Technical Levels of PSU Banks

Update on technical levels of PSU Banks

1. State Bank of India

Support at 300 and Resistance at 325

Above 325 rally remain continue till 340---355+++ mark in days to come else could touch its support level of 300 again.

Fresh selling can be initiated below 300 on closing basis

2. PNB

Support at 162 and Resistance at 180

Above 180 rally remain continue till 186. Two consecutive close above 186 will see sharp upside rally till 198---205+++ mark in days to come else it could test its support again

Fresh selling can be initiated below 162 on closing basis

3.Andhra Bank

Support at 57 and Resistance at 61

Break and close above 61 will take it to 65---67+++ mark in days to come else could touch its support level of 57 again.

Fresh selling can be initiated below 57 on closing basis

4.Syndicate Bank

Support at 80.00 and Resistance at 88.00

Close above 88.00 will see sharp upside rally till 94---97 and then to 102+++ mark in days to come else it could touch its support level of 80.00 again.

Fresh selling can be initiated below 80.00 on closing basis

5. Canara Bank

Support at 340 and Resistance at 370

Close above 370 will take to 398---405+++ else could touch its support level of 341 again.

Fresh selling can be initiated below 341 on closing basis.

6. Bank of India

Support at 168 and Resistance at 185

Close above 185 will take to 203---208+++ mark else it could touch its support level of 168 again.

Fresh selling can be initiated below 168 on closing basis

7.Karnataka Bank

Support at 143 and Resistance at 153

Break and close above 153 will take it to 160---162+++ mark in days to come else could touch its support level of 143 again.

Fresh selling can be initiated below 143 on closing basis.

8. Allahabad Bank

Support at 69 and Resistance at 75.50---78.00

Trade within a range ... Looks choppy at this stage

9.Bank of Baroda

Support at 155 and Resistance at 171.50

Break and sustain above 171.50 will take it to 188---192+++ mark in days to come else could touch its support level of 155 again.

Fresh selling can be initiated below 155 on closing basis.

10. IDBI Bank

Support at 56.50 and Resistance at 60.00

Break and sustain above 60.00 will take it to 64.00---65.50+++ mark in days to come else could touch its support level of 56.50 again.

Fresh selling can be initiated below 56.50 on closing basis.

11.Union Bank Of India

Support at 141 and Resistance at 156

Break and sustain above 156 will take it to 171---175+++ mark in days to come else could touch its support level of 141 again.

Fresh selling can be initiated below 141 on closing basis.

12.Oriental Bank of Commerce

Support at 115 and Resistance at 125

Break and sustain above 125 will take it to 135---145+++ mark in days to come else could touch its support level of 115 again.

Fresh selling can be initiated below 115 on closing basis.

13. Indian Bank

Support at 362 and Resistance at 397

Break and sustain above 397 will take it to 428---435+++ mark in days to come else could touch its support level of 362 again.

Fresh selling can be initiated below 362 on closing basis.

More will update soon!!!

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Technical Pick on L&TFH

Technical Pick – L&TFH

• L&TFH is finding support at 160 and resistance above 175. On Daily chart, L&TFH is forming double bottom having neck line breakdown point above 175. 

• Daily 14 period RSI has also risen from higher levels to around 45 this could mean Continuation of upside momentum in the stock price ahead possibly a breakdown this time. 

• MACD too has given the positive crossover (Buy signal) which indicates that up side seems certain in it. 

• 14 Period Exponential average is also indicating the positive momentum in the stock as it has comfortably crossed the average with closing. 

• Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 190+++ mark in coming weeks. For positional trade, stop loss seeing below 160 on closing basis which in unlikely to breach in near terms.

Trading Recommendation(18th Dec 2017)

Buy L&TFH above 175 and for the initial upside target of 190+++ mark with stop loss below 160 on closing basis.

More will update soon!!!

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Crude Oil gains In Asia on US Rig Count Numbers, Strong Demand Tone

Crude Oil gains In Asia on US Rig Count Numbers, Strong Demand Tone

Crude oil gained in Asia, getting some support as the number of rigs drilling for oil dipped last week and on continued strong demand cues from the regional market. Last week, oil settled on a mixed note on Friday, with prices notching their third-consecutive weekly loss amid concerns over rising production in the U.S. The number of oil drilling rigs fell by four to 747 in the week to Dec. 15, data from General Electric (NYSE:NYSE:GE)'s Baker Hughes energy services unit showed, the first cut to drilling numbers in six weeks. However, the rig count, an early indicator of future output, is still much higher than a year ago when only 510 rigs were active. The steady increase in U.S. production has taken some of the edge off an OPEC-led initiative to support the market by cutting production. The Organization of Petroleum Exporting Countries (OPEC), along with some non-OPEC producers led by Russia, agreed last month to extend current oil output cuts for a further nine months until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

Source :Investing

More will update soon!!!

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Revised levels of Major Agri Commodities for the day 18th December 2017

Agri Commodity Update (18th-Dec-2017) 

Fundamental Aspect:

Chana futures prices witnessed a vertical crash in last couple of week due to weak physical demand on improved sowing progress and higher stocks in the country due to record imports. As per government data, India imported about 4.78 lakh tonnes of chana during April-Sep, up by 430% compared the last year imports. As per government sowing data, area under the chana crop across the country was up 10.25% on year at 89.6 lakh ha as on last week. The NCDEX have imposed a special margin of 5% on the sell side in all running contract and yet to be launched chana contracts seems unable to support its prices.

Cotton future prices continued to trader higher in last few trading session tracking lower arrivals and expectation of fall in domestic output due to pink bollworm attacks in some states. Moreover, higher bonus in Gujarat and increase in consumption by the mills is also supporting prices.

As per Cotton Advisory Board, demand from textile mills is likely to be 315 lakh bales this season as against 288.86 lakh bales last season, while exports might go up to 67 lakh bales as against 58.21 lakh bales last season. ICE cotton futures jumped near-nine month high, boosted by a supportive U.S. export sales report. As per USDA, export Sales report showed 259,661 RB in old crop upland cotton sales, a jump of 39.17% over last week but down 16.69% from last year. Exports of 166,600 running bales were down 33% from the previous week, but up 24% from the prior 4-week average. 

Technical Aspect (Jan)

Turmeric (Apr)

Our buy call from 7400—7584 has proven great

Now what to expect?

Support seen at 7350 and Resistance is 7650.

Rally likely to continue till 7650.Break and sustain above 7650 will take it towards 7740—7850 and then 8000++ mark in near term.

Fresh selling only can be seen only close below 7350 on closing basis.

Trade with levels only.

Jeera  

Support seen at 21100 and Resistance is at 21650--22050.

Looks weak on Chart. Sell on rise till 21650 which will take it towards 21300—21050 and then 20800 mark in near term.

Fresh Buying can be seen on close above 22050 mark on closing basis.

Trade with levels only.

Castor Seed 

Support at 4450 and Resistance at 4560.

Looks weak on chart. Sell on every rise till 4560.Break and sustain below 4450 will take it towards 4410—4360 and then 4250 mark in near term. 

Fresh buying can be initiated above 4560 mark on closing basis.

Trade with levels only.

Guarseed 

Support is at 3800 and Resistance is 3920.

Looks weak on chart and likely to touch 3800 .Break and sustain below 3800 will take it towards 3750—3720 and then 3650 mark in near term else could touch its resistance of 3920 mark.

Hurdle and stop loss will remain at 3920 mark on closing basis.

Trade with levels only.

Chana 

Support is 3800 and Resistance is 4050.

We expect bottom out here. Likely to take “U” TURN here towards 4050. Break and sustain 4050 will take it towards 4130—4180 and then 4250+ mark in near term. Support will remain at 3800.

Take cautionary approach at lower levels.

Trade with levels only

RM Seed 

Support seen at 3930 and resistance is at 4050.

Looks weak on chart. Sell on every rise till 4050 and likely to touch 3930. Break and close below 3930 will take it towards 3870—3830 and then 3750 mark in near term.

Fresh buying can be initiated above 4050 mark on closing basis.

Trade with levels only.

Soybean

  

Support seen at 2980 and Resistance is 3080

Sharp recovery noticed from lower levels and likely to touch 3080. Buy and accumulate more on decline. Break and sustain above 3080 will take it towards 3140—3220 and then 3270++ mark in coming days.

Fresh selling can be seen on close below 2980 mark on closing basis.

Trade with levels only.

CPO 

Support seen at 556 while Resistance is 568.

Looks positive on chart. Buy and accumulate more on decline and its likely to touch 565 soon. Break and sustain above 568 will see a new bullish era in the near term.

Support and stop loss will remain at below 556 mark on closing basis.

Trade with levels only.

More will update soon!!!

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Currency Report of 18th December 2017

Currency Report 18th December 2017

Continuing its winning run for the second straight session, Indian rupee ended significantly higher against dollar on Friday, due to sustained selling of the US currency by exporters and banks. Traders took encouragement with exit polls indicating both Himachal Pradesh and Gujarat going in favor of ruling BJP. Exit polls conducted by various polling agencies for news channels have predicted that BJP would retain Gujarat with a reduced margin of seats in the 182-member assembly, though one of them predicted a sweep. Some cheer also spread among the investors with the International Monetary Fund (IMF), which is slated to come out with an update of its projections of India’s growth rate along with the rest of the world in January, sees benefits in the medium-term from the demonetization exercise which India carried out about a year ago. That apart, the rupee derived its strength from strong gains in the local equity markets as well as strength of other Asian currencies against dollar. 

On the global front, dollar slipped to a nine-day low against yen on Friday, after wrangling in the United States Congress over a bill to change the tax code dented confidence that the reforms would be pushed through in their current state.

USDINR 

Support at 64.05 and Resistance at 64.40

Break and sustain above 64.40 will take it to 64.80—65.00++ mark else could touch its resistance level of 64.05.

Fresh selling can be initiated below 64.05

Trade with levels only.

GBPINR

Support at 85.65 and Resistance at 86.00

Break and sustain below 85.65 will take it to 85.30—85.10 mark else could touch its resistance level of 86.00 mark.

Fresh buying can be initiated above 86.00

EURINR

Support at 75.55 and Resistance 75.90

Break and sustain above 75.90 will take it to 76.40—76.70++ mark else could touch its support level of 75.50 mark.

Fresh selling can be initiated below 75.55

JPYINR

Above 57.35 rally remain continue till 57.50—57.80+++ mark, else could touch its support level of 56.90.

Fresh selling can be initiated below 56.90

More will update soon!!!

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Update on Nifty levels, Bank Nifty levels, Derivative Outlook and Equity Pick of the day 18th Dec 2017

Update on Nifty levels, Bank Nifty levels, Derivative Outlook and Equity Pick of the day 18th Dec 2017

Nifty 10333 /Sensex 33246/ Bank Nifty 25168

33 Advances / 17 Declines/ 0 Unchanged

Dalal Street cheers exit poll results; Nifty regains 10,300 mark

Jubilation continued on Dalal Street for second straight session and Indian equity benchmarks ended the session with a gain of over half a percent, recapturing their crucial 10,300 (Nifty) and 33,400 (Sensex) levels. Markets after a gap-up opening traded with traction with exit polls indicating both Himachal Pradesh and Gujarat going in favour of ruling BJP. Exit polls conducted by various polling agencies have predicted that BJP would retain Gujarat, the major battle ground despite a reduced margin of seats in the 182-member assembly. Some support also came with global rating agency Moody’s statement that it has a stable outlook for non-financial corporate in the country, except for telcos, on which it has a negative outlook for 2018. It said that stable outlook is underpinned by the expectation that GDP growth of around 7.6% will result in higher sales volumes. Traders also took some encouragement with Finance minister Arun Jaitley identifying infrastructure creation, resolution of non-performing assets and recapitalization of banks as the priority areas to push the country further on growth path.

Sentiments also remained up-beat as the International Monetary Fund (IMF), which is slated to come out with an update of its projections of India’s growth rate along with the rest of the world in January, sees benefits in the medium-term from the demonetisation exercise which India carried out about a year ago. Besides, traders took support with the private report stating that India’s economic growth has bottomed out and the GDP growth will recover further to 7% over the next few quarters but it is likely to take few years to return to 7.5% above levels. Though, markets ended off day highs, as traders opted for wait and watch approach, eyeing the winter session of Parliament. During a total of 14 sittings over a duration of 22 days, both the Houses, Lok Sabha and Rajya Sabha, will take up 25 Bills, including GST compensation to states, for consideration and passing.

On the global front, European markets were trading in red terrain in early deals, as fresh concerns over US tax reform plans dampened market sentiment and as investors were still digesting the European Central Bank's latest policy decision. Asian shares edged higher on Friday, on track for weekly gains, though sentiment was kept in check by Wall Street's weakness on concerns about the progress of US tax reform.

Back home, the Supreme Court on Thursday reserved its interim order for Friday on a batch of pleas seeking a stay on the government's decision of mandatory linking of Aadhaar with various welfare schemes, as the Centre extended the deadline up to March 31 next year. On the sectoral front, shares of metal companies remained on buyers’ radar with the Nifty Metal index gaining more than 2% on the National Stock Exchange (NSE) as higher base metals prices in global commodities markets. Meanwhile, shares of multi-specialty hospital chain Shalby, which recently concluded its Rs 504 crore initial public offering, listed with a discount of over three and half percent at Rs 239.25 on the BSE against the issue price of Rs 248.

FII’s Activity 15th-Dec-17

The FIIs as per Friday’s data were net buyers in equity segment, while they were net sellers in debt segment, according to data released by the NSDL.

In equity segment, the gross buying was of Rs 5252.85 crore against gross selling of Rs 4788.00 crore. Thus, FIIs stood as net buyers of Rs 464.85 crore in equities.

In the debt segment, the gross purchase was of Rs 605.60 crore with gross sales of Rs 1041.82 crore. Thus, FIIs stood as net sellers of Rs 436.22 crore in debt.

Now what to expect ??

Nifty Levels 

Close above 10370 will see rally till 10460---10530. More and more upside rally will see only close above 10530 else it could test 10200---10160 again.

Trade within a range

Bank Nifty 

Above 25600 will see panic till 25760---25875. More and more upside rally will see only close above 25875 else it could test 25200 again.

Trade within a range

GNFC - Top Pick 

Price just got above it's 50-day simple moving average which is a positive signal. According to simple moving average analysis, gnfc is in a uptrend. 

Bollinger bands has hit the upper band which is also a positive signal.

Now what to expect??

Above 584 will see rally till 610-—620 in days to come. Further upside will see if closes above 620.

Support intact at 560

Any sharp upside rally will be selling opportunity in it.

Trading Recommendation (18th Dec 2017) 

Buy GNFC above 584 with stop loss below 460 (on a closing basis) Target 610--—620.

Corporate Action ( Ex-Date)

Colgate Palmolive (India) Limited- Interim dividend- Rs 4/- Per share (Purpose Revised)

More Will Update Soon!!

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