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.
Guar yesterday we have seen that market has moved 1.26% on concerns about the monsoon, good demand for guar gum and poor supplies. Patchy rains may hamper guar sowing. Lower rains in the major cultivating regions are supporting buying. In the Jodhpur spot market, guar gained 27 rupees to end at 2,416 rupees per 100 kg. Market has opened at 2520 & made a low of 2502 versus the day high of 2583. The total volume for the day was at 473530 lots and the open interest was at 186540.Now support for the guar is seen at 2520 and below could see a test of 2470. Resistance is now likely to be seen at 2601, a move above could see prices testing 2632.
Nickel yesterday ended lower tracking weakness in LME prices despite rise in other base metal counters. Nickel has touched a low of Rs 887.2 a kg after opening at Rs.896.7, and last traded at Rs 894.For today market is looking for the support at 886.2, a break below could see a test of 878.3 and where as resistance is now likely to be seen at 902.9, a move above could see prices testing 911.7. 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.
News in Focus
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.
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.
Main Regional Stories
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.
Advanced Micro Devices declined nearly 12 percent during the trading session as Intel declined 30 percent. AMD was down during premarket but the stock slipped further during the trading session.
Intel shares fell as much as 30% in early trading Friday, wiping out more than $125 billion in market value and putting the chipmaker on course for its worst session since 1974.
Featured, India Business, Analyst View, Stock Markets, Finance Sector, India, Motilal Oswal, Shriram Transport Finance
Motilal Oswal Financial Services has reiterated its BUY call on Shriram Finance with a target price of Rs 1,155, about 33% above the Rs 867 share price. The September quarter was mixed.
