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  • 1:30 PM
  • Crucial Europe Flash Manufacturing PMI will be published soon. The data displays a level of a diffusion index based on surveying 5000 purchasing managers asking respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories. Previously at 4.8, the forecast suggests an increase to 46.0.
  • 1:30 PM
  • Integral Europe Flash Services PMI will be published soon. The data displays the level of a diffusion index based on surveying about 5000 purchasing managers asking respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories.
  • 7:15 PM
  • The US Flash Manufacturing PMI will be published this evening. The data displays the level of a diffusion index based on surveying about 800 purchasing managers asking respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories. Previously at 51.6, the forecast suggests an increase to 51.7.
  • 7:15 PM
  • Integral US Flash Services PMI will be published this evening. The data displays the level of a diffusion index based on surveying 400 purchasing managers in the services industry asking them about the relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories. Previously at 55.3, the forecast suggest an increase to 54.7.
  • 7:30 PM
  • US New Home Sales will be published this evening. The data displays the annualized number of new single family homes that were sold during the previous month. Previously at 619 K, the forecast suggests an increase to 639 K.
  • 8:00 PM
  • US Crude Oil Inventories will be published tonight. The data displays the change in the number of barrels of crude oil held in inventory by commercial firms during the past week. Previously at -4.9M, the forecast suggests an increase to -2.6 M.
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  • 9479799998

Focus – MCX Gold Falls 5% – Key Support Broken or Temporary Dip?

Focus - MCX Gold Falls 5% - Key Support Broken or Temporary Dip?

Gold and silver prices fell sharply on Tuesday after Finance Minister Nirmala Sitharaman announced a cut in customs duties on gold and silver to 6 percent. The tax on platinum was also reduced to 6.4 percent. Prices fall more than five percent in one day, which was the biggest drop since June 2021.

Gold was near a four-month low after Finance Minister Nirmala Sitharaman announced a rate cut to 6 percent. The budget for the next fiscal year of the Union included a reduction in customs duties to increase the domestic value addition of gold and precious metal jewellery.

The general tax on gold and silver has been reduced from 15% to 11%, which includes a 5% tax on agricultural infrastructure. of.

Additionally, the government announced a cut in customs duties on platinum to 6.4%. To reduce the cost of steel and copper production, the government reduced the basic customs duty (BCD) on ferro nickel and blister copper. The government will continue with nil BCD on ferrous scrap and nickel cathode and a concessional BCD of 2.5% on copper scrap.

A reduction in gold customs duties will result in a decline in domestic prices, which is expected to boost demand. However, higher demand for gold could ramp up prices globally, potentially widening the country’s trade deficit and weakening the rupee.

Technical Outlook – (Gold Futures)

The price of gold fell yesterday to an April 2024 low of 68456. Prices fell 5.79%, their biggest one-day drop since June 2021, to 68,510 from 72,718 the previous day.

A black open marubozu candlestick on the chart indicates a bearish trend in the near future. However, it needs to break below the next support at 67050 to test the next support at 66300-65900.00 Otherwise, prices may stabilize between 67100-69000 for a short- time.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read : PMI Reading & BoC Policy: What’s the Big Deal Today? Budget Impact: Nifty Unmoved, Bank Nifty Under Pressure

Recommended Read : In Focus China’s Panda Strategy: Cute Gesture or Economic Marvel to Boost the Yuan?

Want help on your trades?

Chat with our RM

PMI Reading & BoC Policy: What’s the Big Deal Today?

PMI Reading & BoC Policy: What’s the Big Deal Today?

PMI reading and BoC policy take center stage today. The US dollar was broadly higher in quiet trading as investors digested US President Joe Biden’s decision to end his re-election campaign, which could add volatility to currency markets. However, the dollar weakened against the yen after two consecutive days of gains.

Market participants also looked forward to next week’s key monetary policy meetings between the central bank and the Bank of Japan. The Fed could signal that it is ready to start an easing cycle at its next meeting in September, while the BOJ, on the other hand, could start to raise interest rates, giving the yen a bit of a boost.

June US existing home sales fell -5.4% to 3.89 million, weaker than market expectations for a -3.2% drop to 3.98 million. Home sales continue to be undercut by high mortgage rates and high home prices.

The July Richmond Fed manufacturing index fell by -7 points to -17, weaker than expectations for a +3-point rise to -7. The July Richmond Fed business conditions index fell by -1 point to -8, although June was revised higher by 3 points to -8 from -11.

Gold and Silver prices drop drastically yesterday after Finance Minister Nirmala Sitharaman announced a reduction in customs duties on gold and silver to 6%. The customs duty on platinum was reduced to 6.4% as well.

Crude oil prices fell about 2% to a six-week low on Tuesday on rising expectations of a ceasefire in Gaza and growing concerns about demand in China. In the Middle East, efforts to reach a ceasefire deal between Israel and militant group Hamas under a plan outlined by U.S. President Joe Biden in May and mediated by Egypt and Qatar, have gained momentum over the past month.

Israeli Prime Minister Benjamin Netanyahu told families of hostages held in Gaza that a deal to secure their release could be near even as fighting raged in the Palestinian enclave.

Copper prices slid to trade near a three-and-a-half-month low hit in the previous session, as concerns about demand in top consumer China weighed on the market.

MCX gold futures settled -5.79% to 68510.Silver settled -4.80% to 84919. Copper settled -0.86% to 807. Crude oil -1.55% at 6458. Natural gas -2.44% to 183.60.

Economic data and events scheduled today (PMI Reading & BoC Policy)

Eurozone

At 11.30am- German GfK Consumer Climate. Data is foreseen at -21.1 from previous -21.8.

At 12.45pm-

French Flash Manufacturing PMI. Data is foreseen at 45.8 from previous 45.4.

French Flash Services PMI. Data is foreseen at 49.7 from previous 49.6

At 1.00pm-

German Flash Manufacturing PMI. Data is foreseen at 44.1 from previous 43.5.

German Flash Services PMI. Data is foreseen at 53.2 from previous 53.1.

At 1.30pm-

Flash Manufacturing PMI. Data is foreseen at 46.00 from previous 45.8.

Flash Services PMI. Data is foreseen at 52.9 from previous 52.8.

 Above data could have a volatile impact on the Euro.

UK

At 2.00pm-

Flash Manufacturing PMI. Data is foreseen at 51.1 from previous 50.9.

Flash Services PMI. Data is foreseen at 52.5 from previous 52.1.

Above data could have a volatile impact on the pound.

Canada

At 7.15pm-

BOC Monetary Policy Report. BOC Rate Statement.

Overnight Rate. Expect to cut rate by 4.50% from 4.75%.

At 8.00pm- BOC Press Conference.

Above data could have a volatile impact on the dollar.

US

At 6.00pm-

Goods Trade Balance. Data is foreseen at -98.9B from previous -99.4B.

Prelim Wholesale Inventories m/m. Data is foreseen at 0.4% from previous 0.6%.

At 7.15pm-

Flash Manufacturing PMI. Data is foreseen at 51.6 from previous 51.6.

Flash Services PMI. Data is foreseen at 54.7 from previous 55.3.

At 7.30pm- New Home Sales. Data is foreseen at 639k from previous 619k.

At 8.00pm- Crude Oil Inventories.

Above data could have a volatile on the dollar.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read : Budget Impact: Nifty Unmoved, Bank Nifty Under Pressure Forex Newsletter:Gold prices are rebounding?

Recommended Read : In Focus China’s Panda Strategy: Cute Gesture or Economic Marvel to Boost the Yuan?

Want help on your trades?

Chat with our Analyst

Budget Impact: Nifty Unmoved, Bank Nifty Under Pressure

Yesterday’s Pick

DLF FUT Rs 33,825 (Per 1 Lot)
NIFTY 25 JUL 24500 PE Rs 9250 (Per 10 Lot)

Nifty Technical View

Market Recovers Strongly Post-Budget but Closes Slightly Lower

The Indian stock market experienced significant volatility on budget day. After a sharp initial decline of over 1,200 points on the Sensex and 400 points on the Nifty, the market staged a strong recovery. While the overall budget was largely in line with expectations, a proposed increase in capital gains tax dampened investor sentiment. Despite the closing red, experts remain optimistic about the market’s near-term prospects. The Nifty 50 will resume its upward trajectory towards 24,850 as long as it maintains support levels of 24,300 to 24,200.

Put-Call Ratio

The Nifty Put-Call Ratio (PCR) took a sharp dive to 0.87 on July 23, indicating a significant shift in market sentiment from bullish to bearish. This steep decline from the previous day’s level of 1.02 suggests that traders are increasingly opting for Put options over Call options.

FII And DII Data

Foreign institutional investors (FIIs/FPIs) purchased Indian stocks worth Rs1,418.82 crore, while domestic institutional investors (DIIs) sold Indian stocks valued at Rs 2,975.31 crore during the same period.

India VIX

The Indian equity market witnessed a significant decline in volatility following the Union Budget. The India VIX, a key indicator of market fear, dropped sharply by 17.43% to 12.75, erasing nearly all its gains for the month. This substantial decrease suggests that investor sentiment has improved considerably, with a growing preference for riskier assets.

Stock In News

Dr Reddy’s Laboratories

The Board of Directors of the pharma company will meet on July 27 to consider the sub-division of existing equity shares, including the American Depository Shares.

Vedanta

The company, at its board meeting on July 26, will consider the second interim dividend on equity shares, if any, for FY25.

Tata Consumer Products

The FMCG company has fixed July 27 as a record date for its Rs 3,000 crore rights issue. The rights issue price has been fixed at Rs 818 per share. The rights issue will open on August 5 and close on August 19.

Nifty and Bank Nifty Support and Resistance level

Nifty :-
Resistance 24,525, 24,695, and 24,890
Support based 24,185, 24,065, and 23,870

BankNifty:
Resistance 51,890, 52,635, and 53,095
Support based 51,430, 51,145, and 50,685

Index Future levels

Nifty Futures Sell below 24400 The suggested targets for this are 24,100 and 24000 with the stop loss set at 24,650.

Bank Nifty Future buy near 51,800 index is expected to see up side levels of 52100 and 52,300 and level 51,550 will act as a stop loss

Momentum Pick: WOCKPHARMA

Buy at ₹858| Target price: ₹965 |Stop Loss:₹ 802

Wockhardt Ltd., an Indian pharmaceutical and biotechnology company, has been a key player in the industry since its inception in the early 1960s. Listed on the Indian stock exchange, Wockhardt has built a strong reputation for developing high-quality products and delivering effective healthcare solutions worldwide. The company boasts a global footprint with research and development centers located in the United States, Europe, and India. Its extensive product portfolio includes medicines, vaccines, biopharmaceuticals, and health supplements. Wockhardt is dedicated to ensuring access to safe and innovative healthcare solutions that address the specific needs of customers and communities. As a rapidly growing company, Wockhardt remains committed to offering dependable, quality products and services to its global customer base.

Wockhardt Ltd’s revenue increased by 6.2% compared to the same period last year, reaching ₹754 crore in Q4 2023-2024. On a quarterly basis, the company saw a 6.35% rise in revenue over the past three months. Despite the revenue growth, Wockhardt Ltd’s net profit showed an 18.75% increase compared to the same period last year, resulting in a loss of ₹169 crore for Q4 2023-2024. Quarterly, however, there was a significant decline in net profit, dropping by 103.61% over the last three months. The net profit margin improved by 23.49% compared to the same period last year, reaching -22.41% in Q4 2023-2024, but on a quarterly basis, it fell by 91.46% over the past three months.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read : India Budget Focus: Sparse Data’s Surprising Market Impact Aluminium slips 2%  -Will break key support or not?

Recommended Read : In Focus China’s Panda Strategy: Cute Gesture or Economic Marvel to Boost the Yuan?

Want help on your trades?

Chat With Analyst

Forex Newsletter:Gold prices are rebounding?

Forex Newsletter:Gold prices are rebounding?

The Forex newsletter for the day is here. Dollar Index, XAUUSD, XAGUSD, Copper, Crude Oil, NASDAQ, S&P 500 E-Mini, USDJPY

Dollar Index

Buy around 104.00
Upside Targets Looks 104.30—104.50
Stop loss below 103.70

XAUUSD

Buy above $2410 (CMP $2407)
Upside Target Looks $2425
Stop-loss below $2390

XAGUSD

Sell around $29.20
Downside Target Looks $28.90—$28.70
Stop-loss above $29.50

COPPER

(Yesterday given sell below 4.200, Kindly book full profit )

Sell on rise around 4.200
Downside Target Look 4.150—4.000
Stop Loss above 4.250

USOIL (WTI)

(Yesterday given sell below $78.50, hope you have booked the profit)

Sell around $78.50
Downside Target looks $77.50—-$77.00
Stop-loss above $79.20

NASDAQ

(Yesterday given sell below 19700, hope you have booked the profit)

Buy above 20000
Upside Target Looks 20200—20400
Stop-loss below 19700

S&P 500 E-Mini

Buy around 5610
Stop loss below 5580
Upside Target Looks 5650—-5680

TOP PICK-GBPUSD

Sell around $1.2900
Stop loss above $1.2940
Downside Target Looks 1.2800

Gold prices are rebounding, hovering around $2,400 as investors await key U.S. economic data this week. Speculation of a Federal Reserve rate cut is supporting gold, while a customs duty reduction has pressured prices in India. Meanwhile, political developments surrounding Donald Trump and Kamala Harris are influencing market sentiments.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read : India Budget Focus: Sparse Data’s Surprising Market Impact Aluminium slips 2%  -Will break key support or not?

Recommended Read : In Focus China’s Panda Strategy: Cute Gesture or Economic Marvel to Boost the Yuan?

Want help on your trades?

Chat with RM

India Budget Focus: Sparse Data’s Surprising Market Impact

India Budget Focus: Sparse Data's Surprising Market Impact

India Budget in Focus, while Few data could dampen market volatility, The US dollar was slightly higher on Monday, catching safe-haven flows as investors weighed US President Joe Biden’s decision to end his re-election campaign, which is expected to increase the volatility of the currency market.

Investors also awaited key monetary policy meetings next week at the Federal Reserve, which could signal the first rate cut, and the Bank of Japan, which could raise interest rates.

Gold prices fell to their lowest level in more than a week as the dollar strengthened as traders awaited more US economic data and comments from Federal Reserve officials this week for clarity on the timing of rate hikes. Joe Biden announced on Sunday that he would withdraw from the US presidential race and endorsed Vice President Kamala Harris as the Democratic nominee for the November election.

Oil fell for a second straight session on Monday, hitting its lowest level in more than a month, as investors looked past US President Joe Biden’s decision not to seek a second term and focused on rising inventories and signs of weak demand. . .

The price of copper fell to its lowest level in more than three months. A further concern is the fact that no new stimulus measures have been implemented for China’s top consumer. No details on stimulus measures were given at a key policy meeting in China last week, despite economic headwinds weighing on the outlook for metals demand.

The recent fall in prices has boosted physical buying in China, but the buying has not been too strong because people still expect SHFE prices to fall to 75,000 yuan or even lower, said He Tianyu of research and consulting firm CRU Group.

MCX gold futures settled -0.37% to 72718.Silver settled -0.49% to 89203. Copper settled -0.77% to 814. Crude oil -2.45% at 6560. Natural gas +6.03% to 188.20

Economic data and events scheduled today (India Budget Focus)

Eurozone

At 7.30am- Consumer Confidence. Data is foreseen at -13 from previous -14.

Above data could have a volatile impact on the Euro.

US

At 7.30pm-

Existing Home Sales. Data is foreseen at 3.99M from previous 4.11M.

Richmond Manufacturing Index. Data is foreseen at -7.00 from previous -10.00.

Above data could have a volatile on the dollar.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read : Aluminium slips 2%  -Will break key support or not? Nifty Gains Momentum as Global Indices Soar, Budget Countdown Begins

Recommended Read : Focus China’s Panda Strategy: Cute Gesture or Economic Marvel to Boost the Yuan?

Want help on your trades?

Chat with RM

Aluminium slips 2%  -Will break key support or not?

Aluminium slips 2%  -Will break key support or not?

Aluminium prices fell to their lowest levels in almost four months on Monday. The prices dropped over two percent that was a biggest intraday fall after 7 june 2024, as some bullish positions were scrapped and other base metal prices declined amid concerns about demand given a lack of fresh stimulus in top consumer China.

Three-month aluminium on the London Metal Exchange ALI1!was down 1.6% to $2,313 per metric ton after hitting $2,296, its lowest price since March 28. MCX Aluminum settled at 215.75, down 2.24%.

Prices for aluminium, used in the construction, transportation and packaging sectors, are down 17% since hitting their highest levels in almost two years in late May. The metal broke below the 200-day moving average for the first time since February.

Metal markets were looking for signs that the Chinese government would take action to address the country’s prolonged property slump, the biggest driver of industrial metals demand.

Without further stimulus measures, there is little hope for a near-term recovery for the property and construction sector. We expect copper and other industrial metals prices to decline further in the near term to reflect a softer demand outlook in China.

The metal is down 17% since reaching a record high on May 20, and the drop has revived some physical buying in China. The premium to import copper into China rose to $9 a ton on Friday, the highest since April 15.

Technical Outlook : Aluminium Futures

Aluminum prices plunged by 2.24%, after touching a three month low 214.95 settled at 215.75. As compared to the previous day’s close of 220.70.

At the end of May 2024, prices turned lower, and continued to trade down. Prices retreated from the high 250.90 and made a low 214.95 yesterday. Formation of a long bearish candlestick is still indicating a bearish momentum. However, prices would need to break below the next support 213.50 in order to test 208-206.00.

Else, prices may consolidate in between the range of 214.00-225.00 before next any big move.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read : Nifty Gains Momentum as Global Indices Soar, Budget Countdown Begins Forex newsletter: Dollar Index, Gold, Silver, Copper & Oil

Recommended Read : MCX Commodities Uncovered: The Must-Knows and Essential Insights [2024]

Want help on your trades?

Chat with RM

Announcements

                                                                     
DataTimeForecastPrevious
Core Retail Sales m/m6:00pm0.1%-0.1%
Retail Sales m/m6:00pm-0.3%0.1%
LME MetalChange
ALUMINIUM-3,775
COPPER5,050
ZINC-1,875
NICKEL726
IndexPCRMaximum Pain
Nifty1.3424550
Bank Nifty1.1652500
InstitutionCash
FII2685
DII-331