Risk aversion and stronger dollar have victimized base metals complex. We have seen sharp correction in copper, nickel, zinc and lead. Despite of drawdown in inventories, copper prices plummeted on LME.
Industrial metals slid on Monday with copper tumbling about 5 percent as skidding equities underlined concern about the economy and demand, while a stronger dollar exerted downward pressure. Copper inventories in LME warehouses fell by 7,300 tonnes to 462,325 tonnes, having dropped nearly 80,000 tonnes since mid-February. Cancelled warrants stocks earmarked for delivery rose to 68,325 tonnes from 64,400 tonnes on Friday.
After a steep decline in price during last week, demand from India was seen improving due to Akshaya Tritya festival and U. S. stocks broadly dropped more than 3 percent, stirred by worries that problems would persist for the struggling banking sector which led to sharp upside in precious metals. Every time risk aversion has risen, we have seen precious metals moving up.
The benchmark indices ended with modest loss and were trading volatile throughout the session. The Sensex closed 81 points lower at 10,898 after hitting an intraday high of 11,068 and low of 10,764. The Nifty was down 12 points to settle at 3,365. It touched an intra-day high of 3,414 and low of 3,309. Among the broader indices the BSE Midcap Index was down 5 points while Smallcap Index shut at up at 17 points. The selling was seen in shares of major banking, capital goods, metal and auto companies and buying was witnessed in select telecom, reality and FMCG sectors. The market breadth was slightly weak and the volumes are on the lower side.
In his report, Nirmal Bang has announced that the immediate short-term support for nifty is at 3,310 – 3,230 region and a fall below this level will put more pressure and nifty can decline upto 3,155 – 3,110 in the coming days.
The report also said that this could be the best level for the medium term investors to make entry.
Me. Bang also said that presently the stock markets are trading in a very tight range of 3300-3420, a strong move beyond these range on the either side will give an obvious route.
In its latest research report, Nirmal Bang, an equity research firm, has maintained ‘Buy’ rating on Kalindee Rail Nirman Engineers stock, which will give good returns within 4-5 trading session.
The report further stated that, if the counter is successful to breach 117, then it will create a huge breakout.
Nirmal Bang Research has advised its clients to hold the scrip with a target price of Rs 125-137.
In addition, the firm has suggested a support level for the scrip between Rs 91-92.
Nirmal Bang has maintained its ‘Buy’ rating on Kingfisher Airlines Limited to achieve a target of Rs 47.50 within 1-5 days.
Traders can buy the stock on dips with a stop loss of Rs 34.90.
Shares of the company, on Monday (April 20), closed at Rs 38.80 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 158.50 and a low of Rs 22 on BSE.
Air France-KLM is making discussions with Kingfisher and Jet Airways in order to serve up Indian secondary markets.
Risk aversion and stronger dollar have victimized base metals complex. We have seen sharp correction in copper, nickel, zinc and lead. Despite of drawdown in inventories, copper prices plummeted on LME.
After a steep decline in price during last week, demand from India was seen improving due to Akshaya Tritya festival and U. S. stocks broadly dropped more than 3 percent, stirred by worries that problems would persist for the struggling banking sector which led to sharp upside in precious metals. Every time risk aversion has risen, we have seen precious metals moving up.
The benchmark indices ended with modest loss and were trading volatile throughout the session. The Sensex closed 81 points lower at 10,898 after hitting an intraday high of 11,068 and low of 10,764. The Nifty was down 12 points to settle at 3,365. It touched an intra-day high of 3,414 and low of 3,309. Among the broader indices the BSE Midcap Index was down 5 points while Smallcap Index shut at up at 17 points. The selling was seen in shares of major banking, capital goods, metal and auto companies and buying was witnessed in select telecom, reality and FMCG sectors. The market breadth was slightly weak and the volumes are on the lower side. 
In his report, Nirmal Bang has announced that the immediate short-term support for nifty is at 3,310 – 3,230 region and a fall below this level will put more pressure and nifty can decline upto 3,155 – 3,110 in the coming days.
In its latest research report, Nirmal Bang, an equity research firm, has maintained ‘Buy’ rating on Kalindee Rail Nirman Engineers stock, which will give good returns within 4-5 trading session.
Nirmal Bang has maintained its ‘Buy’ rating on Kingfisher Airlines Limited to achieve a target of Rs 47.50 within 1-5 days.
