rule the market - karvy onlinecontent.karvyonline.com/contents/kstreetissue036.pdf · 2019. 5....

ISSUE: 036

11TH MAY, 2019

RULE THE MARKET

From The Desk Of Research Head

Disclaimer: Karvy Stock Broking Limited [KSBL] is registered as a research analyst with SEBI (Registration No INZ000172733). KSBL is also a SEBI registered Stock Broker, Depository Participant, Portfolio Manager and also distributes financial products. The subsidiaries and group companies including associates of KSBL provide services as Registrars and Share Transfer Agents, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, financial consultancy and advisory services, realty services, data management, data analytics, market research, solar power, film distribution and production, profiling and related services. Therefore associates of KSBL are likely to have business relations with most of the companies whose securities are traded on the exchange platform. The information and views presented in this report are prepared by Karvy Stock Broking Limited and are subject to change without any notice. 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Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither KSBL nor any associate companies of KSBL accepts any liability arising from the use of information and views mentioned in this report. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. Actual results may differ materially from those set forth in projections. 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Compensation of KSBL’s Research Analyst(s) is not based on any specific merchant banking, investment banking or brokerage service transactions. KSBL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.KSBL or its associates collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. KSBL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report and have no financial interest in the subject company mentioned in this report. Accordingly, neither KSBL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that KSBL and Research Analysts, primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. It is confirmed that Research Analyst did not serve as an officer, director or employee of the companies mentioned in the report. KSBL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor KSBL have been engaged in market making activity for the companies mentioned in the report. We submit that no material disciplinary action has been taken on KSBL by any Regulatory Authority impacting Equity Research Analyst activities.

The Nifty is up 3.8% in CY 2019, backed by strong FII flows of about INR 710 Bn. However, equities have

faced some headwinds over the last few days due to fears of escalation of US-China trade war. On

the other hand, recent economic data is deteriorating. For instance, factory output for March 2019, as

measured by Index of Industrial Production (IIP) declined by 0.1%. Given this backdrop, we examine

the prospects going ahead.

India has faced an unexpected slowdown in consumer demand and manufacturers have faced an

inventory build-up. An inventory correction which we believe is under progress can exaggerate a

slowdown in final demand.

India is facing a cyclical slowdown; the slowdown is on account of tightening of liquidity. The problem

of lack of liquidity can be traced to multiple reasons. Firstly, it is the result of the crisis in the NBFC

sector secondly, FII outflows in 2018 and early 2019 have resulted in lack of liquidity as well. Thirdly,

global liquidity conditions had tightened following tightening by the US Federal Reserve. Besides

liquidity, the Indian economy has also faced headwinds as the global economy has slowed down.

Lastly in India, ahead of the uncertainty on account of general elections, companies are in a wait and

watch mode regarding decisions to expand capacity.

Not all is bad though, the Reserve Bank of India has acted to restore liquidity with a number of OMO

or open market operations, besides this, it has conducted an FX swap to infuse liquidity into the

monetary system, this should have an impact on the economy, though with a lag.

Besides India, the global economy could recover as well, provided trade wars between US and China

don’t escalate significantly from the current point. The global economy may recover as impact of

fiscal and monetary actions in China feed through. The US Federal Reserve slowing down monetary

tightening is positive as well. Trade wars and oil price volatility remain key risks.

Though India faces a cyclical slowdown, the Indian economy is structurally sounder than the days of the

Taper Tantrum. The Indian economy has improved in terms of macroeconomic stability; Inflation has

declined considerably and is unlikely to become a problem. The current account deficit has declined

as well. Reforms like IBC has meant that the NPL problems have peaked and banks are in a position to

lend again. Gross fixed capital formation expanded by 10.6% for Q3FY2018-19 indicating that capital

formation may start picking up, though tight liquidity and political uncertainty are dampeners in the

near term.

Prospect for equities for the rest of the year: While there is uncertainty, we believe that the Indian

economy is likely to recover by Q2 FY2019-20. A favourable election result should rekindle animal

spirits in the economy and capital formation rates should improve. This should improve the prospects

for corporate earnings growth and thus lead equities to perform well. We believe stocks of cyclical

sectors and mid cap stocks are likely to do well in this scenario.

CONTENTSEquity 1-6

Derivatives 7-8

Commodity 9-12

Currency 13-16

TeamDr. Ravi Singh

Arun Kumar Mantri

Osho Krishan

Aditya Kistampally

Srinivas Krishnan Bobba

M V Narasinga Rao

Deepak Balkrushna Sakure

Sarath Kumar Jutur

Konpal Pali

Jaysree Ram

Yash Bothika

Thomas V Abraham

Vivek Ranjan Misra

Veeresh Hiremath

Siddhesh Ghare

Ramesh Chenchala

Ravi Pandey

Ravikanth P

Kushal Asthana

Arpit Chandna

Vinod J

Amit Kumar

Karvy Head Office

Karvy Stock Broking Limited, Plot No.31/P, Karvy Millennium Towers, Nanakramguda, Financial District, Gachibowli, Hyderabad, Telangana-500032, India.

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Analyst CertificationThe following Karvy Research Desk, who is (are) primarily responsible for this report and whose name(s) is/ are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

- DR. RAVI SINGHHead-Technical & Derivatives Research

EQUITY

Economy

• The Securities and Exchange Board of India is examining credit rating agencies in detail to see how well they assess loans against shares given by debt mutual funds.

• With the UP Electricity Regulatory Commission proposing to reduce tariffs by 35% of bagasse-based power supplied to the state utility by sugar mills, millers are looking at taking a hit of almost Rs. 500 crore annually if the proposal sails through.

• The government extended the anti-dumping duty on ductile iron pipes imported from China by 45 days, as per a notification from the Finance Ministry. The anti-dumping duty on Chinese ductile iron pipes is in the range of $127.40-$139.79 per ton.

• SEBI has asked mutual fund houses to provide details of the artificial intelligence and machine learning-based applications or systems used by them as part of fund management on a quarterly basis.

Automobiles

• Maruti Suzuki India Ltd’s total vehicle production in April fell 9.6% on year to 147,669 units and production of compact cars-Swift, Celerio, Dzire, Ignis, Baleno and the new WagonR fell 0.4% on year to 83,411 units. Production of mini cars-Alto and the old WagonR fell 37.1% to 22,773 units.

• Natural gas vehicles (NGVs) are likely to account for 50% of sales of new three- and four-wheelers in India by 2030 on the back of rapidly developing infrastructure and cost reduction due to domestic manufacturing.

Banking

• Bandhan bank would consolidate and bring efficiency in its existing branch network which will soon touch 1000 branches. The bank has 986 branches as of March 2019 which was 936 last fiscal. In 1-2 months, the number is expected to touch 1000. This strategy was much before RBI imposed restrictions on expansion.

• Google Pay, which offers UPI payments in India is expected to soon offer Indian consumers the option to pay through debit or credit cards saved on the platform.

Steel

• Arcelor Mittal expects growth in demand for steel across the globe barring China to stand at 1-2% this year against the earlier expected 2-3%.

FMCG

• RP-Sanjiv Goenka Group and Moon Beverages are in discussions to operate McDonald’s India outlets in northern and eastern parts of the country.

Telecommunication

• The National Company Law Tribunal extended Reliance Communications Ltd’s insolvency resolution process by excluding the period between May 30, 2018 and Apr 30, 2019 when the company’s insolvency process was stayed by a National Company Law Appellate Tribunal order.

• Bharti Airtel has managed to narrow the gap with Reliance Jio in average revenue per user in the quarter ended March but has fallen further behind on local mobile services revenue and needs to boost subscriber additions to keep pace with its newest rival.

NEWS

INTERNATIONAL NEWS

• President Donald Trump raised the stakes in his trade conflict with China as the US increased tariffs on $200 billion in Chinese goods.

• US Bureau of Labor Statistics revealed that the Producer Price Index (PPI) in April stayed unchanged at 2.2% on a yearly basis and fell short of the market consensus of 2.3%.

• China consumer price index (CPI) in April rose 2.5% from a year ago meeting analysts’ expectations and slightly higher than the 2.3% year-on-year in March.

• The opposition Labour Party’s leader, Jeremy Corbyn said that British Prime Minister Theresa’s May’s government has not made a big offer yet in Brexit talks and its actually quite difficult negotiating with a disintegrating government with cabinet ministers jockeying for succession rather than working for an agreement.

TRENDSHEETSymbol CMP S2 S1 R1 R2 TREND

SENSEX 37462.99 36424 36944 38409 39355 Down

NIFTY 11278.9 10990 11134 11540 11802 Down

NIFTYBANK 29,040.50 28169 28605 29656 30271 Down

RELIANCE 1,251.15 1142 1197 1354 1457 Down

ZEEL 371.20 279 325 414 457 Down

ICICIBANK 385.10 360 373 402 420 Down

YESBANK 163.85 147 155 173 183 Down

SBIN 308.05 284 296 317 326 Down

TATASTEEL 486.80 438 462 528 570 Down

HDFCBANK 2,296.50 2222 2259 2346 2395 Down

TATAMOTORS 185.90 169 177 200 213 Down

INFY 716.85 700 708 728 739 Down

TCS 2,135.80 2062 2099 2182 2229 Down

FORTHCOMING RESULTSCOMPANY NAME DATE

GODREJ IND 13-May-19

HDFC 13-May-19

ITC 13-May-19

ENDURANCE 14-May-19

NESTLE 14-May-19

ZEE MEDIA 14-May-19

KPIT 15-May-19

BAJAJ FINSERV 16-May-19

BAJAJ FINANCE 16-May-19

HINDALCO 16-May-19

BAJAJ-AUTO 17-May-19

DRREDDY 17-May-19

IOC 17-May-19

UPL 17-May-19

KSTREET - 11TH MAY 2019 1

INDIAN INDICES (% CHANGE)

GLOBAL INDICES (% CHANGE)

NIFTY MIDCAP100TOP GAINERS & LOSERS (1W)

SECTORAL INDICES (% CHANGE)

FII/FPI & DII TRADING (IN RS. CRORES)

NSE NIFTY TOP GAINERS & LOSERS (1W)

EQUITY

Source: Bloomberg

-4.5

-4.0

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-8.0

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-20.00

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-12.00

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S LTD

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06-05-19 07-05-19 08-05-19 09-05-19 10-05-19

FII DII


BEAT THE STREET - FUNDAMENTAL ANALYSIS

NIIT Technologies Ltd CMP Rs.1245Target Price Rs.1539Upside 24%

Investment Rationale• We believe NIIT Tech’s strong growth momentum to continue in the future

given its strong deal momentum and order book. As of FY19, its order book stands at $390 Mn, executable over the period of next 12 months with $170 Mn as fresh order intake during Q4FY19.

• However, for Q4FY19, NIIT Tech reported a flattish sequential revenue growth during Q4FY19 due to 14% degrowth in GIS business due to lower procurement from government in the election season. NIIT Tech reported a strong growth of 22% due to ramping up of large deals won in the previous quarters. For FY19, NIIT Tech’s revenues grew 22%, thanks to strong order book.

• NIIT Technologies Ltd acquired 53% stake in Whishworks, a MuleSoft & Big Data Specialist. Remaining stake will be acquired in next 2 years based on its financial performance. This acquisition will help NIIT Tech in enhancing its digital capabilities in digital integration space. As Incessant Technologies acquisition opened up opportunities to work on PEGA platform with new clients, Whishworks is expected to do the same with MuleSoft platform.

• There is a market demand for such capabilities as well. As per management, there are around 250 SMEs focused around MuleSoft in its portfolio. Whishworks has a portfolio of 25 clients. It had a revenue growth of 30%+ in FY18. It will be margin accretive to NIIT.

VALUE PARAMETERSFace Value (Rs.) 10.0

52 Week High/Low (Rs.) 1425/970

M.Cap (Rs. Bn/US $mn) 77144/1105

EPS (Rs.) 113.0

P/E Ratio (times) (FY20E) 11.0

Dividend Yield (%) 1.73

Stock Exchange NSE/BSE

P/E CHARTValuation

It has also enhanced its digital capabilities by acquiring certain digital-centric companies like Incessant Technologies, Whishworks etc. It is also focusing on margins by divesting low margin GIS business controlling SG&A and subcontracting expenses. Hence, we recommend a “BUY” rating to NIIT Tech with target price of Rs. 1539 and an upside potential of 24% based on 3 year historical average P/E of 14x to its FY21E EPS of Rs. 113.0.

EQUITY

% OF SHARE HOLDING

in Rs.Mn ACTUAL ESTIMATE

YE Mar FY 18 FY 19E FY 20E

REVENUE 29914 37137 46049

EBITDA 5013 6685 8289

EBITDA(%) 16.8 18.0 18.0

PAT 2802 4335 5733

EPS (Rs.) 45.9 70.4 93.1

RoE (%) 16.2 22.4 25.1

PE (x) 18.8 17.68 13.37

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NIIT Tech Sensex

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NIIT Tech Sensex

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BEAT THE STREET - FUNDAMENTAL ANALYSIS

Mahindra CIE Ltd CMP Rs.222Target Price Rs.304Upside 36%

VALUE PARAMETERSFace Value (Rs.) 10.0

52 Week High/Low (Rs.) 301/211

M.Cap (Rs. Bn/US $mn) 84531/1209

EPS (Rs.) 14.5

P/E Ratio (times) (FY20E) 17

Dividend Yield (%) -

Stock Exchange BSE

EQUITY

P/E CHART

% OF SHARE HOLDING

in Rs.Mn ACTUAL ESTIMATE

YE Mar CY18 CY19 CY20

REVENUE 80315 91010 98491

EBITDA 10510 12132 13616

EBITDA(%) 13.1 13.3 13.8

PAT 5485 6150 6767

EPS (Rs.) 14.5 16.2 17.9

RoE (%) 13.7 13.4 12.9

PE (x) 15.2 13.7 12.4

Investment Rationale• International Business (~51% of sales) MHCIE’s Europe sales increased

by 16.7% YoY to Rs. 13.3 Bn on the back of impressive volume growth of 8.3% aided by new product supply to existing clients in European market. Going forward management expects its European operations to remain robust during H1CY19 and slightly subdued during H2CY19. Over the next 2-3 quarters, the company anticipates its volume growth to remain higher than overall Auto industry in Europe.

• Steady Growth Outlook: The company expects demand for its products in Indian market to pick up during from H2CY19. In the European market, the company expects to grow faster than the total auto market in Europe. Overall the outlook remains stable.

• New Acquisition: During Q1CY19, MHCIE announced acquisition of Aurangabad Electricals (AEL) which is Aluminum die casting company catering to two wheelers and passenger cars. It’s all cash deal wherein MHCIE is likely to pay Rs. 8.8 Bn for the acquisition, valuing the entity at EV/EBITDA of 8.7xFY19.

• Financial Performance: We expect MHCIE to report 10.8% sales CAGR and 11.1% PAT CAGR. Over CY18-20E, the company is expected to report EPS of Rs. 16.2 and Rs. 17.9 in CY19E and CY20E respectively.

Valuation

MHCIE, the second largest forging company in India and a diversified auto ancillary MNC is on its way to become one of the largest Auto ancillary entity in India. Post its alliance with CIE, the company has consolidated its business by improving its plant operations and strengthening its balance sheet. Given the stable business growth outlook and ~10.8% earnings CAGR over CY18-20E, we believe stock has a good potential. We rate BUY on the stock with a revised target price of Rs. 304 (PE of 17xCY20E earnings).

30%

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EQUITY

BEAT THE STREET - TECHNICAL ANALYSIS

Heidelberg Cement India Limited

Heidelberg Cement India Limited (HCIL / Company) is a subsidiary of Heidelberg Cement Group, Germany. The company has its operations in Central India at Damoh (Madhya Pradesh), Jhansi (Uttar Pradesh) and in Southern India at Ammasandra (Karnataka). The company increased its capacity to 5.4 million tones p.a. through brown field expansion of its facilities in Central India in 2013.The new manufacturing capacity has enabled the company to increase its market share in Central India i.e. Madhya Pradesh and Uttar Pradesh and in markets of Bihar, Haryana and Uttarakhand. The company has carved a niche for its brand “mycem” in new markets and has further improved its brand positioning in the existing ones. Technically, the stock is in secular uptrend forming higher highs and higher lows. The Heiken candlesticks and parabolic SAR is signalling positive trend on the weekly charts reflecting the stock is well placed to move higher in the coming days. 14 period RSI is trading above the 9 period averages on daily chart indicating positive momentum. The stock is trading well above all its major moving averages on daily as well as weekly charts indicating strong positive momentum in the counter for all major time frames. At the current levels, the stock has given an excellent opportunity for medium to long term investors to accumulate the stock around 174-175 levels for the potential upside targets of 220-235 levels over the next 6-9 months keeping a stop loss below 145 levels.

Deepak Nitrite Ltd.

Deepak Nitrite is a leading chemical manufacturing company in India. The Company offers Sodium Nitrite, 2 Ethyl Hexyl Nitrate and Optical Brightening Agent (OBA). The Company’s

segments include Bulk Chemicals and Commodities (BCC), Fine and Speciality Chemicals (FSC), and Fluorescent Whitening Agent (FWA). DEEPAKNTR has rallied from 54 to 305 in monthly

chart and has corrected to 38.20% Fibonacci retracement levels of the said rally i.e around 205 and bounced back from there to close above 23.6% Fibonacci retracement levels indicating

end of the correction and a possible fresh leg of rally from these levels. The stock was unfazed by the recent sell off in the broader markets indicating bullishness in the counter. Adding to it,

Heiken candlesticks and Parabolic SAR is signalling positive trend on the weekly charts reflecting the stock is well placed to move higher in the coming days. 14 periods RSI is trading above

the 9 period averages in daily chart as well as weekly charts indicating positive momentum. The stock is trading well above all of its major moving averages on daily as well as weekly charts

indicating strong positive momentum in the counter for all major time frames. On Bollinger bands weekly chart stock has tested the upper band and the bands are expanding indicating

positive momentum. At the current levels, the stock has given an excellent opportunity for medium to long term investors to accumulate the stock around 278-280 levels for the potential

upside targets of 340-360 levels over the next 6-9 months, keeping a stop loss below 240 levels.

STOCK HEIDELBERG

CMP 180.1

ACTION BUY

ENTRY 174-175

AVERAGE 155

STOP LOSS 145

TARGET 1 220

TARGET 2 235

TIME FRAME 6-9 MONTHS

STOCK DEEPAKNTR

CMP 281.25

ACTION BUY

ENTRY 278-280

AVERAGE 245

STOP LOSS 240

TARGET 1 340

TARGET 2 360

TIME FRAME 6-9 MONTHS


EQUITY

Sentiment

Stop Loss 180

Target 155

Lot Size 2600

Margin 84822

21-DEMA 176

Open Interest Shares 45855000

Change in OI -1845000

Cost of Carry (%) 10.96

SECTORAL SNIPPETS

NIFTY IT (15,949.60) traded on a negative note, settled with loss of nearly -1% on weekly closing basis indicating profit booking in the index. On the stock front, all the major stocks ended in red except MINDTREE which closed with gains of nearly 0.39%; INFIBEAM closed with no change while TCS -0.08%, WIPRO -0.22%, TECHM -0.49%, INFY -0.97%, TATAELXSI -1.21%, NIITTECH -1.97%, OFSS -2.26% & HCLTECH -5.05% closed in a negative territory on a weekly closing basis. NIFTY IT index after clocking an all time high of 16720 witnessed sharp profit-booking in the earlier week and last week index traded with mixed to weak bias as volatility in rupee has impacted such move. Technically, index found support near its 50-DEMA which is currently placed near 15880 levels and currently it is holding marginally above it and below its 21-DEMA (16100) and its major 200-DEMA is placed near 15030 levels. On the momentum oscillator front, 14-pd RSI after witnessing bearish crossover of its signal line drifted below equilibrium level and tilted towards oversold territory indicating possibility of further profit booking can’t be overruled. On the downside, index has an immediate support near 15900 levels followed by 15700 levels while on the higher side, 16250 will work as an immediate resistance followed by 16400 levels. Going forward, index on sustaining above 15800 levels is likely to trade with mixed bias between 15800-16200 levels.

NIFTY FMCG (29,359.05) ended the week with a negative return of around 1.46% outperforming the benchmark index NIFTY which ended lost around 3.89%. The breadth of the FMCG index was negative as 9 out of 15 stocks in the index ended on a negative note while 6 stocks ended on a positive note. The stocks likes GODREJIND, MCDOWELL-N, GSKCONS, GODREJCP, PGHH and MARICO which has closed the week in green and generated positive return of around 6.72%, 0.92%, 0.66%, 0.54%, 0.49% and 0.13% respectively while HINDUNILVR, BRITANNIA, ITC, UBL, EMAMILTD, TATAGLOBAL, DABUR, COLPAL and JUBLFOOD lost -0.45%, -0.86%, -2.38%, -2.39%, -2.71%, -2.82%, -2.92%, -3.40% and -4.66% respectively. Technically, NIFTY FMCG index is placed below all its major moving averages on the daily chart as well which indicates inherent weakness in the index. On the Momentum oscillator front, the 14-day RSI line is placed below the 9-day signal line on daily as well as weekly chart and pointing southwards reflecting the index may trade with negative bias in the coming trading sessions. On daily charts, the index has tested the lower band in Bollinger bands and the bands are expanding. Going ahead, the index is expected to trade with negative bias. The support for the NIFTY FMCG index is pegged around 28900-29000 zone followed by 28500 levels. While on the higher side, the index may face resistance around 29600-29700 zone followed by 29900 levels.

NIFTY BANK (29,040.50) outperformed the Nifty with a loss of 3.05% during the week passed by while the broader index Nifty lost by 3.70%. During the trading week, the index witnessed a corrective movement witnessing sell on every rise. During the week, the index witnessed resistance at 29830 and 29300 levels and technically, it may trade with a downward bias until and unless 29200 levels are taken off from downside. On the data front, the Reserve Bank of India’s data on the deployment of gross credit across different sectors shows healthy credit growth in the services sector followed by the retail sector. Credit growth in the services sector until the middle of February was 23.7% and in the retail sector it was 16.7%. Credit growth in the industry sector was 5.6%. Banks have also benefited from the liquidity crunch that non-banking financial companies are facing following the IL&FS crisis. NBFCs have slowed down their loan growth since their cost of funds increased substantially after September-October. This is particularly true for retail loans, where NBFCs are major players. Banks have been pushing loans to the corporate sector at a slower pace after a sharp rise in bad loans, mostly in sectors like infrastructure, power and iron and steel. On the stock front, INDUSINDBK, YESBANK, BANKBARODA and ICICIBANK lost by 8.07%, 6.57, 4.91% and 4.43% respectively during the week while on the other side, RBLBANK gained by 0.33% respectively. Bank Nifty may face resistance at 29150 levels followed by 29450 levels. For the week ahead, support for the index can be pegged at 28780 levels followed by 28350 levels.

NIFTY METAL (2,872.50) has cracked this week and closed at 2872 levels with a cut of more than 6.50%. It has significantly underperformed Nifty 50 index which has ended with a cut of around 4.00% during the same period. Nifty Metal index has broken from head and shoulders pattern with an unfilled huge gap down and strong volumes indicating possible start of fresh leg of down move in the metal space. The index is also sustaining well below its all major moving averages supporting the bearish view. Every minor bounce is getting resisted and witnessing selling pressure. Major sell off is seen on the last trading day with major contribution coming from Tata steel. The stock has lost on the news of joint venture with Thyssenkrupp in Europe hitting road block. Going into the internals of the metal index, the breadth of the index for the week is very weak with only 1 stock closing in green while rest of the stocks have closed in deep red. Leading the leader board, WELCORP has gained around 10.00% and on the flipside all major stocks lost ground to the extent of 5%-10%. For now, immediate supports for the NIFTY METAL index may be assumed at 2750-2770 levels followed by 52 wk lows zone of 2640-2660 levels. Whereas on the upside, immediate resistances may be assumed at 2960-2980 levels followed by 3040-3060 zone. Going forward, the index is more likely to slide further and any bounce towards 2950 levels may be used to lighten up long positions if any.

DCB BANK LIMITED: BUY DCBBANK (MAY FUTURE) | CMP: 214.75 SECTOR: BFSI

DCBBANK managed to close with gains of nearly 0.72% whereas BANK NIFTY closed with loss of more than 3% on a weekly closing basis exhibiting outperformance of the stock in comparison to the benchmark. In the recent turmoil in the broader market, stock price managed to cap the loss and floated with positive bias exhibiting strength in the counter. Technically, stock price poised above its short to medium term moving averages and well above its major 200-DEMA. In the momentum setup, 14-period weekly RSI is approaching overbought territory post finding support above 60-levels. Prices after piercing lower band managed to sustain above its middle Bollinger Band (20, 2) in last couple of sessions. Technical chart indicates that stock price may rise in an uncharted territory in sessions to come. Hence, we recommend Smart Traders to initiate Long position on dips near 213 levels for the higher target of 221 keeping stop loss below 208 levels.

Sentiment

Stop Loss 208

Target 221

Lot Size 4500

Margin 172079

21-DEMA 209

Open Interest Shares 4365000

Change in OI -351000

Cost of Carry (%) -16.01

DLF LIMITED : SELL DLF (MAY FUTURE) | CMP: 167.50 SECTOR: REALTY

DLF declined by around 6.43% for the week underperforming the NIFTY REALTY index which ended the week with a loss of 4.36%. The stock is currently placed below all its major moving averages on all time frames (daily, weekly as well as monthly charts) indicating inherent weakness in the counter. The stock has closed at the lowest point in as many as 11 weeks which in itself is a negative as it suggests strong selling pressure in the counter. The short term moving average has given a bearish crossover to the medium as well as long term moving averages on the daily chart which suggests that the stock may continue to remain weak in the near term. On the momentum oscillator front, the 14 period RSI is placed below the 9 period RSI on the daily as well as weekly chart which suggests the stock is likely to trade with a negative bias in the near term. The stock is consistently trading below its Parabolic SAR on the daily chart which suggests persisting weakness in the counter. The stock is also placed below the mean of the Bollinger band (20, 2, S) on the daily as well as weekly chart which re-affirms negative view in this counter. Hence, we suggest Smart Traders to short this counter at 170 levels for the target of 155 levels with stop loss placed above 180 levels.


TYPE: BULL CALL SPREAD IN HINDUNILVR

FIRST LEG Buy one lot of HINDUNILVR 30MAY 1700 CE @ 38

SECOND LEG Sell one lot of HINDUNILVR 30MAY 1740 CE @ 22

BEP 1716.0

MAX PROFIT 7,200

MAX LOSS 4,800

RATIONALE The stock is finding support around 1670 levels and appears to reverse its downtrend. Hence, a bullish strategy is recommended.

WEEKLY VIEW OF THE MARKET

NIFTY (11278.90): After a stellar rally from 10585 to 11856 levels, Nifty has witnessed correction towards 11250 levels. During the week, the index witnessed a corrective movement

witnessing extensive selling on every rise losing by 3.70%. In the current scenario, Nifty may trade with a bearish bias unless and until 11360 levels are taken off from downside and

sustained. For the week ahead to watch, market participants may trade cautiously ahead of the key CPI (YoY) (Apr) and WPI Inflation (YoY) (Apr) releasing on May 13th and May 14th

respectively. On the derivatives front, Open Interest data suggests that the index is likely to trade in the range of 11500 to 11000 levels while 11200 and 11400 levels may act as minor

support and resistance respectively.

DERIVATIVE STRATEGIES

DERIVATIVES

TYPE: BUY PUT IN NIFTY

FIRST LEG Buy one lot of NIFTY 16 MAY 11200 PE @ 60

MAX PROFIT Unlimited

Max Loss 4,500

BEP 11,140.0

STOP LOSS 30 (Option Points)

RATIONALE The index is expected to trade with a bearish bias in the near term.

TYPE: BEAR PUT SPREAD IN HCLTECH

FIRST LEG Buy one lot of HCLTECH 30 MAY 1080 PE @ 28

Second leg Sell one lot of HCLTECH 30 MAY 1040 PE @ 13

BEP 1065

MAX PROFIT 17,500

MAX LOSS 10,500

RATIONALE The stock is in short term downtrend trading well below its short to medium term moving averages. Hence, a bearish strategy is recommended.

TYPE: BEAR PUT SPREAD IN BANK NIFTY

FIRST LEG Buy one lot of BANK NIFTY 16 MAY 29000 PE @ 250

SECOND LEG Sell one lot of BANK NIFTY 16 MAY 28700 PE @ 143

BEP 28893.00

MAX PROFIT 3,860

MAX LOSS 2,140

RATIONALE The index is expected to trade with bearish bias in the near term. Hence, a bearish strategy is recommended.

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7KSTREET - 11TH MAY 2019

DERIVATIVES

FII ACTIVITY IN INDEX FUTURES FII ACTIVITY IN STOCK FUTURES

TOP 6 LONG BUILD UP

Stock Name LTP % Price Change Open Int % OI Change

IGL 311.5 0.97 3220250 30.26

MARICO 357.15 0.31 7404800 25.91

PCJEWELLER 127.4 16.35 11613500 19.06

CGPOWER 37.25 0.95 25452000 17.31

EICHERMOT 20354 0.01 374550 7.88

TATACOMM 557.85 1.06 2546000 6.04

BANKNIFTY OPTION OI CONCENTRATION CHANGE IN BANKNIFTY OPTION OI

TOP 6 SHORT CLOSURE


HEXAWARE 346.65 3.34 1698000 -29.03

JETAIRWAYS 151.75 11.99 4859400 -20.28

AJANTPHARM 1068.35 1.58 813000 -18.54

RAYMOND 804.4 5.80 2792000 -16.98

BEL 89.7 1.41 31992000 -14.24

MRF 53947.4 1.57 34990 -11.69

TOP 6 SHORT BUILD UP


KAJARIACER 583.40 -3.20 2731300 60.38

VOLTAS 580.05 -3.89 6093000 39.62

ESCORTS 598.00 -10.11 5446100 37.53

BHARATFIN 892.85 -8.48 7227000 36.24

MUTHOOTFIN 573.10 -4.43 2455500 31.49

CHENNPETRO 230.7 -8.67 1589400 27.05

TOP 6 LONG CLOSURE


APOLLOHOSP 1186.55 -1.06 921500 -17.39

ACC 1602.35 -1.93 2231200 -15.66

BERGEPAINT 301.60 -3.30 2437600 -13.03

RAMCOCEM 744.35 -4.71 1156000 -12.69

UBL 1351.45 -2.49 1734600 -12.65

CUMMINSIND 699.85 -2.13 1265600 -11.63

NIFTY OPTION OI CONCENTRATION CHANGE IN NIFTY OPTION OI

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1180

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Call Put

-5000

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5000

10000

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25000

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110

00

1110

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1120

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1180

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Call Put

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2850

0

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2870

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2890

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290

00

2910

0

2920

0

2930

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2940

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2950

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Call Put

0

10

20

30

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2850

0

2860

0

2870

0

2880

0

2890

0

290

00

2910

0

2920

0

2930

0

2940

0

2950

0

Call Put

-2500

-2000

-1500

-1000

-500

0

220

230

240

250

260

270

280


Thou

sand

s


-1200

-1000

-800

-600

-400

-200

0

200

400

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1425

1430

1435

1440

1445

1450

1455

1460

1465


Thou

sand

s



COMMODITIES

BASE METALSMetals traded on a mixed to negative note amid the on-going US-China trade talks and release of host of economic data from Chinese end. As per Antaike’s study, China’s copper pipe industry failed to continue the strong consumption in the past two years in Q12019 showing stagnation after rapid growth. Domestic zinc smelting capacity is expected to gradually determine the prices as the LME zinc inventory continued to rise and its support for zinc price gradually weakened. Indian government delayed enacting retaliatory tariffs against US goods, thus postponing the possible date for the duty to May 16. The proposed tariffs were first queued up last June in response to the Trump Administration’s Section 232 tariffs on aluminium and steel. Initially set to begin last summer, the measure has been repeatedly delayed due to talks between the governments and hopes of a deal to be ironed out by negotiators. At LME Asia Week, it was discussed that markets have reached saturation as the Chinese people upgrade to cars and electric vehicles (EVs). Output of secondary lead has continued to expand driven by environmental reforms and recycling efforts even as supplies of primary lead remained tight. Nickel market shortage will shrink to about 50,000 tonnes in 2019. Nickel price will be lower than the medium-term forecast value. As per ILZSG report, global demand for refined zinc metal will exceed supply in 2019 with extent of deficit forecast at 121,000 tonnes and an anticipation of rise in output by 3.6% to 13.65 million tonnes in 2019. For lead, the global demand for refined lead is anticipated to rise by 1.2% in 2019 to 11.87 million tonnes after declining by a marginal 0.2% in 2018. ILZSG anticipates an increase in world refined lead metal output of 2.5% to 11.94 million tonnes in 2019.

BULLIONCME gold futures traded in a narrow range with positive bias during the week ended on 10th May 2019. On last Sunday, US President Donald Trump tweeted to increase tariff from 10% to 25% on USD 200 billion worth of Chinese goods with effective from Friday if the negotiation does not go through. Soon after this tweet, Chinese Vice Premier Lui He went to US for two days of trade negotiation. As tweeted, the US President raised tariff on Friday in the mid of trade negotiation. The global bullion market reacted positively to higher tariff. Weakness in the global equity market attracted safe haven asset buying in the yellow metal during the week. However, the gains were capped as the CME gold is facing strong resistance at $1292 per troy ounce. During the week, major economic releases from US were core PPI which came at 0.1% MoM in April against market expectation of 0.2% and previous reading of 0.3%. US trade balance in April widened to USD -50 billion from prior USD -49.3 billion. On domestic front, MCX gold futures witnessed positive trend reacting to stronger international market as well as taking cues from depreciation of Indian Rupee against US Dollar.

CRUDE OILCrude oil prices traded in a narrow range wherein the prices fell as an escalating trade battle between the US and China rose even as the start of US President Donald Trump’s tariff hike on $200 billion of Chinese goods kept tensions high in the trade dispute between the world’s two biggest economies. Separately the prices during mid of the week ignored the upward pressure from a surprise decline in US inventories of crude. US crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said on Wednesday and strong gasoline demand could point to additional drawdown in coming weeks as driving season approaches. Crude inventories fell by 4 million barrels in the week to May 3 compared to market expectations for an increase of 1.2 million barrels. Separately, Saudi Arabia is expected to keep its crude exports below 7 million barrels per day in June while output will stay under its production quota under a global deal to cut oil supply. This shows how Riyadh is reluctant to boost oil supply too quickly and risk a price crash and a build-up in inventories despite pressure from Washington to reduce oil prices. Russia’s Rosneft will load an extra crude oil cargo from the Pacific port of Kozmino on May 30-31 in addition to the initial loading plan amid Russian oil export problems in Europe. OPEC is in the dark on the oil supply outlook for the second half of this year with Iranian and Russian outages looking increasingly significant but Saudi Arabia reluctant to pump more due to fears of a price crash. As per Reuters, Japanese refiners are tapping more oil from the Middle East after the US ended all waivers from sanctions on Iran starting from this month. With waivers for Iranian crude imports due in the beginning of May, April had been mainly under pressure with supply related concerns in the market. The market currently awaits the decisions from OPEC to increase production to compensate for lower output in Iran and Venezuela but the market also expects that the production cuts could be further extended till the end of current year.

GAUR COMPLEXGuar seed and gum futures were trading on a mix to positive note during the week ended on 10th May 2018 tracking positive fundamental outlook such as improved export demand in domestic as well as international is supportive for gum prices. However, increase in production is expected in 2019-20 and low arrivals on the daily basis and further expected to be down which may be supportive for the prices. However, Gum export for the month of March 2019 was around 38338 MT lower by 23% from the previous month. Weakness in Indian Rupee against the US Dollar may be supportive for gum exports in futures market. Guar seed most active June expiry made a high of Rs. 4528 per quintal and closed the week at Rs. 4459 per quintal, gained by 0.64% whereas gum futures most active June delivery gained up by 0.50% and settled the week at Rs. 8989 per quintal and made a high of Rs. 9105 per quintal. On MCX, mentha oil futures recovered from its previous week prices moved up by more than a 2% tracking positive fundamental outlook as speculators renewed their position due to muted demand in major industries which may be supportive for prices. However, production is expected to increase in the year 2019-20 which may not be supportive for mentha prices in futures market. Most active mentha oil May expiry gained by 2.33% and closed the weekly session at Rs. 1399.10 per kg whereas June delivery up by 2.25%.

COTTONMCX Cotton Futures for May expiry has slumped by more than 3% in last four weeks due to sluggish demand concerns. Increased price disparity of Indian fiber due to comparatively larger fall in ICE cotton futures added negativity to prices. ICE cotton futures have slumped by more than 10% from 79 cent/lb to 70 cent/lb in last one month wherein MCX cotton futures has tumbled by merely 2.5%. Ongoing trade dispute between US and China and expectation of rise in yield levels due to favorable weather condition for sowing and crop progress in US pressurized ICE cotton prices during above mentioned period. Cotton sowing has started on a very positive note in US and likely to accelerate in weeks due to favorable weather forecast. USDA released crop progress report showed about 18% of cotton planting has completed in US till 5th May against the 19% of prior year for corresponding period and 19% of 5 years of average. In Texas, 15% of the 2019 cotton acreage was planted by May 5, five percentage points behind the previous year but equal to the 5-year average. At domestic front, MCX cotton futures traded down following weakness in ICE cotton futures. Meanwhile, Cotton Association of India revised its cotton production estimation for India from 321 lakh bale to 315 lakh bales. Total cotton supply estimated by the Cotton Association of India (CAI) during the period from October 2018 to April 2019 is 314 lakh bales of 170 kgs each of which consists of the arrival of 278.73 lakh bales upto 30th April 2019, imports of 7.27 lakh bales upto 30th April 2019 and the opening stock at the beginning of season on 1st October 2018 at 28 lakh bales. Domestic consumption estimated by the CAI for the entire crop year i.e. upto 30th September 2019 is 315 lakh bales which is lower by 1 lakh bales compared to its previous estimate made during last month while the CAI has estimated exports for the season at 46 lakh bales which are lower by 23 lakh bales compared to the previous year’s cotton exports estimate of 69 lakh bales. The carry over stock at the end of the season is estimated at 13 lakh bales.

RUBBERTOCOM rubber futures were traded downside during the week ended on 10th May 2019. After a holiday TOCOM rubber futures opened at a positive note and hit a 3 week high on Tuesday but can’t sustain the levels and price fell down due to renewed trade tension between the US and China. On the economic front, US President Trump decided to raise the tariffs from 10% to 25% on $200 billion worth Chinese goods after being patient for the past two times. China further decided to cancel the meetings with US which were earlier scheduled this week. In domestic market, Indian natural rubber production fell by 7.5% in 2018-19 while consumption increased by 9% from the previous year. India produces around 642 thousand tonnes of natural rubber which is the second lowest level after a record low in 2015-16 which was 562 thousand tonnes. According to the Ministry of Industry and Trade of Vietnam, rubber exports in April 2019 were around 80,000 tonnes down by 22.7% MoM but higher by 13.4% YoY. Rubber inventories at SHFE inventories at warehouses were marginally up by 350 tonnes to 430938 during the week ended on 30th April 2019 whereas on warrant stocks were up by 2580 tonnes to 418120. The inventories were mostly stable since the start of the year and seen relatively lower than previous year at the same time also with Thailand curbs on exports coming in later half of the next month and potential drop in production, inventories are likely to stay below previous year supporting prices in the medium term.

SOYBEAN NCDEX soybean futures traded higher in expectation of rise in meal export in coming months. Domestic soybean market reacted positively to the renewed trade tension between US and China as prices moved up in expectation of rise in export demand from India. The Solvent Extractors Association of India has released its monthly data on meal export from India showed remarkable rise in oil meal export during marketing year 2018-19 on yearly basis. The overall export of oil meals during the year (2018-19) has revived and reported at 3,324,693 tons compared to 3,026,628 tons during the same period last year (2017-18). Soybean Meal exported reported at 1,358,083 tons compared to 1,187,818 of prior year up by 14%. Solvent Extractor Association of India (SEA)’s meal export data for the month of April showed soy meal export from India for month of April 2019 was at 12265 MT against the 68264 MT of same month during prior year. Similarly, Mustard seeds futures traded on positive bias on emerging buying interest amid accelerating procurement by government agency at MSP levels. The export of rapeseed meal during April 2018 – March 2019 sharply increased to 1,051,869 (663,988) tons, higher by 58% on yearly basis. Rapeseed meals were mainly exported to South Korea, Vietnam and Thailand. Likewise veg oil futures traded sideways to higher following weakness in domestic currency. Meanwhile, Malaysian palm oil board released its monthly data that showed that output of palm oil during month of April dropped by 1.4% to 1.65 million tonnes wherein export increased by 2% m/m at 1.65 million tonnes. Ending stocks dropped by 6.6% m/m to 2.73 million tonnes.


ZINC

COMMODITIES

TRENDSHEET

Commodities 3-May 10-May % Change 52 Week High% Change from 52 Week High

52 Week Low% Change from

52 Week Low% Change from

52 Week Low

MCX Gold (Rs/10 gms) 31447.0 31908.0 1.5% 34031.00 -6.24% 29268.00 9.02% 9%

MCX Silver (Rs/Kg) 37059.0 37336.0 0.7% 41698.00 -10.46% 34981.00 6.73% 3%

MCX Crude Oil (Rs/bbl) 4307.0 4336.0 0.7% 5669.00 -23.51% 2993.00 44.87% 62%

MCX Natural Gas (Rs/mmBtu) 178.6 181.3 1.5% 358.70 -49.46% 170.70 6.21% 24%

MCX Copper (Rs/kg) 434.4 430.9 -0.8% 493.25 -12.65% 397.40 8.42% 5%

MCX Lead (Rs/kg) 131.0 128.5 -1.9% 171.80 -25.23% 126.60 1.46% 8%

MCX Zinc (Rs/kg) 220.1 214.8 -2.4% 233.65 -8.07% 163.80 31.14% 6%

MCX Nickel (Rs/kg) 847.1 835.9 -1.3% 1063.50 -21.40% 735.00 13.73% 34%

MCX Aluminium (Rs/kg) 145.2 146.4 0.8% 167.80 -12.78% 124.75 17.31% 15%

NCDEX Soybean (Rs/Quintal) 3606.0 3720.0 3.2% 3915.00 -4.98% 3149.00 18.13% 18%

NCDEX Refined Soy Oil (Rs/10 kg) 735.5 741.6 0.8% 786.75 -5.75% 713.60 3.92% 13%

NCDEX RM Seed (Rs/Quintal) 3730.0 3826.0 2.6% 4244.00 -9.85% 3711.00 3.10% 12%

MCX CPO (Rs/10 kg) 518.7 518.9 0.0% 673.00 -22.90% 483.40 7.34% 15%

NCDEX Castor Seed (Rs/Quintal) 5578.0 5650.0 1.3% 6300.00 -10.32% 3831.00 47.48% 21%

NCDEX Turmeric (Rs/Quintal) 6434.0 6470.0 0.6% 7464.00 -13.32% 5958.00 8.59% 3%

NCDEX Jeera (Rs/Quintal) 16855.0 17305.0 2.7% 21000.00 -17.60% 15140.00 14.30% 35%

NCDEX Dhaniya (Rs/Quintal) 7070.0 7162.0 1.3% 7579.00 -5.50% 4186.00 71.09% 13%

MCX Cardamom (Rs/kg) 2120.6 2400.0 13.2% 2464.90 -2.63% 818.50 193.22% 70%

NCDEX Wheat (Rs/Quintal) 1901.0 1945.0 2.3% 2162.00 -10.04% 1730.00 12.43% 29%

NCDEX Guar Seed (Rs/Quintal) 4365.5 4381.0 0.4% 4869.50 -10.03% 3494.50 25.37% 25%

NCDEX Guar Gum (Rs/Quintal) 8789.0 8781.0 -0.1% 10510.00 -16.45% 7200.00 21.96% 30%

MCX Cotton (Rs/Bale) 22300.0 21540.0 -3.4% 24280.00 -11.29% 19970.00 7.86% 26%

NCDEX Cocud (Rs/Quintal) 2503.0 2623.0 4.8% 2623.00 0.00% 1235.50 112.30% 43%

NCDEX Kapas (Rs/20 kg) 868.0 868.0 0.0% 0.00 #DIV/0! 0.00 #DIV/0! 2%

MCX Mentha Oil (Rs/kg) 1367.3 1410.0 3.1% 1846.10 -23.62% 1106.00 27.49% 58%

TECHNICAL RECOMMENDATIONS

NICKEL

COPPER

• LME Zinc 3M forward contract prices have settled lower at $2640/Mt down by 4.7% from the previous week’s closing price of $2769.

• Prices have breached and trading below the weekly 8, 13 EMA support levels ($2780, 2810).• Prices have breached the long term trend line support at $2850.• Prices are witnessing immediate supports at 2620 then at 2548 levels which are the Fibonacci

50% and 61.8% retracement support levels of the range $2279-2273 respectively.• The weekly RSI-14 is trading around $44 not providing any major clues.

Strategy: Zinc 3M LME: Sell at $2700-2710 TP 2550 SL 2770Zinc May MCX: Sell at 217-218 TP 210 SL 222

Technical Update:

• LME Nickel 3M forward contract prices have settled lower at $11970/Mt from the previous week’s closing price of $12200 down by 1.8%.

• Prices are hovering below the weekly 8 &13 EMA support levels ($12600 & 12850). Also prices have broken 100WMA support levels at $12400 levels.

• Prices are witnessing the Fibonacci 61.8% retracement support levels around $11750 levels of the range $10550-13800.

• The momentum indicator RSI-14 is trading around 32 near the oversold territory.

Strategy:

NICKEL May MCX: Buy at 830-832 TP 870 SL 805

• LME Copper 3M forward contract prices have settled lower at $6142/Mt down by 1.6% from the previous week’s closing price of $6243.

• Prices have breached the weekly 8 and 13 EMA supports around $6370 at $6380 respectively and also witnessing a moving averages bearish crossover 13/8.

• Lower side, Fibonacci retracement 61.8% support levels is seen around $6060 of 7352-4305. Long term rising trend line is providing supports at 5930-5950 levels.

• The weekly momentum indicator RSI-14 is trading around 47.

Strategy:

Copper June MCX: Sell at 438-440 TP 422 SL 450


COMMODITIES

NYMEX CRUDE OIL CALENDAR SPREAD NYMEX NATURAL GAS CALENDAR SPREAD

MCX CRUDE OIL MCX NATURAL GAS

NEWS DIGEST

• Chinese Services PMI stood at 54.5 for April against expectations of 54.3 for March, prices

are pressurized tracking the fall from LME markets.

• Trump on Sunday said on Twitter he would drastically hike US tariffs on Chinese goods this

week, pulling down global financial markets, including crude oil futures.

• Within the oil industry, there are signs of a further rise in output from the US, where crude

production has already surged by more than 2 million barrels per day (bpd) since early

2018, to a record 12.3 million bpd. That has made the US the world’s biggest producer

ahead of Russia and Saudi Arabia.

• ILZSG anticipates an increase in world refined lead metal output of 2.5% to 11.94 million

tonnes in 2019.

• As per ILZSG report, global demand for refined zinc metal will exceed supply in 2019 with

extent of deficit forecast at 121,000 tonnes and an anticipation of rise in output by 3.6% to

13.65 million tonnes in 2019.

• For lead, the global demand for refined lead is anticipated to rise by 1.2% in 2019 to 11.87

million tonnes after declining by a marginal 0.2% in 2018.

WEEKLY COMMENTARY

• Copper and other industrial metals rebounded on Friday on hopes of a US-China trade deal being hammered out but they remained vulnerable to further friction between the world’s two biggest economies.

• IMF warned yesterday that trade tensions and the exchange of tariffs between the US and China poses a “threat to the global economy”. The latest news is that US tariffs on China is more than double now as deadline passes but talks will continue.

• As per sources, China’s top economic regulator NDRC announced that China will tighten approvals of steel capacity swapping between companies and ban all new steel capacity in any form to streamline the sector.

• Global gold market witnessed positive trend on Thursday due to safe haven asset buying on renewed fears of imposition of additional tariff by US on Chinese imports. This news kept the global equity market under pressure thereby attracting buying interest in the yellow metal.

• Currencies market was in doldrums wherein the safest currency Japanese Yen appreciated to 7-weeks high. On domestic front, MCX gold futures staged a strong rally taking cues from international market. Besides, depreciation of Indian Rupee against US Dollar also rendered support to MCX gold futures.

3500

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0

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26-Apr 30-Apr 1-May 2-May 3-May 6-May 7-May 8-May 9-May 10-May

Volume Open Interest Price (INR/Bbl)

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155

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185

190

0

5000

10000

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25-Apr 30-Apr 2-May 6-May 8-May 10-May

Open Interest Volume Price (INR/MMBTU)

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

30-Apr 2-May 4-May 6-May 8-May 10-May

$/B

BL

0

0.005

0.01

0.015

0.02

0.025

0.03

0.035

0.04

0.045

0.05

29-Apr 1-May 3-May 5-May 7-May 9-May

$/M

MB

tu


COMMODITIES

PRICES OF METALS IN LME/ COMEX/ NYMEX (IN US $)

Commodity Exchange Contract 03-May 10-May % change

Aluminium LME 3M 1799.00 1806.50 0.42%

Copper LME 3M 6243.00 6141.00 -1.63%

Lead LME 3M 1888.50 1844.50 -2.33%

Nickel LME 3M 12200.00 11815.00 -3.16%

Zinc LME 3M 2769.50 2638.00 -4.75%

Gold CME June 1280.20 1284.80 0.36%

Silver CME May 14.87 14.70 -1.14%

WTI Crude oil CME June 61.86 61.60 -0.42%

Natural Gas CME May 2.56 2.60 1.29%

INTERNATIONAL COMMODITY PRICES

Commodity Exchange Contract 03-May 10-May % change

Soybean CBOT July 847.25 818.00 -3.45%

Soy oil CBOT July 27.32 26.57 -2.75%

CPO BMD June 2007.00 1984.00 -1.15%

Cotton ICE July 75.68 70.07 -7.41%

FUTURE PRICES (% CHANGE)

LME WAREHOUSE STOCKS (IN TONS)

Commodity Previous week This week Change % Change

Copper 87750 97650 9900 11.28%

Zinc 1263400 1266575 3175 0.25%

Aluminium 74250 73925 -325 -0.44%

Lead 172788 169578 -3210 -1.86%

Nickel 172788 169578 -3210 -1.86%

SHANGHAI WAREHOUSE STOCKS (IN TONS)*


Copper 72090 72090 0 0.00%

Zinc 621907 621907 0 0.00%

Aluminium 621907 621907 0 0.00%

*Until Wednesday, (Chinese market was closed last week)

GLOBAL STOCK POSITION (IN TONS)

COMEX WAREHOUSE STOCKS (IN TONS)


Copper 33267 32586 -681 -2.05%

GLOBAL ALUMINUM MARKET OVERVIEW

-3.41%

-2.41%

-1.91%

-1.69%

-1.32%

-0.81%

-0.09%

0.04%

0.36%

0.56%

0.67%

0.75%

0.82%

0.79%

1.29%

1.30%

1.51%

1.47%

2.31%

2.57%

2.67%

3.12%

3.16%

4.79%

13.18%

-6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00%

Cotton

Zinc

Lead

Barley

Nickel

Copper

Guar Gum

CPO

Guar Seed

Turmeric

Crude Oil

Silver

Soy Oil

Aluminum

Castor Seed

Dhaniya

Natural Gas

Gold

Wheat

RM Seed

Jeera

Mentha Oil

Soybean

Cotton Seed Oil Cake

Cardamom

Global Aluminum Premiums Overview-

1. Physical premiums in Europe in January fell to $60/tonne in anticipation of the removal of sanctions on Russian aluminum giant Rusal. But later the expectations that Rusal’s aluminum would flood the market were disappointed and the European premium climbed to above $90 a tonne with some traders citing agreements near $100 a tonne. Currently, the premiums stood at $87 a tonne.

2. In Japan, aluminum premiums for April to June jumped to $105 per tonne up about 27% from the previous quarter.

3. In US, premiums are holding near $400 a tonne due to low stocks which are below 500,000 tonnes from near 1.5 million tonnes in 2017.

Global Aluminum Inventories Overview-

1. Total inventories around the world are estimated to have tumbled below 10 million tonnes from 14 million tonnes in 2015 as deficits led to stock draws to fill the gap.

2. The aluminum stocks in LME approved warehouses at 1.27 million tonnes, down nearly 50 percent since January 2017.

3. In Europe, stocks were 2 million tonnes at the end of 2018 from nearly 5 million tonnes in 2014.

4. The global deficit this year would be 1.5 million tonnes and the reason for the widening of this gap is China. Supply growth is leveling off, particularly in China, where new capacity can only be added if old capacity of equivalent tonnage is closed.


USD/INR

USDINR is currently trading at 69.21. During the week, it made a high of 69.89 and low of 69.20. The RSI is at 42.77. Moving average of 32 is at 70.91 and 55 is at 70.00. The trend is looking negative for the week. Hence, recommend selling at 69.60-69.70 TP 68.50 SL 70.00

EUR/INR

EURINR is currently trading at 77.16. During the week, it made a high of 78.25 and low of 77.13. The RSI is trading at 34.71. Moving average of 32 is at 80.58 and 55 is at 80.54. The trend is looking negative for the week. Hence, recommend selling at 77.60-77.70 TP 76.30 SL 78.00.

GBP/INR

GBPINR is currently trading at 89.98. During the week, it made a high of 91.01 and low of 89.95. The RSI is trading at 43.77. Moving average of 32 is at 91.86 and 55 is at 91.46. The trend is looking negative for the week. Hence, recommend selling at 90.80-91.00 TP 89.50 SL 91.50.

JPY/INR

JPYINR is currently trading at 62.65. During the week, it made a high of 62.90 and low of 62.09. The RSI is at 46.73. Moving average of 32 is at 63.58 and 55 is at 62.98. The trend is looking sideways for the week. Hence, recommend selling at 62.80-62.90 TP 61.65 SL 63.30.

TECHNICAL RECOMMENDATIONMARKET STANCE

USD/INR closed for the day and week at 69.92. It opened at 69.32 at the start of the week. Hit a weekly high of 70.06 and a low of 69.30. Rupee has depreciated about 60 paise as compared to the start of the week against the US Dollar on continuous foreign fund outflows on US-China trade tensions and India’s election outcome. Nifty 50 for the week closed 3.7% lower at 11,278. Indian investors have lost over Rs. 5 lakh crore in terms of market capitalization on the BSE listed companies in just past 6 sessions. US President Donald Trump’s tariff increase to 25% on $200 billion worth of Chinese goods took effect today. India VIX moved up by 3.36% to 26.33 levels and trades at multi month high. Higher VIX suggests that volatile swings could continue in the market ahead of election polls and outcome. International Monetary Fund warned yesterday that trade tensions and the exchange of tariffs between the US and China poses a “threat to the global economy”.

NEWS FLOWS OF LAST WEEK

• International Monetary Fund warned yesterday that trade tensions and the exchange of tariffs between the US and China pose a “threat to the global economy”.

• Net inflows into equity mutual funds fell 61 % to Rs. 4,609 crore in April compared to the previous month on concerns over outcome of general elections.

• President Donald Trump declared that China’s leaders “broke the deal” that he was negotiating with them on trade leading him to raise tariffs. This has prompted China to threaten retaliation.

• The European Commission said Euro zone will rebound next year from a slowdown in 2019 and unemployment will fall further but inflation is likely to stay at this year’s levels and below the European Central Bank’s target.

• China’s foreign exchange reserves unexpectedly fell for the first time in six months in April.

• UK’s GDP increased by 0.5% in Quarter 1 (Jan to Mar) 2019, up from the 0.2% increase in Quarter 4 (Oct to Dec) 2018.

CURRENCY

CURRENCY TABLE

Currency Pair Open High Low Close

USDINR 69.32 70.06 69.29 69.91

EURINR 77.46 78.69 77.45 78.53

GBPINR 90.94 91.18 90.52 90.96

JPYINR 62.61 63.88 62.43 63.71


ECONOMIC GAUGE FOR THE NEXT WEEK

Local Start Date Local Time Country Relevance Indicator Name Period Reuters Poll Actual Unit Prior

4 May 2019 02:30 United States Not Rated All Car Sales Apr 4.790M Units 5.030M

4 May 2019 02:30 United States Not Rated All Truck Sales Apr 11.640M Units 12.410M

6 May 2019 07:15 China (Mainland) Low Caixin Services PMI Apr Index (diffusion) 54.4

6 May 2019 10:30 India Low Nikkei Markit Svcs PMI Apr Index (diffusion) 52.0

6 May 2019 19:30 United States Low Employment Trends Apr Index 111.0

6 May 2019 20:30 United States Not Rated Export Wheat Inspected 2 May, w/e Tonne 630.402k

6 May 2019 20:30 United States Not Rated Export Corn Inspected 2 May, w/e Tonne 1,366.230k

6 May 2019 20:30 United States Not Rated Exp Soybean Inspected 2 May, w/e Tonne 491.600k

7 May 2019 13:00 United Kingdom High Halifax House Prices MM Apr 0.2% Percent -1.6%

7 May 2019 13:00 United Kingdom Low HalifaxHousePrice 3M/YY Apr 4.5% Percent 2.6%

7 May 2019 13:30 China (Mainland) Low FX Reserves (Monthly) Apr 3.100T USD 3.099T

7 May 2019 13:30 United Kingdom Not Rated New Passenger cars Registration Apr Number of 4,58,054

7 May 2019 16:30 United Kingdom Low BBA Mortgage Rate Apr Percent 4.27%

7 May 2019 18:25 United States Low Redbook MM 4 May, w/e Percent 1.2%

7 May 2019 18:25 United States Low Redbook YY 4 May, w/e Percent 5.5%

7 May 2019 19:30 United States Medium JOLTS Job Openings Mar 7.230M Person 7.087M

8 May 2019 00:30 United States Medium Consumer Credit Mar 17.00B USD 15.19B

8 May 2019 03:00 United States Not Rated API weekly crude stocks 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 03:00 United States Not Rated API weekly gasoline stk 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 03:00 United States Not Rated API weekly dist. stocks 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 03:00 United States Not Rated API weekly heating oil 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 03:00 United States Not Rated API weekly crude imports 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 03:00 United States Not Rated API weekly product imports 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 03:00 United States Not Rated API weekly crude runs 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 03:00 United States Not Rated API Cushing number 29 Apr, w/e #N/P #N/P Number of #N/P

8 May 2019 04:31 United Kingdom Low BRC Retail Sales YY Apr Percent -1.10%

8 May 2019 16:30 United States Low MBA Mortgage Applications 3 May, w/e Percent -4.3%

8 May 2019 16:30 United States Low Mortgage Market Index 3 May, w/e Index 407.2

8 May 2019 16:30 United States Low MBA Purchase Index 3 May, w/e Index 259.4

8 May 2019 16:30 United States Low Mortgage Refinance Index 3 May, w/e Index 1,228.3

8 May 2019 16:30 United States Low MBA 30-Yr Mortgage Rate 3 May, w/e Percent 4.42%

8 May 2019 17:00 India Low M3 Money Supply 26 Apr, w/e Percent 10.9%

8 May 2019 20:00 United States Not Rated EIA Weekly Crude Stocks 3 May, w/e Barrel 9.934M

8 May 2019 20:00 United States Not Rated EIA Weekly Dist. Stocks 3 May, w/e Barrel -1.307M

8 May 2019 20:00 United States Not Rated EIA Weekly Gasoline Stk 3 May, w/e Barrel 0.917M

8 May 2019 20:00 United States Not Rated EIA Weekly Crude Imports 3 May, w/e Barrel 0.335M

8 May 2019 20:00 United States Not Rated EIA Weekly Rfg Stocks 3 May, w/e Barrel 0.000M

8 May 2019 20:00 United States Not Rated EIA Weekly Heatoil Stock 3 May, w/e Barrel -0.691M

8 May 2019 20:00 United States Not Rated EIA Weekly Prods Imports 3 May, w/e Barrel/Day -0.597M

8 May 2019 20:00 United States Not Rated EIA Weekly Dist Output 3 May, w/e Barrel/Day 0.064M

8 May 2019 20:00 United States Not Rated EIA Weekly Crude Runs 3 May, w/e Barrel/Day -0.137M

8 May 2019 20:00 United States Not Rated EIA Weekly Refining Util 3 May, w/e Percent -0.9%

8 May 2019 20:00 United States Not Rated EIA Wkly Crude Cushing 3 May, w/e Barrel 0.265M

8 May 2019 20:00 United States Not Rated EIA Weekly Gasoline O/P 3 May, w/e Barrel/Day 0.146M

8 May 2019 20:30 United States Low TR IPSOS PCSI May Index (diffusion) 60.71

8 May 2019 23:00 United States Not Rated EIA Ethanol Ref Stk 3 May, w/e Barrel 22,695k

8 May 2019 23:00 United States Not Rated EIA Ethanol Fuel Total 3 May, w/e Barrel/Day 1,024k

8 May 2019 China (Mainland) High Exports YY Apr 2.3% Percent 14.2%

8 May 2019 China (Mainland) High Imports YY Apr -3.6% Percent -7.6%

8 May 2019 China (Mainland) High Trade Balance USD Apr 35.00B USD 32.65B

8 May 2019 China (Mainland) Not Rated Yuan-Denominated Exports Apr Percent 21.3%

8 May 2019 China (Mainland) Not Rated Yuan-Denominated Imports Apr Percent -1.8%

8 May 2019 China (Mainland) Not Rated Yuan-Denominated Trade Ba Apr CNY 221.23B

9 May 2019 04:31 United Kingdom Medium RICS Housing Survey Apr -22 Net balance -24

9 May 2019 07:00 China (Mainland) High PPI YY Apr 0.6% Percent 0.4%

9 May 2019 07:00 China (Mainland) High CPI YY Apr 2.5% Percent 2.3%

CURRENCY


9 May 2019 07:00 China (Mainland) Medium CPI MM Apr 0.1% Percent -0.4%

9 May 2019 15:30 United Kingdom Low TR IPSOS PCSI May Index (diffusion) 49.63

9 May 2019 18:00 United States Not Rated Corn Export Sales New 2 May, w/e Tonne 668.20k

9 May 2019 18:00 United States Not Rated Corn Export Sales Net 2 May, w/e Tonne 586.500k

9 May 2019 18:00 United States Not Rated Corn Exp Sale Next Yr Net 2 May, w/e Tonne 209.50k

9 May 2019 18:00 United States Not Rated Corn Exp Sales Net Total 2 May, w/e Tonne 796.00k

9 May 2019 18:00 United States Not Rated Soybean Export Sales New 2 May, w/e Tonne 329.100k

9 May 2019 18:00 United States Not Rated Soybean Export Sales Net 2 May, w/e Tonne 313.400k

9 May 2019 18:00 United States Not Rated Soybean Exp Sale Next Yr Net 2 May, w/e Tonne 23.50k

9 May 2019 18:00 United States Not Rated Soybean Exp Sale Net Total 2 May, w/e Tonne 336.90k

9 May 2019 18:00 United States Not Rated Soybeanmeal Exp Sale Net 2 May, w/e Tonne 79.20k

9 May 2019 18:00 United States Not Rated Soymeal Exp Sls Next Yr Net 2 May, w/e Tonne 16.50k

9 May 2019 18:00 United States Not Rated Soybn Meal Exp Sls Net Total 2 May, w/e Tonne 95.70k

9 May 2019 18:00 United States Not Rated Soybeanoil Exp Sales Net 2 May, w/e Tonne 7.20k

9 May 2019 18:00 United States Not Rated Soybn Oil Exp Sls Nxt Yr Net 2 May, w/e Tonne 0.00k

9 May 2019 18:00 United States Not Rated Soybn Oil Exp Sls Net Total 2 May, w/e Tonne 7.20k

9 May 2019 18:00 United States Not Rated Wheat Export Sales New 2 May, w/e Tonne 194.000k

9 May 2019 18:00 United States Not Rated Wheat Export Sales Net 2 May, w/e Tonne 122.000k

9 May 2019 18:00 United States Not Rated Wheat Exp Sale Next Yr Net 2 May, w/e Tonne 297.40k

9 May 2019 18:00 United States Not Rated Wheat Exp Sale Net Total 2 May, w/e Tonne 419.40k

9 May 2019 18:00 United States Not Rated Beef Export Sales New 2 May, w/e Tonne 11.700k

9 May 2019 18:00 United States Not Rated Beef Export Sales Net 2 May, w/e Tonne 10.600k

9 May 2019 18:00 United States Not Rated Up Cotton Exp Sales New 2 May, w/e Number of 148.500k

9 May 2019 18:00 United States Not Rated Up Cotton Exp Sales Net 2 May, w/e Number of 144.700k

9 May 2019 18:00 United States Not Rated US Pork Export Sales New 2 May, w/e Tonne 18.200k

9 May 2019 18:00 United States Not Rated US Pork Export Sales Net 2 May, w/e Tonne 16.100k

9 May 2019 18:00 United States High International Trade $ Mar -51.8B USD -49.4B

9 May 2019 18:00 United States Not Rated Goods Trade Balance (R) Mar USD -71.45B

9 May 2019 18:00 United States High Initial Jobless Claims 4 May, w/e Person 230k

9 May 2019 18:00 United States Low Jobless Claims 4-Wk Avg 4 May, w/e Person 212.50k

9 May 2019 18:00 United States Medium Continued Jobless Claims 27 Apr, w/e Person 1.671M

9 May 2019 18:00 United States Medium PPI Final Demand YY Apr 2.3% Percent 2.2%

9 May 2019 18:00 United States Medium PPI Final Demand MM Apr 0.2% Percent 0.6%

9 May 2019 18:00 United States Medium PPI exFood/Energy YY Apr 2.5% Percent 2.4%

9 May 2019 18:00 United States Medium PPI exFood/Energy MM Apr 0.2% Percent 0.3%

9 May 2019 18:00 United States Low PPI ex Food/Energy/Tr YY Apr Percent 2.0%

9 May 2019 18:00 United States Low PPI ex Food/Energy/Tr MM Apr Percent 0.0%

9 May 2019 19:30 United States Medium Wholesale Invt(y), R MM Mar 0.5% Percent 0.0%

9 May 2019 19:30 United States Low Wholesale Sales MM Mar 0.2% Percent 0.3%

9 May 2019 20:00 United States Not Rated EIA- Nat Gas, Change Bcf 3 May, w/e Cubic foot 123B

9 May 2019 20:00 United States Not Rated Nat Gas-EIA Implied Flow 3 May, w/e Cubic foot 123B

10 May 2019 07:30 China (Mainland) Low TR IPSOS PCSI May Index (diffusion) 68.46

10 May 2019 07:30 China (Mainland) High Total Social Financing Apr 1,700.00B CNY 2,860.00B

10 May 2019 07:30 India Low TR IPSOS PCSI May Index (diffusion) 66.51

10 May 2019 14:00 United Kingdom Medium Business Invest QQ Prelim Q1 -0.6% Percent -0.9%

10 May 2019 14:00 United Kingdom Medium Business Invest YY Prelim Q1 Percent -2.5%

10 May 2019 14:00 United Kingdom High GDP Est 3M/3M Mar 0.5% Percent 0.3%

10 May 2019 14:00 United Kingdom High GDP Estimate MM Mar 0.0% Percent 0.2%

10 May 2019 14:00 United Kingdom High GDP Estimate YY Mar 2.0% Percent 2.0%

10 May 2019 14:00 United Kingdom Not Rated Services MM Mar Percent 0.1%

10 May 2019 14:00 United Kingdom Not Rated Services YY Mar Percent 2.3%

10 May 2019 14:00 United Kingdom Medium Industrial Output MM Mar 0.2% Percent 0.6%

10 May 2019 14:00 United Kingdom Medium Industrial Output YY Mar 0.6% Percent 0.1%

10 May 2019 14:00 United Kingdom High Manufacturing Output MM Mar 0.2% Percent 0.9%

10 May 2019 14:00 United Kingdom Medium Manufacturing Output YY Mar 1.3% Percent 0.6%

10 May 2019 14:00 United Kingdom Low Construction O/P Vol MM Mar -0.9% Percent 0.4%

10 May 2019 14:00 United Kingdom Low Construction O/P Vol YY Mar 4.4% Percent 3.3%

10 May 2019 14:00 United Kingdom Medium Goods Trade Balance GBP Mar -13.65B GBP -14.11B

10 May 2019 14:00 United Kingdom Low Goods Trade Bal. Non-EU Mar -5.400B GBP -5.841B

CURRENCY


CURRENCY

10 May 2019 14:00 United Kingdom High GDP Prelim QQ Q1 0.5% Percent 0.2%

10 May 2019 14:00 United Kingdom High GDP Prelim YY Q1 1.8% Percent 1.4%

10 May 2019 17:00 India Low Bank Loan Growth 22 Apr, w/e Percent

10 May 2019 17:00 India Low Deposit Growth 22 Apr, w/e Percent

10 May 2019 17:00 India Low FX Reserves, USD 29 Apr, w/e USD 418.52B

10 May 2019 17:30 India High Industrial Output YY Mar Percent 0.1%

10 May 2019 17:30 India Low Cumulative Ind. Output Mar Percent 4.0%

10 May 2019 17:30 India Low Manufacturing Output Mar Percent -0.3%

10 May 2019 18:00 United States Low Core CPI MM, SA Apr 0.2% Percent 0.1%

10 May 2019 18:00 United States Medium Core CPI YY, NSA Apr 2.1% Percent 2.0%

10 May 2019 18:00 United States Low CPI Index, NSA Apr 255.833 Index 254.202

10 May 2019 18:00 United States Low Core CPI Index, SA Apr Index 261.37

10 May 2019 18:00 United States High CPI MM, SA Apr 0.4% Percent 0.4%

10 May 2019 18:00 United States Medium CPI YY, NSA Apr 2.1% Percent 1.9%

10 May 2019 18:00 United States Low Real Weekly Earnings MM Apr 0.2% Percent 0.0%

10 May 2019 18:00 United States Not Rated CPI MM NSA Apr Percent 0.560%

10 May 2019 18:00 United States Not Rated CPI Index SA Apr Index 254.150

10 May 2019 20:30 United States Low Cleveland Fed CPI Apr Percent 0.3%

10 May 2019 21:30 United States Not Rated Fla Orange Output 18/19 May Number of 77M

10 May 2019 21:30 United States Not Rated WSD-Wheat Output 18/19 May Bushel (56lb) 1.884B

10 May 2019 21:30 United States Not Rated WSD-Wheat Endstocks19/20 May Bushel (56lb) 1.087B

10 May 2019 21:30 United States Not Rated WSD-Corn Output 19/20 May Bushel (56lb) 14.420B

10 May 2019 21:30 United States Not Rated WSD-Corn Endstocks 19/20 May Bushel (56lb) 2.035B

10 May 2019 21:30 United States Not Rated WSD-Soybean Output 19/20 May Bushel (56lb) 4.544B

10 May 2019 21:30 United States Not Rated WSD-Soybn Endstocks19/20 May Bushel (56lb) 895.000M

10 May 2019 21:30 United States Not Rated WSD-Cotton Output 19/20 May 480 Pound Bale 18.390M

10 May 2019 21:30 United States Not Rated WSD-Cottn Endstocks19/20 May 480 Pound Bale 4.400M

10 May 2019 21:30 United States Not Rated WSD-Beef Output 2020 May Pound 27.343B

10 May 2019 21:30 United States Not Rated WSD-Pork Output 2020 May Pound 27.339B

10 May 2019 21:30 United States Not Rated WSD-Poultry Output 2020 May Pound 48.951B

10 May 2019 21:30 United States Not Rated WSD-Corn Yield 19/20 May Bushel (56lb) 176.4

10 May 2019 21:30 United States Not Rated WSD-Corn Exports 19/20 May Bushel (56lb) 2.30B

10 May 2019 21:30 United States Not Rated World Corn E/S 19/20 May Tonne 314.01M

10 May 2019 21:30 United States Not Rated WSD-Corn Endstock 18/19 May Bushel (56lb) 2.140B

10 May 2019 21:30 United States Not Rated WSD-Soybean Yield 19/20 May Bushel (56lb) 51.6

10 May 2019 21:30 United States Not Rated WSD-Soybean Exp 19/20 May Bushel (56lb) 1.88B

10 May 2019 21:30 United States Not Rated World Soy E/S 19/20 May Tonne 107.36M

10 May 2019 21:30 United States Not Rated WSD-Soybean E/S 18/19 May Bushel (56lb) 438.00M

10 May 2019 21:30 United States Not Rated World Wheat E/S 19/20 May Tonne 275.61M

10 May 2019 21:30 United States Not Rated WSD-Wheat Endstocks18/19 May Bushel (56lb) 1.099B

10 May 2019 23:30 United States Low Federal Budget,$ Apr -154.00B USD -147.00B

10 May 2019 China (Mainland) High M2 Money Supply YY Apr 8.5% Percent 8.6%

10 May 2019 China (Mainland) High New Yuan Loans Apr 1,200.0B CNY 1,690.0B

10 May 2019 China (Mainland) Medium Outstanding Loan Growth Apr 13.6% Percent 13.7%

10 May 2019 India Low Trade Deficit Govt -USD Apr USD 10.89B

10 May 2019 India Low Imports - USD Apr USD 43.44B

10 May 2019 India Low Exports - USD Apr USD 32.55B


rule the market - karvy onlinecontent.karvyonline.com/contents/kstreetissue036.pdf · 2019. 5....

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