Guar yesterday we have seen that market has moved 0.84% on good demand for guar gum from overseas countries amid a supply shortage. Demand from oil drilling companies is good. Exports may be better this year. In the Jodhpur spot market, guar seed slipped 15 rupees to end at 2,401 rupees per 100 kg. Market has opened at 2508 & made a low of 2489 versus the day high of 2530. The total volume for the day was at 362040 lots and the open interest was at 189590.Now support for the guar is seen at 2497 and below could see a test of 2473. Resistance is now likely to be seen at 2538, a move above could see prices testing 2555.
U.S. nickel exports fell 45.8% in May from the previous month, but was up 128.9% from the previous year, the Commerce Department reported. Nickel has touched a low of Rs 904.1 a kg after opening at Rs.913, and last traded at Rs 905.For today market is looking for the support at 897.5, a break below could see a test of 890 and where as resistance is now likely to be seen at 919.1, a move above could see prices testing 933.2.
U.S. zinc exports rose 96.4% in May from the previous month, and was up 154.6% from the previous year, the Commerce Department reported. Zinc yesterday we have seen that market has moved -0.88%. Market has opened at 86.05 & made a low of 84.8 versus the day high of 86.6. The total volume for the day was at 23392 lots and the open interest was at 6920.Now support for the zinc is seen at 84.5 and below could see a test of 83.7. Resistance is now likely to be seen at 86.3, a move above could see prices testing 87.3.
Copper closed with slight losses after a choppy session that saw prices move higher and lower amid a lack of trader conviction. A weaker-than-expected U.S. retail sales report and a choppy equity market limited copper futures' upside potential, while a soft dollar provided underlying support. Copper has touched a low of Rs 310.55 a kg after opening at Rs 311.8, and last traded at Rs311.25.For today market is looking for the support at 309.4, a break below could see a test of 307.5 and where as resistance is now likely to be seen at 314.3, a move above could see prices testing 317.4.
Crude oil prices ended higher after the government data showed a bigger than expected draw down in crude inventories. The Energy Information Administration reported a decline of 5.1 million barrels in US crude inventories in the week ended July 9. U.S. oil refining capacity fell for the first time since 2003 as the weak economy reduced demand for gasoline, diesel fuel and other petroleum products, the Energy Information Administration said. Now support for the crude is seen at 3588 and below could see a test of 3553. Resistance is now likely to be seen at 3649, a move above could see prices testing 3675.
Silver edged higher on some positive industrial sentiment that outweighed the lack of safe-haven demand on a quiet day for U.S. equities. Silver opened the day at 29031 on dollar resilience, before it slipped to a low of 28962. The metal later mounted a response, receiving a confidence boost from avaricious funds that entered the metal on improving gold and base metals, sending it to a high of 28229. The commodity was depleted closing at 29135.Now support for the silver is seen at 28965 and below could see a test of 28795. Resistance is now likely to be seen at 29302, a move above could see prices testing 29469.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.
News in Focus
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.
Main Regional Stories
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.
