Performance/Indian Market Update/S&P 500,NASDAQ 100,Dollar & Euro stats,Dollar Index
PERFORMANCE:
On 10th November 2017 we gave a positional cash call to buy Waterbase Ltd around 145--130 for target of for target of 175 and 200+ with a potential waiting of 3 months.Well folks I am delighted to tell you that our first target was hit in just 3 trading session.No its not trading its sound research and dedication with which i want to cater to your needs of investing and making money on the long run.Our stock today made high of 188 and now closed at 175.25. Return of 19.21% in just three trading session in-spite of bearish Indian market for the same trading sessions.We had stock specific approach and we succeed as we had patience.Our second target of 200 will be tested within weeks.We were able to mint profit in-spite of the bloodbath in in the Indian market since Nifty was unable to sustain 10480 levels and bears are still on the hunt for more bloodshed........"unless You are greedy and want more...Fun aside."Today we suggested to sell Century textile below 1275 for target of 1250.On the same session it made a low of 1248 before closing at 1257.Our 1st target was hit in the session and we expect more downside.We were able to give return of 2% in the session.Our second target will be hit in the upcoming session.
MARKET UPDATE
Weak global cues, trade deficit drag Sensex 181
pts; metals, pharma stocks dip.The broader markets fell more than equity benchmarks, with
the Nifty Midcap shedding 1 percent on weak breadth. About three shares
declined for every share rising on the NSE.Equity benchmarks corrected for
third consecutive session Wednesday, weighed by weak global cues post fall in
crude oil prices and widening trade deficit in October.The 30-share BSE Sensex
slipped 181.43 points to 32,760.44, dragged by metals, FMCG, pharma and select
banks stocks.The 50-share NSE Nifty lost 68.60 points to 10,118, taking the
total loss to 372 points from its record high of 10,490.45 hit last week.Global
markets moved lower today on weaker oil prices. Japan's Nikkei, China's
Shanghai Composite, Hong Kong's Hang Seng and Australia's ASX 200 ended lower
by 0.6-1.6 percent while European stocks like France's CAC and Britain's FTSE
were down 0.55 percent. Germany's DAX was down 1.2 percent at the time of
writing this article.Brent crude futures fell 1.17 percent to USD 61.48 a
barrel after the International Energy Agency cast doubts over the demand
outlook.Back home, the trade deficit widened to USD 14 billion in October 2017
as against USD 11.13 billion in October 2016 as exports declined by 1.12 percent
to USD 23 billion and imports grew by 7.6 percent to USD 37.11 billion YoY.All
sectoral indices ended in red as Nifty Metal, Pharma, FMCG and PSU Bank were
down 1-3 percent.Today's fall was not driven by heavyweights. Bharti Infratel
was loser for second consecutive day, down nearly 5 percent. In previous
trading session, Bharti Airtel through its arm sold tower company's shares
worth Rs 3,323 crore.Sun Pharma lost 4 percent post Q2 earnings. Vedanta,
Hindalco and Tata Steel were down 1-4 percent following correction in global
metals prices while MRF, CEAT and Balkrishna Industries gained 1-4 percent on
fall in rubber prices.After correction in crude oil prices, ONGC slipped 2.5
percent while IOC and HPCL gained 0.6 percent and BPCL was up 2.4 percent.ITC,
IndusInd Bank, Tata Motors, Bharti Airtel and HUL among others declined 1-2
percent whereas Kotak Mahindra Bank, Eicher Motors, Tech Mahindra and Asian
Paints gained 1-2 percent.Anil Dhirubhai Ambani Group stocks were sharply lower
today. Reliance Communications, Reliance Capital, Reliance Infrastructure,
Reliance Home finace, Reliance Nippon and Reliance Power were down 6-12
percent.Fortis Healthcare was up 8 percent after the board has approved the
proposed acquisition of entire portfolio of assets of Singapore-listed RHT
Health Trust for an enterprise value of around Rs 4,650 crore.Graphite India,
Goa Carbon, Rain Industries, Phillips Carbon and HEG, which had been rallied
sharply last month, corrected 5-7 percent today on profit booking.
S&P 500 ,NASDAQ 100 ,Dollar,EURO,Dollar Index Forecast:
S&P 500
The S&P 500 fell initially on Tuesday yet again, but as we have seen over the last several sessions, buyers are willing to step into the market beneath the 2575 handle. However, although it looks as if there is a bit of a fight to the upside, I am a bit suspicious of this market for the next couple of sessions. At the very least, I think the market needs to find a catalyst to grind to the upside. Overall, I think that the Stochastic Oscillator are showing that we are running out of momentum, so I think we’re going to have a couple of more quiet sessions. If we can pull back from here, I would be willing to buy at the 2550 handle as well. I think it’s only a matter of time before we break out to the upside, but after the recent run higher, it makes sense that we need to take a breather.
NASDAQ 100
The NASDAQ 100 fell during the trading session on Tuesday, slicing through the 6300 level again. We had formed multiple hammers, and it looks likely that we are going to continue to find buying pressure in this market. However, we are bit overextended, so I wouldn’t be averse to a pullback from here. The 6200-level underneath should be support, and it is likely that we will find buyers near that area. I think given enough time, the NASDAQ 100 continues to grind its way higher, but pullbacks are not only a necessity of a healthy market, but an opportunity to pick up value in a market that should continue to strengthen. Overall, I am not interested in shorting this market anytime soon.
Dollar falls broadly, euro rallied on upbeat German data
The euro rose to a 2-1/2 week high against the greenback on Tuesday after release upbeat German GDP data and in-line EU GDP quarterly data which surpassed growth in the U.S. economy. German GDP recorded a growth of 0.6% in the third quarter vs previous reading of 0.6% whilst annual growth clocked up an increase of 2.3% vs previous reading of 0.8%. The European Union's statistics office Eurostat confirmed its estimate from Oct. 31 that the gross domestic product (GDP)of the 19 countries using the euro grew by 0.6 percent in July-September from the previous three months and was 2.5 percent higher than in the same period of 2016. The single currency traded with a firm bias in Asia and despite a brief dip to 1.1666 in European morning, price rallied after release of German and EU GDP to 1.1727 ahead of New York open, price continued its intra-day ascent and hit a 2-1/2 week peak of 1.1805 in New York afternoon before easing.Versus the Japanese yen, despite extending gains from last Thursday's low at 113.09 to 113.91 in European morning, price erased its gains and tumbled to 113.31 on broad-based usd weakness due partly to falling U.S. yields.The British pound remained on the back foot on Tuesday's session. Despite briefly rising to 1.3129 at Asian open, cable came under selling pressure and fell to sessions lows at 1.3075 in European morning after soft U.K. inflation data. However, price erased intra-day losses and later rallied to session highs of 1.3186 in New York afternoon due to broad-based USD's weakness.
DOLLAR INDEX
--Dollar Index Crucial Support zone (93.60--91.50)--
--Dollar Index Crucial Immediate Resistance 95.60--97.20--
--RSI of 14 suggest oversold position may persist for sometime.--
--MACD with convergence of 0.16 or -0.16 also indicate weakness unless buyers enters to change trend or show reversal.--
