Tuesday, November 5, 2019

BANKNIFTY FUT is in Up Trend, having a strong Support 30375/30060 : 06-11-2019

BANKNIFTY FUT is in Up Trend, having a strong Support 30375/30060 : 06-11-2019

06-11-2019 Currently BANKNIFTY FUT is in UP Trend, having a strong Support 30375/30060 and having significant Resistance around 30920/31720. Expected Target in coming session is 30920.Currently BANKNIFTY FUT Trading @30550




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Today's Commodity News : 06.11.2019

 Today's Commodity News : 06.11.2019


Onion prices increase 40% in 7 days as rainfall hits supply

Onion prices increased by up to 40 percent in several Indian cities in the last seven days after heavy rains disrupted supply, The Times of India reported.

Retail price of the kitchen staple in Delhi shot up to Rs 80 per kg on November 5, data maintained by the Consumer Affairs Ministry shows. The same stood at Rs 70 and Rs 50 per kg in Chennai and Kolkata, respectively.

The Centre said it will relax fumigation norms and facilitate import of the key kitchen staple from Afghanistan, Egypt, Turkey and Iran to boost domestic supply. A decision in this regard was taken at the meeting of an inter-ministerial committee, headed by Consumer Affairs Secretary Avinash K Srivastava, which reviewed the prices and availability of onions in the country.

Currently, imported onions are allowed in the country after the commodity is fumigated with Methyl Bromide and certified by the exporting nation. Importers are required to pay huge charges if fumigated at Indian ports. "It (supply) is expected to improve in the coming days. ...Union government to act as a facilitator for import of onion. Phytosanitary and fumigation requirement to be suitably liberalised to facilitate imports," said a November 5 statement issued by the Consumer Affairs Ministry allaying importers' concerns.

Indian missions in Afghanistan, Egypt, Turkey and Iran will be requested to facilitate the supply of onions to India, a senior Consumer Affairs Ministry official told PTI. This is expected to facilitate the immediate import of 80 containers and diversion of 100 containers in the high seas to India.


Copper prices are expected to trade higher today

On Tuesday, copper prices on the LME ended higher by 0.46 percent to close at $5877.0 per tonne. Rising expectation of a possible trade deal between U.S. & China might improve the demand prospects for the red metal in turn supporting the Copper prices. Prices were also supported after major copper producer Antofagasta trimmed its output forecast for Chile as the impact of the protest might be greater than expected.

Outlook

Progress in the trade negotiations between U.S. & China might improve the demand prospects for industrial metals and support the prices. On the MCX, Copper prices are expected to trade higher today; international markets trading lower by 0.11 percent at $5939.25 per tonne.

Oil slips on huge US crude build; hopes for US-China trade talks check losses

Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in U.S. crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses. Brent crude futures were at $62.73 a barrel by 0120 GMT, down 23 cents, or 0.4%, from their previous settlement. Brent settled up 1.3% at $62.96 a barrel. U.S. West Texas  Intermediate (WTI) crude futures fell 21 cents, or 0.4%, from their last close to $57.05 per barrel. In the previous session, WTI settled 1.2% higher at $57.23 a barrel. U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. That was nearly triple analysts' forecast for an increase of 1.5 million barrels. [API/S] Official data from the Energy Information Administration (EIA) is due later on Wednesday. However, hopes for a breakthrough on trade in talks between the United States and China, the world's two biggest oil consumers, remained and kept price falls in check. China is pushing U.S. President Donald Trump to drop more tariffs imposed on Beijing as part of a 'Phase One' U.S.-China trade deal, according to people familiar with the negotiations.
"Investors will continue to take cues from U.S.-China trade talks," ANZ Research said in a note.
Looking ahead, next year's oil market outlook may have upside potential, Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday. But in the next five years, OPEC would supply a diminishing amount of oil, squeezed by rising U.S. shale output and other rival sources, according to the oil producer group's 2019 World Oil Outlook, released on Tuesday. OPEC and its partners, including Russia, previously agreed to cut oil production by 1.2 million barrels per day (bpd) until March 2020. They will meet in early December to review output policy.

 Sugar mills don't need green clearance to produce ethanol: Centre 

The Centre announced on Tuesday that a environmental clearance would not be required to produce additional ethanol from sugarcane juice as it does not cause pollution, a move that may benefit farmers and the cash-strapped sugar mills. Sugar mills and farmers have been at loggerheads because of non-payment of dues to the latter. The mill owners have maintained that due to excess production of sugar and fall in the price, even they had not been getting their dues. As of June 2019, the mills owed nearly Rs 20,000 crore to farmers across the country. With a smooth obstacle-free production of additional ethanol, the crisis may ease. "In yet another major decision for the benefit of farmers and sugar industry, the central government has declared that no separate environment clearance is required to produce additional ethanol from 'B' heavy molasses as it does not add to the pollution load," Union Environment Minister Prakash Javadekar tweeted. The environment ministry said with the incentives, sugar mills are expected to undertake production of ethanol from B-heavy molasses and other by-produces or products. Molasses, a thick fluid that is a by-product of sugar extraction from sugarcane, is used in alcohol manufacturing among other products. "This shall result in incidental increase in the production of ethanol without any increase in the total pollution load in the existing distilleries or sugar mills to which environmental clearances have already been granted," the ministry said in a statement. "To obviate the need for undertaking fresh environment impact assessment (EIA) or public consultation in all such cases of increase in production capacity, the government has given a clarification relating to the issuance of environmental clearance in order to facilitate the sugar mills to undertake additional production of ethanol from B-heavy Molasses in place of using C-heavy Molasses without any increase in the total pollution load," it said.
According to the ministry, it has been clarified that all such proposals to undertake additional ethanol production from B-heavy molasses/sugarcane juice/sugar syrup/sugar may be considered under the provisions of the EIA notification, 2006, by the expert appraisal committee for granting  environmental clearance. The EIA notification of 2006 makes it mandatory to get a clearance for all new projects, their expansion and modernisation as well as change in product mix.

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Today's Currency News : 06.11.2019

Today's Currency News : 06.11.2019

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Rupee extends losses, trades at day's low

The Indian rupee has extended the morning losses and trading at day's low level at 70.89 per dollar.
It opened lower by 10 paise at 70.79 per dollar versus previous close 70.69. On Novemebr 5, rupee ended 8 paise higher to close at a fresh five-week high of 70.69 against the US dollar on the back of foreign fund inflows. The Sensex is down 140.20 points at 40,108.03, while Nifty is down 44.70 points at 11,872.50. Oil prices dropped on Wednesday after industry data showed a larger-than-expected build-up in US crude stockpiles, but expectations for an easing of trade tensions between the United State and China capped losses. Gold prices inched up, after slipping more than 1% in the previous session, as investors awaited further clarity on the US-China trade talks. The dollar-rupee November contract on the NSE was at 70.82 in the previous session. Open interest increased 18.57% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.
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Today's Stock News - 06.11.2019: 09.00 Am

Today's Stock News - 06.11.2019: 09.00 Am
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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: The Adani Group on Tuesday sought an extension from Bombay High Court of the last date to acquire Bidvest's stake in the Mumbai International Airport Ltd to Feb 7.

* BANK OF BARODA: Will reduce its marginal cost of funds-based lending rates by 5-25 basis points across tenures from Thursday.

* CG POWER AND INDUSTRIAL SOLUTIONS: Step-down subsidiary PT CG Power Systems Indonesia has bagged a $24-mln order from Indonesian state utility PT PLN (Persero) to manufacture and supply 25 power transformers.
- Plans to raise about 8 bln rupees through an equity issue to tackle the liquidity crisis that it is facing.

* COX & KINGS: Alpha Leon Enterprises LLP has sold a 1.53 mln shares or 0.9% stake in the company at 1.6 rupees apiece through a bulk deal on NSE.

* DALMIA BHARAT: Oppenheimer Developing Markets Fund sold 2.1 mln shares or 1.1% stake in the company at 810.52 rupees apiece through a bulk deal on NSE.

* DEWAN HOUSING FINANCE CORP: Has urged its two top lenders to help lift a moratorium on
repayments so that the stressed mortgage lender could begin repaying its depositors.
- The United States Agency for International Development has suspended an agreement with the
company to provide a $10 mln loan guarantee to improve healthcare in India's tier-II and tier-III cities.

* DISHMAN CARBOGEN AMCIS: Norges Bank, on account of Government Pension Fund Global, has bought 1.4 mln shares or 0.9% stake in the company at 119 rupees apiece through a bulk deal on the National Stock Exchange.

* FORCE MOTORS: Total vehicle production slumped 37% on year to 1,636 units in October.

* GE T&D INDIA: The company has appointed Pitamber Shivnani as chief executive officer from Jan 15.

* GREAVES COTTON: The company's board has approved acquisition of the remaining 18.77% stake in subsidiary Ampere Vehicles for 600 mln rupees.

* HERO MOTOCORP: The board has approved an investment of up to 4.5 bln rupees into associate
company Hero FinCorp by subscribing to the issue of shares on private placement, in one or more tranches.

* HINDALCO INDUSTRIES: Has raised prices of aluminium ingots, billets and wire rods for the fourth time in a row, in line with the gains in prices of the metal in international markets.

* HINDUSTAN COPPER: The company has cut prices of its copper products by a marginal 0.5% for
November.

* HOUSING DEVELOPMENT AND INFRASTRUCTURE: Emerging Markets Value Fund Of Dimensional Funds Plc has sold 3.4 mln shares or 0.7% stake in the company at 1.8 rupees apiece through a bulk deal on NSE.
- Promoters of the company have allegedly diverted 1.6 bln rupees of loan from Punjab & Maharashtra Cooperative Bank to three Delhi-based hotels, according to the probe by the Enforcement Directorate.

* INFOSYS: has received an order from Movement Mortgage for digital platform.

* INTERGLOBE AVIATION: IndiGo and Qatar Airways are likely to announce a codeshare agreement on Thursday.

* JAMMU & KASHMIR BANK: Has sought a special dispensation from the Reserve Bank of India to address the "temporary asset impairment" caused due to the prevailing situation in the region.

* JAYPEE INFRATECH: An arbitration tribunal has directed the Yamuna Expressway Industrial
Development Authority to refund 411 mln rupees along with interest to the company, saying the demands raised by the authority against the builder are illegal and invalid.

* MAHINDRA & MAHINDRA: The company's vehicle production in October was down 21.3% on year at 44,697 units.

* MAHINDRA LIFESPACE DEVELOPERS: Mahindra Happinest Developers, the company's joint venture with HDFC Capital Affordable Real Estate Fund-1, has signed a pact to acquire a land parcel having residential development potential of up to 840,000 sq ft in Mumbai Metropolitan Region at Ranjnoli village, Maharashtra.

* MARINE ELECTRICALS (INDIA): The company has bagged an order worth 184.3 mln rupees from Afcons Infrastructure to supply low-voltage switchgear, a motor control centre and a bus duct to OIL AND NATURAL GAS CORP for an offshore process platform project for the development of a New Exploration Licensing Policy block on the Krishna-Godavari basin.

* MAX INDIA: Shareholders of the company, in a meeting convened by the National Company Law
Tribunal, approved composite merger scheme of healthcare assets of the company into Max Healthcare and demerger of residual businesses of the company into Advaita, a wholly-owned subsidiary of the company.

* STATE BANK OF INDIA: Has sought bids from asset reconstruction companies, banks, non-banking finance companies and financial institutions for sale of seven non-performing accounts worth 1.53 bln rupees.

* SUDARSHAN CHEMICAL INDUSTRIES: The board has approved capital expenditure of 1.26 bln rupees to increase production capacity at its units in Roha and Mahad in Maharashtra.

* SUN PHARMA ADVANCED RESEARCH CO: The company has granted exclusive licences to a
subsidiary of China Medical System Holdings to develop and sell products in mainland China, Hong Kong, Macao, and Taiwan.

* SUN PHARMACEUTICAL INDUSTRIES: Has entered into a licensing agreement with AstraZeneca UK for novel ready-to-use infusion oncology products in China.

* RELIANCE COMMUNICATIONS: Reliance Jio Infocomm may have to shoulder the burden of around 130 bln rupees of past dues relating to licence fee and spectrum usage charge owed by the company as fallout of the Supreme Court verdict in the adjusted gross revenue matter.

* TECH MAHINDRA: The board has approved acquisition of 100% stake in New York-based marketing and media solutions agency BORN Group for up to $95 mln in cash.

* UNION BANK OF INDIA: Has reduced its marginal cost of funds-based lending rates by 10 basis points across tenures, effective Friday.

* ULTRATECH CEMENT: Is looking to exit its 600,000 tn cement facility in Bangladesh, along with its plan to divest non-core assets in China, the United Arab Emirates and Europe to reduce net leverage.

* VEDANTA: Vedanta Resources' much-delayed project to set up a fertiliser plant in Chittorgarh in Udaipur, Rajasthan, with an investment of 13.5 bln rupees seems to have a hit a bump, and the company is looking for alternative locations in the state.

* VST TILLERS TRACTORS: Sales of the company's power tillers rose 5.5% on year in October to 1,104 units, and those of tractors were up nearly 3% at 857 units.

* ZEE ENTERTAINMENT ENTERPRISES: The board has in-principle approved the re-appointment of Punit Goenka as managing director and chief executive officer for a further 5-year period upon conclusion of his current term on Dec 31.

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Today's Sector News - 06.11.2019: 09.00 Am

Today's Sector News - 06.11.2019: 09.00 Am
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* BANKING: The Reserve Bank of India has raised the withdrawal limit for depositors of fraud-hit Punjab and Maharashtra Co-operative Bank to 50,000 rupees from 40,000 rupees.

* COMMODITIES: The government has decided to liberalise phytosanitary and fumigation requirement for onion to facilitate imports and help cool off rising prices.

* ECONOMY: Commerce Minister Piyush Goyal has said he expects the Statue of Unity in Gujarat to generate 1 trln rupees over the next five years.

* REAL ESTATE: Finance Minister Nirmala Sitharaman has stressed on the need to address the sluggishness in the real estate sector and said the government was working keenly with the Reserve Bank of India to address the issues.

* REGULATORY: National Stock Exchange Managing Director and Chief Executive Officer Vikram
Limaye has urged the government and the Securities and Exchange Board of India to examine transaction costs in Indian equity markets.
- Securities and Exchange Board of India on Tuesday notified that all the Category III foreign portfolio investors shall be deemed to have been registered as Category II, in line with new SEBI (Foreign Portfolio Investors) Regulations, 2019.

* STEEL: Writing off "capital advances" of 26.06 bln rupees given to parties it did not disclose in the books of accounts, writing off of "trade advances" to entities it never had any business dealings with and "deliberately" underselling assets — these were among several counts of irregularities purportedly found during the audits of Bhushan Power & Steel by three professional services firms.

* SUGAR: Sugar crushing season in Maharashtra and Karnataka is likely to get condensed to just about 90 days this year due to poor availability of cane.

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Nifty-Sensex-Pre Market View - 06.11.2019: 09.00 Am

Nifty-Sensex-Pre Market View  - 06.11.2019: 09.00 Am
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Click here for Hourly Trend Update

Pre-Session: Markets likely to open in red on Wednesday
06/11/2019 08:19
Indian bourses are expected to kickstart the day on a negative note on Wednesday taking cues from corporate results and global developments to steer through the trade. As many as 79 companies will declare their results for the September quarter which include names like Bajaj Electricals, Canara Bank, Corporation Bank, Exide Industries, Fortis Healthcare, Indiabulls HF, Lupin, Radico, Tata Steel, Voltas, and V-Guard Industries. Realty stocks may be in focus to Union Finance Minister Nirmala Sitharaman's comment that the sector needs the government’s attention and the Centre is working with the Reserve Bank of India (RBI) towards tweaking the existing laws to make them conducive for the sector. On Tuesday, SENSEX closed at 40248.23 down by -53.73 points or by -0.13 % and then NSE Nifty was at 11917.2 down by -24.1 points.


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Technical View: Nifty forms bearish candle, immediate hurdle remains at 12K

Technical View: Nifty forms bearish candle, immediate hurdle remains at 12K


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Experts advise traders to remain neutral on the long side till the Nifty closes above 11,990 levels.

The Nifty closed in the red on November 5 after remaining the green in seven consecutive sessions, which suggests that bulls are taking a breather.

The index formed a bearish candle that resembles a Hanging Man pattern on the daily charts.

The pattern indicates some negative reversal in the coming session if the index breaks and closes below 11,850 levels, experts say.

A Hanging Man is a bearish reversal pattern that is usually formed at the end of an uptrend or at the top (around 358-point rally in previous seven consecutive sessions).

In a perfect Hanging Man pattern, either there will be a small upper shadow or no upper shadow at all, a small body and a long lower shadow.

The Nifty opened higher at 11,974.60 to immediately hit a day's high of 11,978.95, but remained volatile throughout the session. It made many attempts to stay in the green but failed and hit the day's low of 11,861.90 in afternoon. It trimmed some losses in the last hour of the trade to close at 11,917.20.

"Weakness appears to be slowly creeping into the Nifty50,

To regain strength, it was imperative that the bulls push the index beyond 11,989 levels on closing basis, he said. In such a scenario, the bulls could make an attempt to retest life-time highs of 12,103 levels.

But, if the bears manage a close below 11,843 then it should trigger more profit booking, which could unleash a short-term downswing, with eventual targets placed in the 11,740-11,700 zone, he said.

Mohammad advised traders to remain neutral on the long side till the Nifty closed above 11,990 levels, whereas fresh shorting opportunity shall arise on a close below 11,860 levels for a initial target of 11,740.

On monthly options front, maximum Put open interest was seen at 11,600 followed by 11,300 strike, while maximum Call open interest was seen at 12,000 followed by 11,800 strike.

We have seen Put writing at 11,300 and 11,200 strike, while marginal Call writing was seen at 12,200 strike.

The options data suggests that the Nifty could trade in a broader range of 11,600-12,100.

The broader markets corrected more than the frontliners, as the Nifty Midcap index was down 1.08 percent and Smallcap index lost 0.84 percent.

India VIX closed flattish at 15.91 levels, which indicates a rangebound bias with a limited downside and upside for the next few trading sessions.

The Bank Nifty negated the formation of higher lows of the last four trading sessions and closed negative after making gains in seven consecutive sessions.

It closed 0.37 percent lower at 30,219.85 and formed a bearish candle on the daily scale, as it failed to surpass its crucial hurdle of 30,800 in the last trading session.

"It has to continue to hold above 30,000 to witness an upmove towards 30,600 then 30,800 levels, while on the downside, supports are seen at 30,000 then 29,750 levels,"

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COPPER is in Up Trend, having a strong Support 440.6/438.8 : 05-11-2019

COPPER is in Up Trend, having a strong Support 440.6/438.8 : 05-11-2019

05-11-2019 Currently COPPER is in UP Trend, having a strong Support 440.6/438.8 and having significant Resistance around 444.7/448.6. Expected Target in coming session is 444.7.Currently COPPER Trading @442.2.  


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