Thursday 31 October 2013

Sensex flirts with life-time highs

The BSE benchmark index, the Sensex, came within kissing distance of the life-time highs, but missed it with a whisker (two points) amid upbeat mood.

The Sensex touched a high of 21,205, mere two points shy of the life-time high of 21,207 touched in January 2008. Banking, metal and energy shares were the prime drivers of the rally today.

Earlier in the day, the BSE Sensex started the day on a negative note with a decline of 33 points at 21,000 and the NSE Nifty was down 11 points at 6,240 on the back of negative Asian cues and also negative start in the Indian Rupee.

Meanwhile, the US Fed said that the $ 85 billion stimulus program would continue for the month.

However, no timeline was mentioned with regards to the withdrawal of the scheme.

Further, the index moved between zones albiet a very narrow range.

The Sensex extended its gains in the mid-morning session as the Indian rupee recovered some of its early losses and traded sideways till the mid-noon deals.

Thereafter the BSE index soared towards the record highs, and finally ended at a fresh all-time closing high at 21,164 - up 131 points.

Click Here for the Live Commentary.

Daily Gold Outlook

The MCX Gold December futures are likely to consolidate in the near term, as key momentum oscillators are in divergent mode.

The daily MACD is in favour of the bulls, while the Stochastic Slow and the ADX index have given a negative divergence.

Similarly, the weekly MACD is in favour of the bulls, while the Stochastic Slow favours the bears.

MCX Gold prices in India may temporarily move in a broad range of Rs 29,500 to Rs 31,000, till we see a clear breakout in either direction.

Click Here for the daily support and resistance points.

Daily Silver Outlook

The MCX Silver December futures continues to consolidate in the broad range of Rs 48,500-51,000.

Select key momentum oscillators like the 14-day RSI and the ADX index have turned slightly favourable, hence, we may see further upside in the near term.

The weekly charts indicates that a break and close above Rs 50,500 will add fresh trigger to the white metal.

The overall bias can remain positive as long as Silver futures sustain above Rs 47,000-level.

Click Here for detailed support and resistance points.

Daily Market Outlook

The Sensex ended at life-time high on Wednesday backed by strong FII inflows in this calendar year.

Technically, we may see some more upside in the near term and the Sensex has given a buy signal on the weekly Fibonacci charts.

The Sensex has also given a buy signal on the yearly charts, as the index has now crossed the yearly R1 - resistance level. The bias for the rest of the year is likely to remain positive as long as the index sustains above 20,350-odd levels.

The BSE index is likely to trade with a positive bias as long as the Sensex sustains above 20,850-odd levels for the rest of the week.

On the upside, the Sensex can now rally to the yearly R2 at 21,550-odd levels.

Wednesday 30 October 2013

Early Diwali on Dalal Street

With Diwali, the festival of lights and fireworks, just round the corner. Dalal Street was in all smiles today as the markets galloped to record highs on a closing basis.

The BSE benchmark index soared to a high of 21,087, and eventually ended with a gain of 105 points at 21,034 - a new life-time high - surpassing its previous best of 21,005 recorded on November 5, 2010.

The markets have rallied smartly in the last ten days, gaining nearly 21 per cent. This month alone the index has surged over 8 per cent backed by unabated FII (foreign institutional investors) flow in the markets.

As per data available from the SEBI website, the FIIs have net bought stocks worth Rs 14,430 crore in the cash market so far this month, while their total investments in the Indian markets amount to a whopping Rs 87,908 crore so far this calendar year.

Today, the BSE benchmark index started the day on a sedate note at 20,944 and the Nifty was up ten points at 6,230.

Further, the index moved sideways till the mid-noon session and thereafter extended its gains as the Indian rupee recovered some of its early losses and on back of fresh buying in FMCG and select banking stocks.

ITC and ICICI Bank were the major contributors the BSE index. They both together added 66 points to the BSE index followed by Bharti Airtel which added another 25 points.

Among sectors, the BSE Healthcare and FMCG indices jumped over a per cent each to 9,732 and 6,804, respectively.

The broader markets also finished with notable gains. The BSE Midcap index was up 0.3 per cent at 6,021, and the Smallcap index advanced 0.6 per cent to 5,865.

The market breadth was positive - out of 2,609 stocks traded on the BSE, 1,272 advanced and 1,160 declined today.

Click Here for the Live market commentary.

Daily Silver Outlook

The MCX Silver December futures continue to consolidate in the broad range of Rs 48,500-51,000.

However, select key momentum oscillators like the 14-day RSI and the Stochastic Slow have given negative divergence on the daily charts.

Hence, Silver may weaken in the near term. One should hence watch the lower end of the trading range at Rs 48,500 very close.

Break below Rs 48,500 can invite fresh selling pressure at the Silver counter.

Click Here for daily support and resistance points.

Daily Gold Outlook

The MCX Gold December futures dipped below the Rs 30,000-mark in intra-day trades on Tuesday, but eventually ended at Rs 30,146.

Key momentum oscillators like the MACD, 14-day RSI and the Stochastic Slow have given a negative divergence on the daily charts.

Hence, the bias is likely to remain negative in the near term. On the downside, MCX Gold can slip to Rs 29,650-odd levels.

In case of a pull-back, Gold prices may face resistance around Rs 30,825-odd levels.

Click Here for the detailed analysis.

Daily Market Outlook

The Sensex bounced back smartly after touching a low of 20,493 on Tuesday, boosted by the fact that the RBI lowered the MSF rate by 25 basis points.

The Sensex has crossed the weekly R1 and R2, but is yet to give a positive signal on the R3 (resistance 3). The Sensex needs to break and sustain above 20,975-odd levels for further gains.

On the flip side, in case, the BSE index is not able to sustain above 20,780, we may witness downward pressure in the markets.

As per the daily Fibonacci charts, the Sensex may seek support around 20,755-20,700-20,645, while face resistance around 21,030-21,160-21,215.

Click Here for the complete analysis.

Tuesday 29 October 2013

Daily Market Round-up

The markets rallied sharply in the second half of the trading day after the Central Bank lowered the MSF rate by 25 basis points, and raised the repo rate in the equal measure.

Earlier in the day, the Sensex has touched a low of 20,494 as nervousness gripped the markets on what the RBI action would be.

However, post the second quarterly policy review, the markets firmed up and gained considerable ground as the day progressed.

The Sensex zoomed to a high of 20,953 - up 460 points from the day's low. The BSE index finally ended the day with a gain of 359 points at 20,929.

The BSE Bankex soared 4.4 per cent to 12,831. The BSE Realty and Auto indices rallied 2.5 per cent each to 1,328 and 12,077, respectively.

The market breadth was positive - out of 2,557 stocks traded on the BSE, 1,293 advanced and 1,093 declined today.

Among the index stocks - Maruti zoomed over 8 per cent to Rs 1,637. ICICI Bank soared 6 per cent to Rs 1,075.

Tata Steel surged over 4 per cent to Rs 326. Mahindra & Mahindra and SBI rallied around 3.7 per cent each to Rs 900 and Rs 1,737, respectively.

Hero MotoCorp, Hindalco, HDFC Bank, Sesa Sterlite, Hindustan Unilever and Tata Power were the other major gainers.

Click Here for the Live market commentary.

Daily Gold Outlook

The MCX Gold December futures, as expected, faced considerable resistance after crossing Rs 30,850-odd levels.

In yesterday's trade, Gold zoomed to a high of Rs 31,164, and then retraced.

Going ahead, the outlook remains the same. Gold is expected to face considerable resistance above Rs 30,850-odd levels.

On the downside, Gold prices may drop back to near about Rs 30,000-odd levels.

The daily Stochastic Slow is showing signs of tiredness, hence profit-taking seems likely.

Click Here for daily support and resistance points.

Daily Silver Outlook

The MCX Silver December futures may consolidate in the broad range of Rs 48,000-51,000.

The white metal is expected to face considerable resistance above Rs 50,300-odd levels, while on the downside support can be expected around the 20-DMA at Rs 48,700-odd levels.

The overall bias for Silver seems positive, but select momentum oscillators like the daily Stochastic

Slow and the MACD are showing some signs of tiredness.

Hence, one should not be aggressive buyers at the Silver counter for now.

Click Here for daily support and resistance points.

Daily Market Outlook

The Sensex has corrected on expected lines, and the correction is likely to continue in the near term.

As per the weekly Fibonacci charts, the Sensex has face resistance on the weekly charts, and is yet to form support.

The BSE index may drop to 20,400-odd levels in the near term. In case, Sensex slips and trades below 20,400, we could witness deeper cuts on the index.

As per the daily Fibonacci charts, the Sensex may seek support around 20,485-20,460-20,435, while face resistance around 20,620-20,680-20,710.

The NSE Nifty is likely to weaken in the near term, as key momentum oscillators like the MACD, 14-day RSI and Stochastic Slow have given negative divergence.

Click Here for the detailed analysis.

Saturday 26 October 2013

Weekly Gold Outlook

The MCX Gold December futures has rallied around 4 per cent each in back-to-back weeks in anticipation of heavy demand during the festive season in India.

From its recent lows of Rs 28,300-odd levels, the Gold prices in India have now once again jumped to near about Rs 31,000-level.

However, given the steep rally, select momentum oscillators on the daily charts have entered over-bought territory. Hence, one needs to cautious at higher levels.

While given the festive season, physical demand for Gold is likely to remain high. But, fresh weakness in dollar and fall in international prices can trigger a sharp correction in the Gold prices.

Technically, MCX Gold December futures need to break and sustain above the Rs 31,000-level for fresh gains.

Click Here for the detailed weekly analysis.

Weekly Silver Outlook

The MCX Silver December futures have rallied near about 7 per cent in the last two weeks.
Silver prices have now reached to its major hurdle around Rs 50,700-51,000 range.

Given the significant resistance, Silver may consolidate in the near term, with downside support around Rs 48,500-odd levels, and resistance around Rs 51,000-level.

Silver needs to break and sustain above Rs 51,000-level for fresh gains, wherein the white metal can soar to Rs 56,000-odd levels.

Key momentum oscillators on the daily and the weekly charts are in favour of the bulls. Hence, traders should look out for any dips as a buying opportunity.

Click Here for the detailed analysis.

Weekly Market Outlook

The Sensex soared over 9 per cent in the last four weeks to record a fresh three-year high around 21,039.
Given the sharp rally, profit taking at higher levels can be expected. The overall bias is likely to remain positive as long as the BSE index sustains above 20,350.

On the upside, the Sensex needs to cross 21,050-odd levels for fresh gains.

Next week is likely to be action-packed, with RBI policy and derivatives expiry scheduled on October 31.

Click Here for the complete analysis.

Friday 25 October 2013

Daily Market Round-Up

The markets consolidated following yesterday's significant fall from fresh 3-year highs. The Sensex started the day on a quiet note, and touched a high of 20,782 in the morning deals.

The BSE index, however, slipped into the red owing to selling pressure in metal and capital goods stocks. The Sensex touched a low of 20,623 - down 159 points from the day's high.

Thereafter, the Sensex rebounded into the positive zone, supported by steady buying in the IT shares.
However, the BSE index eventually ended the day in the negative zone at 20,684 - down 42 points.

Larsen & Toubro and ITC were the major draggers, each accounting for a loss of 17 points for the Sensex.

Hindustan Unilever, Mahindra & Mahindra and Sun Pharma collectively accounted for a loss of 35 points.

On the other hand, TCS alone contributed 40 points to the BSE index. Infosys and Wipro together added another 20 points.

The overall breadth was negative - out of 2,601 stocks traded on the BSE, 1,392 declined and 1,047 advanced today.

Click Here for the Live Market Commentary.

Daily Silver Outlook

The MCX Silver December futures has reached within striking distance of our short-term target at Rs 51,000-odd level.

However, select momentum oscillators like the 14-day RSI and ADX index are showing some signs of tiredness.

Hence, Silver may face some resistance above Rs 50,600-odd levels, which is the higher end of the Bollinger Band on the daily charts.

In case of a correction, Silver can drop back below the Rs 49,000-level to Rs 48,650-odd levels.

Click Here for the daily support and resistance levels.

Daily Gold Outlook

The MCX Gold December futures, as expected, has almost achieved our short-term target of Rs 30,700-odd levels.

Gold prices may spike to Rs 30,850-odd levels, or consolidate around current levels given the sharp 7.7 per cent rally in the last nine trading days.

The overall bias for the MCX Gold continues to remain bullish as key momentum oscillators are in favour of the bulls.

MCX Gold may seek near support around Rs 30,100-odd levels, and major support around Rs 29,500-odd levels.

Click Here for the detailed update.

Thursday 24 October 2013

Daily Silver Outlook

The MCX Silver December futures is within striking distance of its short-term target at Rs 51,000-odd level.
However, select momentum oscillators like the 14-day RSI and ADX index are showing some signs of tiredness.

Hence, Silver may face some resistance around the higher end of the Bollinger Band on the daily charts around Rs 50,500-odd levels.

In case of a correction Silver can slip back below the Rs 49,000-level to Rs 48,750-odd levels.

Click Here for the full update.

Daily Gold Outlook

The MCX Gold December futures has closed in the positive territory for the last eight trading sessions.

The overall bias for the MCX Gold is likely to remain positive as long as the yellow metal sustains above Rs 29,300-odd levels.

In the interim, the near support for Gold can be expected around Rs 29,750-odd levels.

The ideal strategy should be to buy on dips, as Gold has ran-up significantly.

The upside target for Gold remains intact around Rs 30,700-odd levels.

Click Here for daily support and resistance levels.

Daily Market Outlook

The markets corrected after breaking Monday's low, but somehow managed to sustain above the weekly s3 at 20,535-odd levels.

The overall bias for rest of the week is likely to remain positive as long as the BSE index sustains above 20,530.

On the upside, the index has near support around 20,670, and the up move may gain momentum on sustained trade above 20,880.

Today, the BSE Sensex may face resistance around 20,895-20,935-20,975, while seek support around 20,640-20,600-20,560.

The NSE Nifty may seek support around 6,150-odd levels, below which the bears may get stronger again.

Click Here for the full update.

Wednesday 23 October 2013

Daily Market Round-Up

The markets recovered partially at close thanks to fresh buying in banking and capital goods shares.

The Sensex which had succumbed to a low of 20,590, recovered partially and ended at 20,768 - down 97 points.

Earlier in the day, the BSE index started the day in green, and touched a high of 20,922, before tanking to lower levels.

Among sectors, the BSE realty index shed 1.5 per cent at 1,370, and the Power index dropped 1.3 per cent to 1,578. The Capital Goods and Bankex were up around 0.5 per cent each.

The market breadth was marginally negative at close - out of 2,593 stocks traded on the BSE, 1,230 declined and 1,184 advanced today.

Among the index stocks, Gail India soared nearly 4 per cent to Rs 346.

Cipla surged 2.7 per cent to Rs 423, and SBI rallied 2.3 per cent to Rs 1,716.

Larsen & Toubro, ICICI Bank and Maruti were all up over a per cent each.

On the other hand, Wipro slumped 4.4 per cent to Rs 492. Sun Pharma shed 2.4 per cent at Rs 623.

NTPC and BHEL dropped around 2 per cent each at Rs 145 and Rs 143, respectively.

Bajaj Auto declined 1.7 per cent to Rs 2,101. HDFC Bank, Tata Steel, ONGC and Tata Motors were down around 1.5 per cent each.

Click Here for the Live market commentary.
 

Daily Silver Outlook

The MCX Silver December futures is mere 2 per cent shy of its upside target of Rs 51,000-level, mentioned in the weekly outlook.
The overall bias for Silver continues to remain bullish. Key momentum oscillators and moving averages remain in favour of the bulls.

The MCX Silver is likely to trade with a positive bias as long as the white metal trades above Rs 48,250-odd levels.

Key momentum oscillators like the MACD, 14-day RSI and the Stochastic Slow are all in favour of the bulls.

The weekly momentum oscillators are also showing some signs of a turnaround. Hence, the up move may extend in the short-to-medium term.

In case, Silver sustains above Rs 50,700-odd levels, the up move can stretch to 52,200-odd levels.

Click Here for daily support and resistance levels.
 

Daily Gold Outlook

The MCX Gold December futures has closed in the positive territory for the last seven trading sessions.

The overall bias continues to remain positive, with key momentum oscillators in favour of the bulls.

The short-term bias is also likely to remain positive as long as Gold sustains above Rs 29,500-odd levels.

On the upside, MCX Gold can surge to Rs 30,700-odd levels.

Click Here for the daily support and resistance level.

Daily Market Outlook

The markets continue to remain precariously poised, as the BSE index seems is yet to give any conclusive signal on the weekly Fibonacci charts.
On the upside, the BSE index is likely to face resistance around 20,975-odd levels, above which the index can spurt to 21,050-odd levels.

On the downside, break of 20,760-odd levels, can trigger a fresh round of profit taking.

Today, the BSE Sensex may face resistance around 20,920-20,935-20,950, while seek support around 20,815-20,795-20,780.

The NSE Nifty continues to hover around the higher end of the Bollinger Band on the daily charts.

Click Here for the detailed market analysis.

Tuesday 22 October 2013

Daily Market Round-up

The markets exhibited choppy movement albiet in a very narrow range as select metal and banking shares witnessed profit taking. The Sensex started the day in red at 20,863, but soon recovered and bounced into the positive zone.

The BSE benchmark index touched a high of 20,949, but soon slipped back into red owing to profit-taking at higher levels. The Sensex dropped to a low of 20,810 - down 140 odd points from the day's high.

The Sensex finally ended with a marginal loss of 29 points at 20,865. The NSE Nifty was down two points at 6,203.

The broader markets out-performed the benchmark indices today. The BSE Midcap index was up 0.7 per cent at 5,988, and the Smallcap index jumped over a per cent to 5,871.

Among sectors, the BSE Power index soared 1.7 per cent to 1,614, and the Capital Goods index surged 1.1 per cent to 8,878. On the other hand, the Consumer Durables index slipped nearly a per cent to 5,879.

The market breadth was fairly positive - out of 2,673 stocks traded on the BSE, 1,492 advanced and 1,041 declined today.

Tata Power surged 2.6 per cent to Rs 82. Sun Pharma jumped over 2 per cent to Rs 644.

Coal India, Gail India and Wipro moved up around 1.8 per cent each to Rs 293, Rs 333 and Rs 515, respectively.

Tata Steel and Larsen & Toubro were also up over a per cent each.

On the other hand, Hindalco dropped 1.6 per cent to Rs 116.

HDFC and Mahindra & Mahindra slipped 1.3 per cent each to Rs 810 and Rs 877, respectively.

Hero MotoCorp, Reliance and Cipla were also down around a per cent each.

Click Here for the Live Commentary.

Daily Silver Outlook

The MCX Silver December futures is likely to stretch the up move in the near term as key momentum oscillators remain in favour of the bulls.

The MCX Silver is likely to trade with a positive bias as long as the white metal trades above Rs 48,200-odd levels.

On the upside, Silver December futures can rally to Rs 50,000-mark.

Key momentum oscillators like the MACD, 14-day RSI and the Stochastic Slow are all in favour of the bulls for now.

Click Here for the daily support and resistance levels.

Daily Gold Outlook

The MCX Gold December futures has bounced back smartly after testing support around the 200-DMA at Rs 28,350-odd levels.

The MCX Gold has now jumped above the 20-DMA at Rs 28,570-odd levels.

Key momentum oscillators like the 14-day RSI, MACD and the Stochastic Slow are all in favour of the bulls.

In the near term, MCX Gold is likely to trade with a positive bias as long as the yellow metal trades above Rs 29,350-odd levels.

On the upside, Gold can surge to Rs 30,700-odd levels.

Click Here for the daily support and resistance levels.

Daily Market Outlook

The markets are precariously poised in the near-term, as the BSE index seems to have taken support around the weekly Fibonacci level, while at the same time facing resistance around the monthly Fibonacci charts.
In other words, going ahead, Monday's high and low are likely to be crucial for the markets.

In case, the Sensex is able to clear hurdle around 20,975-odd levels, the index can spurt to 21,050-odd levels, above which the bulls will get stronger.

However, in case, the Sensex slips below 20,760-odd levels, then the index may drop to 20,670-odd levels or further lower to 20,550-odd levels.

Read the full analysis here.

Monday 21 October 2013

Daily Market Round-up

The markets gyrated betweem zones today on account of profit taking at higher levels as the key benchmark indices neared record levels.

The Sensex started the day on the positive note owing to global cues and sustained buying by the FIIs. The BSE index scaled a high of 20,971 in the morning deals, but thereafter turned choppy and slipped into red to a low of 20,769 - down 202 points from the day's high.

The Sensex, however, recovered all its losses towards the close largely on account of fresh buying in Infosys. The BSE benchmark index eventually ended on a flat note at 20,894 - up 11 points.

The NSE Nifty added 16 points to 6,205.

Larsen & Toubro was the major gainer, up 6 per cent at Rs 925 following its better-than-expected Q2 performance. The Capital Goods index soared 4.2 per cent to 8,781.

The BSE Realty and Metal indices also surged 3 per cent and 1.7 per cent, respectively.

On the other hand, the FMCG index slipped over a per cent to 6,909 led by a significant fall in ITC. The stock was down 2.6 per cent at Rs 345.

Jindal Steel was the major loser among the Sensex shares, the stock shed 3.7 per cent at Rs 246.

TCS slipped over 2 per cent to Rs 2,074. BHEL dropped 1.5 per cent at Rs 146, and Bharti Airtel was down a per cent at Rs 353.

On the other hand, Maruti and Hindalco rallied over 3 per cent each to Rs 1,517 and Rs 118, respectively.

Tata Steel jumped 2.3 per cent to Rs 336, and Sesa Sterlite added 2 per cent to Rs 199.

NTPC moved up 1.5 per cent to Rs 148, and Mahindra & Mahindra was also up over a per cent at Rs 888.

The market breadth was fairly positive - out of 2,594 stocks traded on the BSE, 1,450 advanced and 986 declined today.

Click Here for the detailed Live Commentary.

Sunday 20 October 2013

The MCX Silver December futures seem to be poised at a crucial juncture.

The Silver futures need to sustain above Rs 48,500-odd levels for further gains. On the downside, the Rs 46,000-level is a major support, below which the bears may get stronger again.

On the upside, break above Rs 48,500, can trigger a rally to Rs 51,000, and an outside chance of surge towards Rs 56,000-level.

Click Here for the full report.

Weekly Gold Outlook

The MCX Gold December futures are likely to trade with a positive bias next week as long as the yellow metal sustains above Rs 29,100-odd levels.

On the upside, Gold can jump to Rs 30,300-odd levels, above which it can rally to Rs 30,750-odd levels.

Click Here for the weekly support and resistance levels.

Weekly Markets Outlook

The markets logged gains for the third straight week, and have now reached crucial resistance levels on the daily and the weekly charts. Also, the Sensex is now likely to test the yearly Fibonacci resistance, hence one should be cautious at higher levels.

The BSE index may face resistance around 20,975-21,050. Similarly, the Nifty is likely to face resistance above 6,215-odd levels.

Visist marketonmobile.com for the detailed weekly report.

Friday 18 October 2013

Daily Market Round-up

The markets rallied sharply led by strong gains in the financials, capital goods and metal shares following positive cues from the overseas markets.

The Sensex opened with a positive gap of 70-odd points at 20,487, and did not bother to look back.

The BSE benchmark index continued to head north as the day progressed, and touched a high of 20,932 in late noon deals.

The Sensex eventually ended at a near-about fresh three-year high at 20,882 - up 467 points. So far this year, the BSE index has rallied around 7.7 per cent.

The NSE Nifty today soared 143 points to 6,189.

Elsewhere in the world, the US markets recovered smartly from the lows on Thursday after the Congress sealed the US-debt deal. Among the Asian peers, the Hang Seng rallied over 2 per cent to 23,340, while the other major markets - like Japan and China ended on a flat note.

Back to our markets, the broader markets too ended with substantial gains. The BSE Midcap index jumped a per cent to 5,895, and the Smallcap index added 0.7 per cent to 5,740.

Among sectors, the Bankex zoomed almost 4 per cent to 12,254. The BSE Metal and Capital Goods indices also surged over 3 per cent each to 9,018 and 8,429, respectively.

Sesa Sterlite and Tata Steel were the major gainer among the Sensex stocks - up 6 per cent each - at Rs 195 and Rs 328, respectively.

ICICI Bank rallied 4.5 per cent to Rs 1,009. Larsen & Toubro jumped over 4 per cent to Rs 872.

HDFC Bank gained 3.5 per cent at Rs 676. HDFC, Hindalco and Reliance also moved up around 3 per cent each to Rs 819, Rs 115 and Rs 905, respectively.

Maruti, SBI, ITC, Wipro, Bharti Airtel and Dr.Reddy's were the other major gainers.

The market breadth was fairly positive - out of 2,652 stocks traded on the BSE, 1,405 advanced and 1,078 declined today.

Click Here for the live market commentary.

Daily Silver Outlook

MCX Silver needs to sustain above Rs 48,400-odd levels for fresh gains to materialise.

In case, Silver is unable to sustain above Rs 48,400, we may witness a fresh fall to Rs 46,000-level. Or even a steeper fall to near about Rs 41,000-level.

However, in case, Silver is able to break above Rs 48,400, we can see the white metal jump to Rs 50,000-mark or extend gains to near about Rs 51,000-level.

Click Here for daily support and resistance levels.
 

Daily Gold Outlook

The MCX Gold December futures may gyrate in a range of Rs 28,900-29,600 in the near term, as the yellow metal trades between the long-term and short-term moving averages.

Gold for now seems to have taken support around the 200-DMA, and fresh strength can be expected on break above the short-term moving average at Rs 29,600-odd levels.

Key momentum oscillators are in favour of the bulls, hence watch out for a positive breakout soon.

Click Here for the detailed analysis.

Thursday 17 October 2013

Daily Market Round-Up

It was yet another volatile day for the stock markets, as the benchmark indices swung in and out of the positive terrian before ending the day with notable losses.

The US Congress debt deal failed to bring any cheer to the world markets, with the Dow Jones futures too down over 100 points. Elsewhere in Asia, Nikkei was the top performing market with a gain of 0.8 per cent. Most others ended on a subdued note.

Back home, the Sensex scaled a high of 20,630, but soon slipped into red and tumbled to a low of 20,375 - down 255 points from the day's high owing to profit-taking in IT and capital goods stocks.

The Sensex finally ended with a loss of 132 points at 20,416, and the Nifty was down 43 points at
6,046.

Among sectors, the BSE IT index slumped 3.6 per cent to 8,450, and the Capital Goods index was down 2.3 per cent at 8,181.

TCS was the major loser, down 5 per cent at Rs 2,108. Tata Motors tumbled 4 per cent to Rs 373.

Larsen & Toubro shed 3.7 per cent at Rs 837, and Wipro declined 3 per cent at Rs 495.

Infosys slipped 2.3 per cent to Rs 3,270, Cipla too declined nearly 2 per cent to Rs 415.

On the other hand, Bharti Airtel surged nearly 3 per cent to Rs 349. ONGC and Bajaj Auto rallied around 2 per cent each to Rs 281 and Rs 2,165, respectively.

ITC and Reliance were up around 1.5 per cent each at Rs 345 and Rs 879, respectively.

The market breadth was neutral - out of 2,608 stocks traded on the BSE, 1,222 advanced and 1,240 declined today.

Click Here for the Live market commentary.

Tuesday 15 October 2013

Daily Market Round-Up

The markets ended the day in the negative terrain amid choppy movement ahead of the trading holiday tomorrow. The Sensex which scaled a high of 20,760 in early morning deals, tumbled to a low of 20,447 - down 313 points by late morning trades.

The index, thereafter, recovered and rebounded back into the positive zone, only to exhibit choppy movement for the rest of the trading day.

Market participants were nervous ahead of the trading holiday, which also coincides with October 17 deadline with regards to the US shutdown fears. Elsewhere the Rupee to experienced some volatility and was eventually seen trading in red with a loss of 30-odd paise at 61.86 per US dollar.

Back to the equity markets, the Sensex finally ended with a loss of 60 points at 20,550, and the Nifty declined 24 points at 6,089.

The broader markets witnessed deeper cuts with the BSE midcap index down 1.3 per cent to 5,830, and the Smallcap index down a per cent at 5,693, respectively.

Banking and realty stocks bore brunt of the selling pressure on account of profit taking. The Bankex was down 2.6 per cent at 11,840, and the Realty index slipped 1.6 per cent to 1,328.

Hero MotoCorp and HDFC Bank dropped nearly 2.5 per cent each to Rs 2,049 and Rs 651, respectively.

SBI, Tata Power and ICICI Bank shed 2 per cent each at Rs 1,622, Rs 79 and Rs 975, respectively.
Gail India and Bajaj Auto were down nearly 1.5 per cent each at Rs 325 and Rs 2,111, respectively.

Reliance which surprised the Street with better-than-expected numbers yesterday, failed to make a mark in the markets today. The stock ended with a loss of 0.4 per cent at Rs 867.

On the other hand, Tata Steel gained 2.8 per cent at Rs 310. Bharti Airtel and Wipro rallied 2 per cent each to Rs 339 and Rs 510, respectively.

Hindalco jumped 1.5 per cent to Rs 112. Hindustan Unilever, Sesa Sterlite, BHEL, Infosys and NTPC were the other notable gainers.

Click Here for Live market commentary.
 

Daily Silver Outlook

The MCX Silver December futures is struggling around the 200-DMA at Rs 47,400-odd levels.

On the downside, Silver has near support around Rs 46,600 and Rs 46,000, below which we may witness a sharp slide to near about Rs 41,500-odd levels.

Click Here for daily support and resistance points.

Daily Gold Outlook

The MCX Gold December futures may seek considerable support around Rs 28,350-odd levels, which is the recent low for the yellow metal.

As long as Gold sustains above Rs 28,300-odd levels, a sharp pull-back to Rs 29,700-odd levels cannot be ruled out.

However, one needs to wait for the key momentum oscillators to turn positive first.

Click Here for detailed analysis.

Sunday 13 October 2013

Weekly Market Outlook

The markets are likely to extend gains in the near term as key momentum oscillators are in favour of the bulls.

The monthly and quarterly Fibonacci charts also indicate fresh upside for the Sensex, with targets around 20,800-odd level.

On the downside, the BSE index is likely to get considerable support around 20,350.

For detailed analysis Click Here.

Saturday 12 October 2013

Weekly Silver Outlook

MCX Silver December futures is likely to extend losses in the near term as the white metal has broken below the key moving averages.

Key momentum oscillators are also in favour of the bears on both the daily and the weekly charts.

The next major support for the Silver is around Rs 45,800-odd levels.

Click Here for detailed analysis.

Weekly Gold Outlook

Gold prices are set to decline further in India, as the MCX Gold December futures have broken below the key long-term (200-DMA) moving average.

Further, key momentum oscillators on the daily and the weekly charts are also in favour of the bears, hence the downside seems more likely.

On the downside, Gold prices can drop to Rs 27,500-odd levels. Bears are likely to rule as long as Gold trades below Rs 28,500.

Click Here for detailed weekly analysis on Gold.

Friday 11 October 2013

Daily Gold outlook

Strength in Indian Rupee and weak overseas cues to weigh on the MCX Gold.

The MCX Gold December futures is on its way to test the major support around the 200-DMA at Rs 28,500-odd levels.
Key momentum oscillators like the MACD, 14-day RSI have given negative divergence, and continue to favour the bears.

In case, Gold fails to sustain above the 200-DMA, we could witness a fresh sell-off.

Click Here for the detailed analysis.

Infosys Q2 net up 1.6%

Infosys has once again brought cheer to the markets, by announcing better-than-expected Q2 numbers.

Moreover, the company has revised the lower end of the FY14 guidance to 9 per cent growth as against 6 per cent projected earlier at the end of the April quarter.

As a result of which, the stock zoomed to a high of Rs 3,320 in the opening deals. The stock now trades at Rs 3,278, up 5 per cent. The counter has seen trades of around 401,000 shares so far on the BSE.

The company consolidated September quarter net profit grew by 1.6 per cent to Rs 2,407 crore as against Rs 2,369 crore in the corresponding quarter a year ago.

Total income also jumped by 27 per cent to Rs 13,475 crore from Rs 10,564 crore.

Further, the company has announced an interim dividend of Rs 20 per share.

Click Here for Live Market Updates and more.

Thursday 10 October 2013

Market Outlook for Oct 11

The markets on Thursday witnessed choppy movement albeit in a narrow band as weak hands looked to cash in the recent rally.

As per the weekly Fibonacci charts, the Sensex has now crossed the weekly R2 - resistance 2, and is most likely to test the R3 - at 20,400-odd levels.

However, given the Infosys results event, a higher amount of volatility in trades on Friday cannot be ruled out.

Hence, traders should watch out for key pivot points. On the upside, the Sensex can spurt to 20,400, above which the bias can remain bullish.

On the other hand, failure to sustain above 20,200, can trigger a correction towards 19,900-odd levels.

Today, the BSE Sensex may face resistance around 20,345-20,365-20,390, while seek support around 20,200-20,180-20,155.

The short-term bias for the NSE Nifty continues to remain positive. The bulls are likely to have the upper-hand as long as the NSE index sustains above 6,000-mark.

The next support for the index is around 5,975, below which we may witness some profit-taking. On the upside, the NSE index may spurt to 6,050-odd levels.

On Friday, the NSE Nifty may seek support around 6,000-5,985, while on the upside face resistance around 6,040-6,055.

Daily market round-up

The markets swung in and out of the positive territory zone for a major part of the day, as investors braced for the earnings season to roll out tomorrow.

IT major and index heavyweight is set to kick-start the Q2 earnings season tomorrow. Earnings guidance by the IT major is likely to set the tone for the markets in the near-term.

Back today, the Sensex spurted to a high of 20,324 in the early trades, but the rally soon fizzled, and the BSE index dropped to a low of 23,136 - down 188 points from the day's high.

Thereafter, the Sensex swung in and out of the positive terrain, and finally ended with a marginal gain of 24 points at 20,273. The NSE Nifty added 13 points to 6,021.

Among sectors, thanks to Tata Motors which rallied 5 per cent to Rs 372, the Auto index jumped 2 per cent to 11,744.

Mahindra & Mahindra also gained nearly 2 per cent at Rs 867, and Maruti added 1.6 per cent to Rs 1,421.

NTPC, Tata Steel and Sesa Sterlite also moved up around 1.5 per cent each.

Infosys ended with a marginal gain of 0.5 per cent at Rs 3,124.

On the other hand, Tata Power and Hindalco shed 2.2 per cent each at Rs 84 and Rs 117, respectively.

Bajaj Auto slipped 1.5 per cent to Rs 2,121. Hindustan Unilever, HDFC Bank and Gail India were the
other prominent losers.

The market breadth was fairly positive - out of 2,590 stocks traded on the BSE today, 1,422 advanced and 1,016 declined.

Click Here for detailed market commentary.

Daily Silver Outlook

The MCX Silver December futures is likely to enter a tight trading range in the near term.

Silver may consolidate in the range of Rs 47,500-50,500, until we see a breakout in either direction.

Key momentum oscillators on the daily and the weekly charts are in conflict mode, hence any clear direction seems unlikely in the very near term.

Read the complete analysis here.

Daily Gold Outlook

The MCX Gold December futures have broken crucial near-term support of Rs 29,200-odd levels.

Further, one of the key momentum oscillators - the 14-day RSI has given a negative divergence on the daily charts. Hence, the short-term bias may be negative for the yellow metal.

In the near-term, MCX Gold may now slide towards the 200-DMA (long-term) moving average.

Click Here for detailed analysis.

Daily Market Outlook

The markets are likely to stretch the gains as key momentum oscillators for the Nifty have turned positive on the daily charts.

The MACD and the RSI are hinting towards further strength in the markets. The NSE index may spurt to 6,050-odd levels.

Click Here for the detailed analysis.

Wednesday 9 October 2013

Markets surge on dip in trade deficit

After a weak start to the day, the markets rebounded sharply and ended the day with solid gains on the back of positive surprise from India's trade deficit data.

Trade deficit for the month of September surprisingly fell to a 30-month low of $ 6.76 billion. Also reports of the RBI likely to prefer NBFCs for the banking licences boosted the sentiment.

Back to the markets, the Sensex had dropped to a low of 19,827 in the opening deals - down 157 points from the previous close. However, the index eventually scaled a high of 20,278 - up 451 points from the week's low.

The Sensex finally ended the day on a strong note at 20,249 - up 266 points. The NSE Nifty surged 79 points to 6,007.

Among sectors, the BSE Realty index soared over 4 per cent to 1,315. The Healthcare, Bankex and Capital Goods indices were also up nearly 2 per cent each.

Sun Pharma was the major gainer among the Sensex 30 stocks, it zoomed over 5 per cent to Rs 645.
Bajaj Auto rallied 2.8 per cent to Rs 2,175. HDFC Bank and Infosys surged around 2.5 per cent each to Rs 649 and Rs 3,108, respectively.

BHEL, Tata Steel, Tata Power, Reliance, Larsen & Toubro, Hero MotoCorp and Jindal Steel also gained around 2 per cent each.

On the other hand, Wipro slipped over a per cent to Rs 477. Sesa Sterlite and Mahindra & Mahindra were also down a per cent each.

Read full market commentary here.
 

Daily Silver Outlook

Charts continue to remain in favour of the Silver. Hence, MCX Silver December futures may see higher levels in the near term.

The white metal is likely to get considerable support around Rs 48,900-odd levels, and on the upside can spurt to Rs 50,400-odd levels.

Click to read more details analysis.

Daily Gold Outlook

Indian Gold prices seem to be in wait-n-watch mode, as they await cues from the overseas markets.

Technically, key momentum oscillators are also in neutral zone, hence any decisive movement from current levels is difficult to pretend.

The broader range suggest support around Rs 29,200 and resistance around Rs 30,000.

Click Here for detailed daily analysis of MCX Gold.

Tuesday 8 October 2013

Market outlook for Oct 9

The markets are likely to extend gains in the near term, as key momentum oscillators have turned positive for the Nifty on the daily charts.

The NSE index may soon test 6,040-odd levels.

Click Here for detailed daily technical analysis

Daily Silver Outlook

Compared to Gold, Silver seems better placed for fresh gains in the near term.

On the upside, the MCX Silver December futures is likely to test Rs 51,000-mark. For the rest of the week, the white metal is likely to get strong support around Monday's low of Rs 48,350.

Click Here to read detailed daily forecast on MCX Silver.

Daily Gold outlook

Gold is likely to remain in focus in the near-term as a safe-haven bet, as time ticks towards the outcome from the October 17 deadline for a possible US shutdown.

International Gold prices are hovering around $1,324 per ounce. Price in India - MCX Gold December futures are trading at a fair amount of discount around Rs 29,400-odd levels, while the near month Gold Mini November futures are hovering around Rs 30,400-odd levels.

The outlook for Gold remains positive. Click Here to read more for the daily support and resistance levels for the MCX Gold.

Daily Market Outlook

Yesterday's intra-day recovery did not look like a flash in the pan. But instead, it seems like the BSE benchmark index, the Sensex, has taken support around the weekly Fibonacci support and bounced back.
Hence, going ahead, for the rest of the week, the Sensex is likely to get considerable support around 19,745 and 19,620-odd levels.

Click Here for detailed daily analysis

Monday 7 October 2013

Markets bounce back

Markets bounce back

The markets bounced back smartly in trades on Monday on the back of fresh buying in IT shares ahead of the results season.

IT major Infosys is set to kick-start the earning season on October 11, 2013. IT firms are expected to do well on the back of sharp fall in Rupee versus the dollar in the just concluded September quarter.

Back to markets today, the BSE index had slumped to a low of 19,648 (down 268 points from the previous close) in early deals mirroring cues from the other global markets.

However, fresh buying in IT shares in the second half of the trading day saw the index erase all its losses and rebound into the positive terrain.

The Sensex touched a high of 19,921 at the fag end of the day, and finally settled with a minor loss of 21 points at 19,895.

The NSE Nifty was almost unchanged at 5,906.

The BSE IT index was the top gainer, up 1.2 per cent at 8,119. Infosys ended with a marginal gain at Rs 3,020. TCS surged 2.5 per cent to Rs 2,084, and HCL Technologies rallied 2 per cent to Rs 1,117.

Among other midcap IT stocks - Financial Technologies soared over 5 per cent to Rs 168. Tech Mahindra and Oracle Financial gained around 3 per cent each.

Among the Sensex 30 stocks, Tata Steel jumped over 4 per cent to Rs 300. Hindalco also spurted over 3 per cent to Rs 122, and Jindal Steel moved up 1.5 per cent to Rs 240.

BHEL and Gail India were the other major gainers.

On the other hand, Coal India slumped over 3 per cent to Rs 300. Bharti Airtel slipped 1.7 per cent to Rs 323.

ICICI Bank, Maruti and Larsen & Toubro also declined around 1.5 per cent each.

SBI, Reliance and HDFC Bank were the other notable losers.

The market breadth was positive at close of the day. Out of 2,522 stocks traded on the BSE, 1,280 advanced, while 1,089 declined today.

Hello Everyone

As the old saying goes - 'better late, than never'. For months and years I was been told to start blogging about my articles.

However, been a happy and contended person I preferred to stay away from the public domain, and continued to enjoy my professional life.

Alas, things have to change sometime.

Hence, finally I decided to start blogging.

October 7, 2013 - 10 days to go for what could be an unprecedented debt default of the world’s largest economy.

Having said, that the US is already under partial shutdown since October 1, 2013, after the two houses of Congress failed to agree on a new budget plan.

So far, the US markets seemed to have weathered the storm as neither the equity nor the bullion markets have seen any unprecedented behaviour in the last seven days, as they are hopeful that some solution will be reached.

While the world waits and watches, we too shall keep a close tab as the events unfold around us.
Meanwhile, for the latest technical analysis on our (India) stock and bullion markets visit my website - www.marketonmobile.com.

Happy Investing Till Then...
Rex Cano