Nickel prices gained as traders enlarged their positions, triggered by domestic demand for the metal and increased buying by speculators, supported by strength in base metals at the LME on optimism that global demand may pick up. Nickel has touched a low of Rs 894.8 a kg after opening at Rs.894.8, and last traded at Rs 902.For today market is looking for the support at 896.1, a break below could see a test of 890.1 and where as resistance is now likely to be seen at 906.7, a move above could see prices testing 911.3.
Mitsui Mining & Smelting Co. said it lowered its zinc selling price by Y10,000 to Y200,000 a metric ton. This will bring the average zinc selling price for July to Y201,400. Zinc yesterday we have seen that market has moved 2.35%. Market has opened at 85.1 & made a low of 85.1 versus the day high of 87.3. The total volume for the day was at 27037 lots and the open interest was at 4878.Now support for the zinc is seen at 85.7 and below could see a test of 84.3. Resistance is now likely to be seen at 87.9, a move above could see prices testing 88.7.
Copper climbed higher on the prospect of rising demand from the U.S. construction sector.
Oil prices gained shrugging off a modest rebound in dollar and weak housing data from the US, on expectations of a drop in crude inventories. The oil market is bracing for an unpredictable U.S. oil supply report from the Energy Information Administration, after two weeks where oil inventories plunged by a combined 10 million barrels. Oil inventories remain above normal even after the steep decline in the last two reports, as U.S. demand has struggled to recover from last year's recession. Now support for the crude is seen at 3628 and below could see a test of 3586. Resistance is now likely to be seen at 3695, a move above could see prices testing 3720.Axis Securities has maintained its BUY rating on Hero MotoCorp Ltd with a revised target price of Rs 6,025, down from Rs 6,500, implying about 18% upside from the Oct.
News in Focus
Featured, India Business, Analyst View, Stock Markets, Auto Sector, Axis Securities, Hero MotoCorp, India
ICICI Securities, through its retail research arm ICICI Direct, has retained a BUY rating on Adani Ports and Special Economic Zone with a revised target price of Rs 2,210, about 20% above the curre
Featured, India Business, Energy Sector, Analyst View, Stock Markets, CleanTech, ICICI Securities, India, Suzlon Energy
ICICI Securities has maintained its BUY rating on Suzlon Energy but cut its 12-month target price to Rs 55 from Rs 65, implying about 49% upside from the current market price of Rs 37.
ICICI Securities has maintained its BUY call on IDFC First Bank with a revised 12-month target price of Rs 95, down from Rs 100, implying about 32% upside from the current market price of Rs 72.
Deven Choksey Research has maintained its BUY rating on HDFC Bank with a target price of Rs 981, implying about 43% upside from Rs 688.
Anand Rathi Research has maintained its BUY call on DCB Bank with a 12-month target price of Rs 312, implying about 56% upside from the Rs 200 share price.
Main Regional Stories
Featured, India Business, Analyst View, Stock Markets, Godrej Properties, India, Motilal Oswal, Real Estate
Motilal Oswal Financial Services has reiterated its BUY call on Godrej Properties with a target price of Rs 2,200, implying about 47% upside from the current market price of Rs 1,498.
Featured, India Business, Analyst View, Stock Markets, Hotels Sector, ICICI Direct, India, ITC Hotels
ICICI Securities has maintained its BUY call on ITC Hotels with an unchanged 12-month target price of Rs 220, implying about 29% upside from the current market price of Rs 170.
Featured, India Business, Analyst View, Emkay Global, India, Insurance Sector, Nippon Life, Personal Finance
Emkay Global Financial Services has reiterated its BUY call on Nippon Life India Asset Management with an unchanged September 2027 target of Rs 1,300, about 33% above the current price of Rs 976.
Emkay Global Financial Services has reiterated its BUY rating on IndusInd Bank, trimming its 12-month target price by 12.5% to Rs 1,050 from Rs 1,200, which implies about 25.7% upside from the current market price of Rs 835.
