Jeera August contract dropped Rs 536 and settled at Rs 14663 a kg on short selling at higher levels. The fresh arrivals of around 800 bags were reported at Unjha Mandi against the previous arrivals of 6000 bags. At Unjha, the benchmark spot market in Gujarat, jeera gained 55 rupees to end at 14,560 rupees per 100 kg. The contract made intraday low of Rs 14630 a kg and high of Rs 15349 a kg. Support for jeera is at 14412 below that could see a test of 14162. Resistance is now seen at 15131 above that could see a resistance of 15600.
Chana gained Rs 4 and settled at Rs 2340 per quintal as speculators reduced their positions, driven by subdued demand in the spot market. Subdued demand against adequate supplies in the physical market mainly led to a fall in chana prices at futures market. In Delhi spot market, chana gained 26 rupees to end at 2,276 rupees per 100 kg. The volume was noted at 107900 lots. Support for chana is at 2318 below that could see a test of 2295. Resistance is now seen at 2356 above that could see a resistance of 2371.
Mentha oil August contract dropped Rs 6 and settled at Rs 720.4 a kg as traders booked profits amid fall in demand at spot markets. Increased arrivals in the spot market from the producing belts in Uttar Pradesh also weighed on the prices. The contract made intraday low of Rs 716.2 a kg and high of Rs 726.7 a kg with the volume of 1870 and total open interest for the same contact was at 3951. Now support for the menthol is seen at 715.5 and below could see a test of 710.6. Resistance is now likely to be seen at 726, a move above could see prices testing 731.6.
PeIf you’re just starting out in forex, the odds are stacked—not because the market is out to get you, but because many new traders walk in with the wrong mindset.
News in Focus
Featured, India Business, Analyst View, BOB Capital Markets, Bullion Update, India, Kalyan Jewellers
BOB Capital Markets has upgraded Kalyan Jewellers to BUY from HOLD with a target price of Rs 786, implying about 18% upside from Rs 664.
Featured, India Business, Analyst View, Stock Markets, ICICI Securities, India, Steel Sector, Tata Steel
ICICI Securities has retained its BUY call on Tata Steel with a revised sum-of-the-parts target of Rs 230, implying 24% upside from Rs 185 over 12 months.
Axis Securities has kept its BUY call on Pricol Ltd with an unchanged target price of Rs 935, about 28% above the Nov. 5 closing price of Rs 728.
Featured, India Business, Analyst View, Auto Sector, BOB Capital Markets, India, Mahindra & Mahindra
BOB Capital Markets has retained its BUY rating on Mahindra & Mahindra but trimmed its target price to Rs 4,387 from Rs 4,530, still implying about 40% upside from the Rs 3,128 market price.
Featured, India Business, Analyst View, Stock Markets, ICICI Securities, India, Retail Sector, Swiggy
ICICI Securities has maintained its BUY rating on Swiggy but cut its target price to Rs 400 from Rs 520, still implying about 90% upside from the Rs 211 market price.
Main Regional Stories
ICICI Direct, the retail research arm of ICICI Securities, has maintained its BUY call on Stylam Industries with a revised 12-month target price of Rs 3,750, about 21% above the current market price of Rs 3,105.
ICICI Direct, the retail research arm of ICICI Securities, has reiterated its BUY call on Saregama India with a 12-month target price of Rs 740, about 16% above the Rs 638 market price, after the RPSG Group music label posted a robust September qu
Featured, India Business, Analyst View, Stock Markets, BOB Capital Markets, Cera Sanitaryware, India, Mumbai
BOB Capital Markets has maintained its BUY rating on Cera Sanitaryware with a target price of Rs 6,437, implying about 34% upside from the Nov. 5 closing price of Rs 4,802.
ICICI Securities has maintained its BUY call on Power Grid Corporation of India, trimming its target price to Rs 350 from Rs 360, which implies about 35% upside from the current market price of Rs 260.
