Morning News Headlines

Morning News Headlines 

Economic Times

● Soon, like mobile number you may also port your power supplier

● PM to inaugurate global investors’ summit in Assam

● Adani teams up with Nebras to bid for Equis’s Assets

● Flipkart plans to pick 8-10% stake in Future Lifestyle

● Wipro Q2 profit up 5.6% to Rs 2,189 crore, beats estimates

Business Standard

● GM India’s Hardeep Singh set to join VW as sales head

● Axis Bank Q2 net jumps 36% to Rs 432 cr but bad loans rise

● Bajaj Auto net dips on rising costs, flat two-wheeler sales

● Newest outpost for US crude exports: India

● Make bankruptcy law accountable, not time-bound: Kroll 

Mint

● GST hits excise-free zones; pharma, FMCG worried

● Telecom projects worth Rs 1.30 lakh crore in works

● ONGC to call bids to raise output of ageing oilfields

● Milestone Capital looks to raise up to Rs 1,000 crore

● India's poorest 20% to get a Rs 1.2 lakh cr cover

Reuters

● Gold ETFs register Rs 388 crore outflows in April-September 2017

● GST: Karnataka shows way for goods tracker system

● Smartphone shipments touch record high in Q2

● Suzuki using Maruti's muscle to grow its two-wheeler business in India

● Bajaj Auto Q2 profit falls marginally to Rs 1,112 crore

Sources : Economic Times, Business Standard, Mint, & Reuters.

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Updates on Bullion, Base Metals and Energy Levels 17th October 2017

Updates on Bullion, Base Metals and Energy Levels 17th October 2017

Gold futures ended lower on Monday as the US dollar strengthened against a basket of major currencies, but lingering uncertainty about the pace and scope of US interest-rate hikes beyond December kept the yellow metal above the key $1,300 level for a second session in a row.

MCX Crude may witness choppy trade in line with international market but bias may be on the upside. NYMEX crude trades in a narrow range above $51 per barrel amid mixed cues. Supporting price are supply concerns amid tensions between Iraqi and Kurds. Iraqi troops clashed with Kurdish forces in an Iraqi offensive to regain control in the disputed area. Also supporting price is expectations of another decline in US crude oil stocks. Also supporting price is optimism about US economy as is evident from gains in equity market. Focus today will be on development relating to Iraq, US economic data and comments from central bank officials. API weekly report is expected to note a 3.8 million barrels decline in US crude oil stocks.

Copper futures ended higher on Monday, marked a more than three-year high as upbeat Chinese economic data lifted demand prospects for the industrial metal. Data showed China's producer prices beat market expectations, rising 6.9 percent in September from a year earlier. Last week, data showed that the country’s imports rose 18.7 percent in September from a year earlier.

Technical Level

Gold

Support at 29650 and Resistance at 29800

Break and sustain below 29650 will take it to 29400—29300 and then to 29100 mark else could touch its resistance level of 29800 mark.

Fresh buying can be initiated above 29800

Silver

Support at 39800 and Resistance at 40250

Break and sustain below 39800 will take it to 39400—39150 and then to 38800 mark else could touch its resistance level of 40250 mark.

Fresh buying can be initiated above 40250

Crude

Support at 3350 and Resistance at 3400

Break and sustain above 3400 will take it to 3440—3460++ mark else could touch its support level of 3350 mark.

Fresh selling can be initiated below 3350

Natural Gas

Support at 191 and Resistance at 195

Above 195 will take it to 198—200 and then to 205++ mark else could touch its support level of 191.

Fresh selling can be initiated below 191

Copper 

Support at 458 and Resistance 467

Break and sustain below 458 will take it to 453---450 and then to 445 mark else could touch its resistance level of 467 again,

Fresh buying can be initiated above 467

More will update soon!!!

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Oil holds gains as Iraq, U.S.-Iran tension raises risks…

 Oil holds gains as Iraq, U.S.-Iran tension raises risks…

Oil prices crept higher today, holding on to gains made as fighting between Iraqi and Kurdish forces threatened supplies from northern Iraq while political tension rose between the United States and Iran. After months of range bound trading during which OPEC-led supply cuts supported crude values but rising U.S. output capped markets, prices have moved up significantly this month. Tension between the United States and Iran is rising, also raising the global risk premium for oil.U.S. President Donald Trump on Friday refused to certify Iran's compliance over a nuclear deal, leaving Congress 60 days to decide further action against Tehran.

(Source: Investing)

More will update soon!!!

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Hurry!! Grab our Diwali Offer.

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Gold prices fall in Asia as dollar gains deter, Safe-haven demand eases…

 Gold prices fall in Asia as dollar gains deter, Safe-haven demand eases…

Gold prices fell in Asia as investors noted a stronger dollar and less appetite for safe-haven plays weighed on sentiment and as physical demand in India for the holiday season has failed to lift the futures market. Overnight, gold prices held above $1300 on Monday shrugging off an uptick in the dollar and treasury yields as safe-haven demand remained steady amid ongoing geopolitical uncertainty and concerns over the pace of U.S. interest rate hikes. On the heels of snapping a four-week losing streak, gold prices made a subdued start to the week trading in a narrow $6 range amid a lack of top-tier economic data release. Ongoing tensions over Iran, however, limited downside momentum in the precious metal while concerns over the pace of interest rate hikes beyond the widely expected year-end December rate hike strengthened sentiment on gold prices.

(Source: Investing)

More will update soon!!!

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Morning News Headlines

Morning News Headlines 

Economic Times

● Congress "an equal partner" in GST decision: Modi

● Items in 28% GST rate slab needs to be pruned: Adhia

● IndiGo forays into regional mkts; adds ATR to its fleet

● Corporate funding in solar sector touches $2.4 bn in Q3

● Ayurveda market size seen at $8 billion by 2020

Business Standard

● Shiv Nadar reappointed as MD of HCL Technologies

● Govt prefers domestic buyer for Air India: Source

● NIIF, ADIA sign investment agreement worth $1 billion

● AI seeks $555 mn bridge loan for buying 3 Boeing planes

● 'India gets $10 bn commitment in food processing'

Mint

● Airtel hits 9-year high; Godrej Agrovet declines after strong debut

● Nifty on course to hit 12,000 in long term: CLSA

● 66 machines being used for counting demonetised notes: RBI

● Sebi pushes for physical deliveries in commodity derivative deals

● Declared assets of BJP up by 627% in last 10 years: ADR report

Reuters

● Wholesale inflation eases to 2.6% in September as food items soften

● Federal Bank hits record high on healthy Q2 results

● Asian shares conquer 10-year peak, oil up on Iraq tensions

● Fundraising via IPOs at record high; crosses Rs 40,000 crore mark in CY17

● DHFL profit up 26% at Rs 293 cr during July-Sept

Sources : Economic Times, Business Standard, Mint & Reuters.

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