it expects to outgrow Nasscom's industry growth projection and may touch USD 5 billion mark in revenues during the current fiscal.

Noting that there is a skill gap among employees, C P Gurnani, Managing Director and CEO of Tech Mahindra, also said the company is geared up to reskill about 50,000 employees for the present and future requirements.

"We will beat the Nasscom projections. Tech Mahindra will beat Nasscom projections. Whatever Nasscom has projected 6-8 per cent, we should be higher than that.

"We are already at run rate of USD 4.5 billion and we are growing more than 6 to 8 per cent....You do the maths. For 2018, I think we should be (at USD 5 billion)," Gurnani told PTI.

The company's revenues during the last fiscal were USD 4,351.1 million, up 7.8 per cent year-on year. In Rupee terms they were 29,141 crore; up 10 percent YoY.

News Live: Bain Capital to sell 2.12% in L&T Finance to raise Rs 750cr, says report

9:26 am Assets Sale: Lenders of debt ridden Reliance Communications have approved the sale of its real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield, said a source.

"Lenders have approved sale of real estate assets RCom holds in Delhi and Chennai for Rs 801 crore to Brookfield," a source privy to the development told PTI on condition of anonymity.

When contacted RCom declined to comment on the development, while email query sent to Brookfield elicited no reply.

The proceeds will be used for retiring debts, the source said.
9:20 am Jet Airways in focus: Jet Airways, in analysts meet, said it would focus on reducing expenses, especially in trimming maintenance and distribution costs, as the full-service airline pursues strategic growth priorities amid stiff competition.

To bolster its overall income, the carrier would also focus on enhancing ancillary revenue by around Rs 250 crore.

In a presentation made to investors on Monday, the carrier has listed out its priorities for strategic growth.

The airline would look to reduce maintenance expense from January 2019 as well as bring down the cost of sales and distribution, as per the presentation.

Going forward, Jet Airways said it would also be deploying "15 per cent fuel efficient B737-Max (aircraft) inductions commencing from June 2018".

More than 25 such planes are expected to be delivered to the airline by March 2020.

9:15 am Market Check: Equity benchmarks opened higher on Tuesday, continuing upmove for fourth consecutive session while the broader markets also participated in rally, backed by positive global cues.

The 30-share BSE Sensex was up 109.13 points at 33,469.03 and the 50-share NSE Nifty rose 30 points to 10,328.80.

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About 892 shares advanced against 258 declining shares on the BSE.

Yes Bank, Reliance Industries, Vedanta, Cipla, Wipro, Tech Mahindra, Tata Motors, Bajaj Finance and Bharti Airtel were early gainers while TCS, L&T and NTPC were losers.

SKM Egg and Venkys gained 4-11 percent.

L&T Finance Holdings fell 3 percent after big block deals.
Jet Airways fell 4 percent post analysts meet.

Quess Corp was up 8 percent after acquisition of 51 percent equity stake in Tata Business Support Services Limited.