Base Metal Levels:

Base Metal Levels:

Copper:
Immediate Resistance at 450--460
Immediate Support at 410--420

Aluminium:
Immediate Resistance at 150--160
Immediate Support at 135--130

Zinc:
Immediate Resistance at 200--210
Immediate Support at 180 --170

Lead:
Immediate Resistance 170--160
Immediate Support at 140--130

Nickel:
Immediate Resistance at 1200--1250
Immediate Support at 970--900

Gold & Silver Levels:

Gold & Silver Levels:

Gold:
Immediate Resistance at 38000—38500
Immediate Support at 34500—34000

Silver:
Immediate Resistance at 42700--43000
Immediate Support at 41500—41000

Nifty down over 170 points; India VIX surges 14%

The Sensex is down 542 points at 36,575, while the Nifty is trading lower by 171 points at 10,826

                                   

Equity benchmark indices opened on a weak note on negative global cues, with the Nifty dropping below the psychological 10,900 mark in early trade.

The Sensex is down 542 points at 36,575, while the Nifty is trading lower by 171 points at 10,826.
The rupee opened at 70.06 against the US dollar on Monday, extending losses from the previous session and its lowest level since May 17. The rupee fell 66 paise from its Friday’s close of 69.60/$.

The market breadth, indicating the overall health of the market, was weak. On the NSE, 279 shares rose and 1,283 shares fell. A total of 500 shares were unchanged.
Vedanta, Tata Motors shares are among the biggest losers, shedding more than 5% each. Infosys, TCS and HDFC are the only shares trading in the green on Monday morning.
Shares of Sun Pharma slipped 1% after the pharma company said it is discontinuing operations at two clinical pharmacology units in Vadodara (Gujarat) to bring in efficiencies in cost and processes.

Oil prices fell amid concerns about weaker crude demand after US President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade war between the world’s two largest economies.

Overseas, China’s yuan fell past 7 per dollar, a level that had long been a focus for investors as a line in the sand for the country’s policymakers. The move pulled other Asian currencies down with it and exacerbated a sell-off in stocks.

On the political front, Authorities stepped up security in tensed Jammu and Kashmir on Monday as the movement of several senior leaders, including Mehbooba Mufti and Omar Abdullah, was restricted and mobile internet services snapped in fast-paced developments on Sunday night.

MORE WILL UPDATE SOON!!

Top buy and sell ideas

The benchmark indices closed moderately in green on August 2, but weakness continued for the fourth straight week in a row, keeping the Nifty below psychological 11,000 level.

The BSE Sensex after witnessing a swing of 768 points closed 99.90 points higher at 37,118.22 on August 2 but lost 2 percent for the week.

Nifty gained 17.40 points to close at 10,997.40 but saw 2.5 percent weekly loss. The index formed a bullish candle that resembles a High Wave kind of pattern on daily charts but saw bearish candle formation on the weekly scale.

The broader markets also saw some recovery from day's low and cut down losses to end 0.3 percent lower on Friday. For the week, the Nifty Midcap index lost 2.82 percent and Smallcap index shed 4.74 percent.

According to the pivot charts, the key support level is placed at 10,870.8, followed by 10,744.3. If the index starts moving upward, the key resistance levels to watch for out are 11,102 and 11,206.7.

The Nifty Bank closed at 28,204.95, down by 162.30 points on August 2. The important pivot level, which will act as crucial support for the index, is placed at 27,912.6, followed by 27,620.3. On the upside, key resistance levels are placed at 28,520.9 and 28,836.9.

Buy Asian Paints with a stop loss of Rs 1530, target of Rs  1580

Buy Pidilite Industries with a stop loss of Rs 1245, target of Rs 1280

Buy TCS with a stop loss of Rs 2190, target of Rs 2240

Buy Marico with a stop loss of Rs 368, target of Rs 382

Buy HDFC with a stop loss of Rs 2100, target of Rs 2165

Buy Marico stop loss at Rs 365 and target of Rs 387

Sell Raymond with stop loss at Rs 638 and target of Rs 605

Sell Cummins India with stop loss at Rs 687 and target of Rs 650

Sell Apollo Hospitals with a stop loss of Rs 1328 and target of Rs 1275

Buy Godrej Consumer with a stop loss at Rs 597 and target of Rs 635

Buy Asian Paints with a stop loss of Rs 1525 and target of Rs 1590

Sell HPCL with a stop loss of Rs 259 and target of Rs 240

MORE WILL UPDATE SOON!!

Rupee opens at lowest level against dollar since May 17

The rupee dived 54 paise on August 2 to close at an over six-week low of 69.60 against the US dollar.

The Indian rupee slipped in the early trade on August 5 as it opened at the lowest level since May 17 against the US dollar.

It opened lower by 55 paise at 70.14 per dollar on Monday against Friday's close 69.59.

The rupee dived 54 paise on August 2 to close at an over six-week low of 69.60 against the US dollar as soaring crude oil prices and a fresh flare up in US-China trade tensions weighed on emerging market currencies, reported PTI

Global markets tumbled and safe-haven assets like the Japanese yen gained after President Donald Trump on Thursday announced that the US will impose an additional 10 percent tariff on USD 300 billion worth Chinese imports, which Beijing vowed to retaliate, it added.

It was weakest level since June 19 when it had settled at 69.68 against the American currency.

On a weekly basis, the rupee has declined 71 paise.

MORE WILL UPDATE SOON!!

RBI Policy: MPC likely to cut policy rate by 25 bps amid concerns of economic slowdown

 RBI Governor Shaktikanta Das said in an interview that the switch to accommodative stance in June policy review amounted to a 25 basis points cut.

 

Monetary Policy Committee (MPC) is expected to deliver a fourth consecutive rate cut of 25 basis points on August 7, amid concerns of a deepening economic slowdown.

Since February, the Reserve Bank of India (RBI) has reduced the repo rate by 75 basis points in three successive reviews. Last month, RBI Governor Shaktikanta Das said in an interview that the switch to accommodative stance in June policy review amounted to a 25 basis points cut, taking the cumulative rate reduction to 100 basis points. Despite Das's comments, markets expect the RBI to continue easing.

"We expect the MPC to cut rates by a further 75 basis points, bringing the cumulative easing in this cycle to 150 basis points, more than the street

expectations," said Tanvee Gupta Jain, Economist, UBS Securities India. She added that the base case was for a 25 basis points cut in August, to be followed with 50 basis points over the rest of the year.

The slowdown in India's auto sector has deepened further with the consumer vehicle segment witnessing sharp decline in July. Ram Venkataramani, president of the Automotive Component Manufacturers Association of India (ACMA) has warned of a million job cuts if the trend continues.

"With the current local and global backdrop, and with obvious constraints on fiscal policy, it is reasonable to expect the current easing cycle to prolong," said Suyash Choudhary, Head – Fixed Income, IDFC AMC. He expects rate cuts of 75 basis points in the cycle, along with measures to ensure positive liquidity.

Last month, the International Monetary Fund also cut its India growth projection by 30 basis points to 7 percent citing weaker-than expected outlook for domestic demand. The IMF also cut its forecast for world economic growth by 10 basis points to 3.2 percent in 2019.

Anagha Deodhar, research analyst, ICICI Securities said that the real interest rates in the economy are high leaving room for further reduction. Currently, real interest rate is 5.2 percent while real policy rate is 2.55 percent. "This level of real interest rate is not conducive for an economy which is experiencing slowdown," Deodhar said.

On August 1, CRISIL ratings revised India's FY20 growth estimate downwards, from 7.1 percent to 6.9 percent, based on factors like weak monsoon, slowing global growth and sluggish high-frequency data for the first quarter.

MORE WILL UPDATE SOON!!

Stock picks of the day: Nifty may trade in a 430 points range

The Nifty is trading below 20, 50 and 100-day SMA's which are important short term moving average, indicating negative bias in the short term.

 

On the weekly chart, the Nifty index has formed a Bearish candle with a long lower shadow indicating buying at lower levels.

The index is also sustaining below its 'Up-Sloping Channel' breakdown, a level which signals downtrend on short to medium-term charts.

The chart pattern suggests that if Nifty crosses and sustains above the 11,080 levels then it would witness some pullback action which would lead the index towards the 11,150-12,250 levels.

However, if the index breaks below the 10,850 levels it would witness selling which would take the index towards the 10,800-10,730 levels.

The Nifty is trading below 20, 50 and 100-day SMA's which are important short term moving average, indicating negative bias in the short term.

The Nifty continues to remain in an uptrend in the long term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 11,280-10,850 with mixed bias.

The weekly strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias.

Here is a list of top three stocks which could give 4-6 percent return in the next 3-4 weeks:

Infosys: Buy| LTP: Rs 775| Buying range Rs 760-770| Target: Rs 795-810| Stop Loss: Rs 750| Upside 4-6 percent

On the weekly chart, the stock price is sustaining above its breakout levels of Rs 755-760 on closing basis. This breakout has accompanied with an increase in volumes which supports bullish sentiments ahead.

The weekly strength indicator RSI and the momentum indicator Stochastic both are in positive territory which supports upside momentum to continue in the near term. The stock price is sustaining well above its 20, 50 and 100 day SMA which supports bullish sentiments ahead.

Pidilite Industries: Buy| LTP: Rs 1,265| Buying range Rs 1,245-1,265| Target: Rs 1,305-1,330| Upside 4-6 percent

On the daily chart, the stock price has decisively broken out from its 'Multiple resistance zone' levels of Rs 1,250-1,255 levels on a closing basis and is also sustaining above the same.

This breakout has accompanied with an increase in volumes which supports the bullish sentiments ahead. The daily, as well as weekly strength indicator RSI and the momentum indicator Stochastic both, are in positive territory which supports upside momentum to continue in near term.

The stock price is sustaining well above its 20, 50 and 100-day SMA which supports bullish sentiments ahead.

Avenue Supermarts: Buy| LTP: Rs 1,512| Buying Range Rs 1,470-1,490| Target: Rs 1,540-1,565| Stop Loss: Rs 1,440| Upside 4-6 percent

On the daily chart, the stock price has decisively broken out from its 'Multiple resistance zone' levels of Rs 1,475-1,485 on a closing basis and are sustaining above the same.

This breakout is accompanied with an increase in volumes which supports bullish sentiments ahead. The daily as well as weekly strength indicator RSI and the momentum indicator Stochastic both have turned positive which supports upside momentum to continue in the near term.

The stock price is sustaining well above its 20, 50 and 100 day SMA which supports bullish sentiments ahead.

MORE WILL UPDATE SOON!!

Stocks in the news: ITC, RIL, Nestle, NIIT, Coffee Day, DHFL, Union Bank, Bata India, JK Cement

Nestle India | NIIT | Coffee Day Enterprises | DHFL | Union Bank | Bata India and JK Cement are stocks which are in the news today.

Results on August 5: Indian Hotels Company, Berger Paints(I), Hindustan Oil Exploration Company, KEI Industries, Vishnu Chemicals, Entertainment Network (India), Butterfly Gandhimathi Appliances, Dwarikesh Sugar Industries, Action Construction Equipment, Usha Martin Education, Kamat Hotels (I), Mangalam Cement, Orient Green Power Company, Venky's (India), Nath Bio-Genes (India), Bombay Dyeing, SRF, Jindal Stainless, Agri-Tech (India), Vesuvius India, Arvind SmartSpaces, Hexa Tradex, Nesco, Simplex Projects, Asian Hotels (East), Majesco, GP Petroleums, Standard Industries, Sundaram Finance Holdings, CL Educate, Dilip Buildcon, PNB Gilts, Cosmo Films, Indian Bank, Monte Carlo Fashions, Techindia Nirman, Torrent Power, Parenteral Drugs, Piramal Phytocare, Hinduja Global Solutions, Khandwala Securities, Seya Industries.

ITC Q1: Profit rises 12.6 percent to Rs 3,173.9 crore versus Rs 2,828.7 crore, revenue increases 5.8 percent to Rs 11,502.8 crore versus Rs 10,874.6 crore YoY. Cigarettes revenue rises 6 percent to Rs 5,433.4 crore versus Rs 5,127.6 crore YoY.

Nestle India Q2: Profit jumps 10.8 percent to Rs 437.8 crore versus Rs 395 crore, revenue increases 11.2 percent to Rs 3,000 crore versus Rs 2,698.4 crore YoY.

Deepak Nitrite Q1: Consolidated profit jumps to Rs 132 crore versus Rs 18.7 crore, revenue surges to Rs 1,051 crore versus Rs 463.9 crore YoY.

GSPL Q1: Profit spikes 34.4 percent to Rs 206 crore versus Rs 153,3 crore, revenue rises 16 percent to Rs 512.6 crore versus Rs 441.8 crore QoQ.

Aditya Birla Capital Q1: Consolidated profit grows 27 percent to Rs 270 crore versus Rs 213 crore, revenue rises 16 percent to Rs 3,962 crore versus Rs 3,424 crore YoY.

Laurus Labs Q1: Consolidated profit dips 9.1 percent to Rs 15 crore versus Rs 16.5 crore, revenue rises 2.1 percent to Rs 550.5 crore versus Rs 539 crore YoY.

eClerx Services Q1: Consolidated profit slips 32.8 percent to Rs 39.8 crore versus Rs 59.2 crore, revenue dips 2.8 percent to Rs 354.7 crore versus Rs 365 crore QoQ.

Union Bank of India Q1: Profit surges 73.3 percent to Rs 224 crore versus Rs 129.5 crore, NII falls 4.1 percent to Rs 2,518.2 crore versus Rs 2,626.1 crore YoY. Gross NPA rises to 15.18 percent versus 14.98 percent and net NPA increases to 7.23 percent versus 6.85 percent QoQ.

Union Bank of India: Lender is not looking to exit Star Union Dai-ichi Life Insurance.

Parag Milk Q1: Consolidated profit dips 2.5 percent to Rs 28 crore versus Rs 28.2 crore, revenue rises 14.6 percent to Rs 629.7 crore versus Rs 549.4 crore YoY.

Coffee Day Enterprises: Board postponed company's April-June quarter earnings. It was scheduled to report earnings on August 8. In addition, Sulakshana Raghavan resigned as independent director for personal reasons.

Bata India Q1: Profit rises 22.1 percent to Rs 101 crore versus Rs 82.5 crore, revenue increases 10.6 percent to Rs 882.1 crore versus Rs 797.2 crore YoY.

Zen Technologies Q1: Profit at Rs 16.8 crore versus loss of Rs 3.3 crore, revenue rises to Rs 48.8 crore versus Rs 6.1 crore YoY.

JK Cement Q1: Profit jumps to Rs 153.8 crore versus Rs 49.3 crore, revenue rises 19 percent to Rs 1,328 crore versus Rs 1,115.6 crore YoY.

MRPL Q1: Loss at Rs 450.5 crore versus profit of Rs 354.7 crore, revenue falls 38.8 percent to Rs 11,175.6 crore versus Rs 18,265.6 crore YoY.

Triveni Turbine Q1: Profit jumps 61.6 percent to Rs 30.7 crore versus Rs 19 crore, revenue increases 24.3 percent to Rs 213.6 crore versus Rs 171.8 crore YoY.

Jammu & Kashmir Bank Q1: Profit falls 58.4 percent to Rs 21.9 crore versus Rs 52.6 crore, NII rises 15.8 percent to Rs 902.2 crore versus Rs 779.2 crore YoY. Gross NPA dips to 8.48 percent versus 8.97 percent, net NPA slips to 4.36 percent versus 4.89 percent QoQ.

Trident Q1: Profit jumps to Rs 122.4 crore versus Rs 58.9 crore, revenue rises 15.5 percent to Rs 1,312.1 crore versus Rs 1,136.4 crore YoY.

GMDC Q1: Profit falls 48.7 percent to Rs 95.8 crore versus Rs 186.7 crore, revenue dips 21.7 percent to Rs 504.8 crore versus Rs 644.8 crore YoY.

Corporation Bank Q1: Profit jumps 21.5 percent to Rs 103.3 crore versus Rs 85 crore, NII dips 17 percent to Rs 1,298.6 crore versus Rs 1,564.2 crore YoY. Gross NPA rises to 15.44 percent versus 15.35 percent and net NPA dips to 5.69 percent versus 5.71 percent QoQ.

Tata Communications Q1: Consolidated profit at Rs 76.61 crore versus loss at Rs 58.49 crore, revenue rises to Rs 4,168.62 crore versus Rs 3,943.75 crore YoY.

National Fertilizers Q1: Loss at Rs 64.07 crore versus profit at Rs 41.10 crore, revenue rises to Rs 2547 crore versus Rs 2,162.40 crore YoY.

Bhansali Engineering Polymers Q1: Standalone profit rises to Rs 21.93 crore versus Rs 16.77 crore, revenue jumps to Rs 313.32 crore versus Rs 201.68 crore YoY.

Globus Spirits Q1: Consolidated profit rises to Rs 7.16 crore versus Rs 6.55 crore, revenue jumps to Rs 314.65 crore versus Rs 258.56 crore YoY.

Triveni Engineering Q1: Consolidated profit falls to Rs 34.06 crore versus Rs 37.12 crore, revenue rises to Rs 925.4 crore versus Rs 706.61 crore YoY.

Sandhar Technologies Q1: Consolidated profit falls to Rs 13.92 crore versus Rs 21.81 crore, revenue declines to Rs 551.68 crore versus Rs 570.71 crore YoY.

CARE Ratings Q1: Profit dips to Rs 13.17 crore versus Rs 25.02 crore, revenue falls to Rs 49.92 crore versus Rs 59.99 crore YoY.

Adani Power: Company completed acquisition of GMR Chhattisgarh Energy Ltd.

Adani Green Energy: Step down subsidiary Adani Renewable Energy has part commissioned 100 MWac capacity in Rajasthan out of 200 MWac solar power project.

Spice Mobility: Subsidiary Spice VAS (Africa) Pte. Limited executed a share purchase agreement whereby SVA has agreed to transfer 100 percent stake in its wholly owned subsidiary, SVA (Mauritius) Private Limited to Karma Trust Group. Consequently, SVAM will cease to be a subsidiary of SVA and step down subsidiary of the company.

Rollatainers: Darshan Prasad Yadav has resigned from the position of Chief Financial Officer.

Filatex India: Board approved the proposal of raising of funds upto an amount of Rs 250 crore.

Karnataka Bank: Lender ties up with FISDOM, a online platform for sale of mutual funds.

Reliance Industries: Subsidiary Reliance Industrial Investments and Holdings entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd. (Shopsense or Fynd), the software technology company, for a cash consideration not exceeding Rs 295.25 crore.

Sarda Energy: Board approved, seeking approval of the shareholders for raising of funds upto an amount not exceeding Rs 1,000 crore through equity/equity related instruments.

Anuh Pharma: Company received approval from WHO - Geneva Prequalification that the Prequalification Inspection Group has recommended that the API's Pyrimethamine, Pyrazinamide and Sulfadoxine can be considered to be compliant with the standards of Good Manufacturing Practices (GMP) for Active Pharmaceutical Ingredients (APIs) published by the World Health Organisation (WHO) for manufacturing and packaging of APIs by chemical synthesis.

Tata Power and Tata Motors: Both joined hands to set in motion electric mobility infrastructure in India.

Dewan Housing: Company defaulted NCD interest payment of Rs 49.3 crore on August 3 and Rs 42.8 crore on August 2.

Jet Airways: Expression of Interest (EoI) submission deadline extended to August 10.

SBI, UCO Bank, United Bank of India, Bank of Baroda, Oriental Bank of Commerce, PNB, Corporation Bank: RBI slaps a fine of Rs 50 lakh, Rs 1 crore, Rs 1 crore, 50 lakh, Rs 1.5 crore, Rs 50 lakh and 1 crore respectively for delay in reporting fraud.

Reserve Bank of India also imposed monetary penalty on seven banks: Allahabad Bank (Rs 2 crore), Bank of Baroda (Rs 1.5 crore) Bank of India (Rs 1.5 crore), Bank of Maharashtra (Rs 2 crore), Indian Overseas Bank (Rs 1.5 crore), Oriental Bank of Commerce (Rs 1 crore), Union Bank of India (Rs 1.5 crore).

Jubilant Life: Company raised Rs 40 crore via commercial paper.

Cox & Kings: Company defaulted on Rs 100 crore worth commercial papers.

Manpasand Beverages: Company appointed Batliboi & Purohit as statutory auditors.

Punjab & Sind Bank: Lender reported a Rs 40.49 crore fraud to RBI.

NIIT: Board will consider June quarter earnings and proposal for buyback of equity shares of the company on August 10.

Bulk deals

MORE WILL UPDATE SOON!!