Jeera August contract gained Rs 130 and settled at Rs 14526 a kg on local demand, some overseas inquires and poor stocks. Fundamentals are supportive. Stocks are limited while demand is improving. At Unjha, spot market in Gujarat, jeera gained 146 rupees to end at 13,921 rupees per 100 kg. The contract made intraday low of Rs 14325 a kg and high of Rs 14620 a kg. Support for jeera is at 14361 below that could see a test of 14195. Resistance is now seen at 14656 above that could see a resistance of 14785.
Turmeric yesterday we have seen that market has moved -0.5% on profit-booking after prices rose in the last two sessions on hopes of higher sowing. Sowing is good in our area. Area under the spice may rise significantly this year. In Nizamabad spot market, turmeric gained 286 rupees to end at 15,518 rupees per 100 kg. Market has opened at 14848 & made a low of 14660 versus the day high of 14848. The total volume for the day was at 5765 lots and the open interest was at 7985.Support for turmeric is at 14624 below that could see a test of 14548. Resistance is now seen at 14812 above that could see a resistance of 14924.
Chana gained Rs 22 and settled at Rs 2370 per quintal on a pick-up in the spot demand of chana dal and lower rainfall in major kharif growing regions. Demand is good for chana dal. Arrivals are not significant. In Delhi spot market, chana gained 52 rupees to end at 2,284 rupees per 100 kg. The volume was noted at 182240 lots. Support for chana is at 2350 below that could see a test of 2331. Resistance is now seen at 2384 above that could see a resistance of 2399.
Soyabean yesterday we have seen that market has moved 1.71% bolstered by a weak rupee and concerns patchy rains over key soybean growing areas may hurt sowing and yields. In the Indore spot market, soybean climbed 28 rupees to 1,974 rupees per 100 kg. Market has opened at 2015 & made a low of 2010 versus the day high of 2055. The total volume for the day was at 87510 lots and the open interest was at 128350.Support for soyabean is at 2020 below that could see a test of 1993. Resistance is now seen at 2065 above that could see a resistance of 2083.
Mentha oil July contract dropped Rs 13.8 and settled at Rs 685.6 a kg on profit booking. On July 17th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 776,951 kg of which 742,413 kg is physical stock and 34,537 is the demat stock. The contract made intraday low of Rs 680.1 a kg and high of Rs 701.8 a kg with the volume of 3212 and total open interest for the same contact was at 4440.Now support for the menthol is seen at 676.5 and below could see a test of 667.5. Resistance is now likely to be seen at 698.2, a move above could see prices testing 710.9.
Pepper August delivery gained Rs 507 and settled at Rs 20690/quintal tracking firm international markets, robust domestic demand amidst lower supplies. Prices in the international market are holding firm. Globally, stocks are estimated to be lower. Spot pepper climbed 776 rupees to end at 20,341 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 20775/quintal while low of Rs 20250/quintal. Now support for the pepper is seen at 20368 and below could see a test of 20047. Resistance is now likely to be seen at 20893, a move above could see prices testing 21097.ICICI Securities has maintained a Buy rating on Suzlon Energy, retaining an unchanged target price of Rs 65, implying 35% upside from the current market price of Rs 48.
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Featured, India Business, Energy Sector, Analyst View, CleanTech, ICICI Direct, India, Suzlon Energy
ICICI Securities has reiterated a Buy rating on Tata Power Company, maintaining a target price of Rs 485, implying 31% upside from the current market price of Rs 371.
Featured, India Business, Analyst View, Stock Markets, Coforge Limited, ICICI Direct, India, Technology Sector
ICICI Securities has maintained a Buy rating on Coforge Limited, setting a target price of Rs 1,950, implying a 17% upside from the current market price of Rs 1,669.
Featured, Analyst View, Futures & Options, Stock Markets, Bharat Electronics, ICICI Securities, India, Public Sector
ICICI Securities has maintained a Buy rating on Bharat Electronics, setting a target price of Rs 530, implying a 35% upside from the current market price of Rs 394.
Axis Securities has maintained a Buy rating on NTPC, though it has trimmed the target price slightly to Rs 420 from Rs 430, implying a 20% upside from the current market price of Rs 350.
ICICI Securities has maintained a Buy rating on Steel Authority of India, setting a target price of Rs 225, implying a 36% upside from the current market price of Rs 165.
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Axis Securities has maintained its Buy rating on Bank of Baroda, though it has trimmed the target price to Rs 290 from Rs 315, implying an 18% upside from the current market price of Rs 246.6.
Axis Securities has reiterated a Buy rating on Greenply Industries Limited, raising its target price to Rs 355 from Rs 340, implying a 19% upside from the current market price of Rs 298.
Featured, India Business, Analyst View, Axis Securities, India, Insurance Sector, SBI Life Insurance
Axis Securities has reiterated a Buy rating on SBI Life Insurance Limited, setting a target price of Rs 2,350, implying a 27% upside from the current market price of Rs 1,859.
