What changed for the market while you were sleeping? 15 things you should know www.Mcxgoldstar.com
Bulls charged on D-Street from the word go as they helped Nifty to climb 10,550 as well as 10,600 levels on closing basis. The index which made a bullish candle on the daily charts formed a Hammer-like pattern (not exact) on the weekly charts.
The Nifty is now trading above its crucial short-term moving averages and today’s intraday low of 10,524 will be of big importance in the coming week, suggest experts. A break below this level could again put further pressure on the index amid expiry week volatility.
On the upside, the next target for the index is placed at 10,733 levels but bulls will be able to take full control of the index if it surpasses 10,929 which was recorded on May 15, 2018.
The Nifty which opened at 10,533 slipped marginally to hit an intraday low of 10,524. Bulls took control of the index and pushed Nifty above 10,600 to hit an intraday high of 10,628 before closing the day at 10,605, up 91 points.
“It was heartening to see bullish Hammer formation on weekly charts as markets recouped 100 percent of the losses witnessed in the first three sessions of the week with back to back strong bullish candles of last two sessions. This V-shaped recovery on an accelerated path, after hitting a low of 10,417, is raising hopes of a bottom around 10,417 levels,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
India VIX fell down up by 4.46 percent at 12.55 levels. On the options front, maximum Put OI is intact at 10,500 followed by 10,400 strikes while maximum Call OI is placed at 10,800 followed by 11,000 strikes.
According to Pivot charts, the key support level is placed at 10,543.47, followed by 10,481.73. If the index starts moving upward, key resistance levels to watch out are 10,647.47 and 10,689.73.
The Nifty Bank index closed at 26,273.6. The important Pivot level, which will act as crucial support for the index, is placed at 26,094.8, followed by 25,916.0. On the upside, key resistance levels are placed at 26,389.0, followed by 26,504.4.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Asian markets trade mixed
Asian markets were mixed in Monday trade, with the decline in oil prices weighing on energy stocks, while investors digested weekend news regarding US-North Korea relations.
Japan's Nikkei 225 advanced 0.32 percent and the broader Topix added 0.19 percent. The Topix oil subindex fell 2.76 percent amid weakness in oil prices.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 8 points or 0.08 percent. Nifty futures were trading around 10,647-level on the Singaporean Exchange.
Summit with North Korea's Kim Jong-un could still go ahead on June 12: Trump
US President Donald Trump said his summit with North Korea's leader Kim Jong-un could still happen on June 12 after officials on both sides started talking, a day after he cancelled it, citing Pyongyang's "open hostility".
Trump said the lines of communication had opened between the two countries after Trump administration officials said that the North Koreans had become unresponsive, leading to the planned summit's cancellation. "We'll see what happens. We are talking to them now," Trump said at the White House before boarding Marine One for a commencement address in Annapolis.
US, North Korean officials meet for talks on summit
American and North Korean officials met at the border between North and South Korea on Sunday in preparation for a possible North Korea-U.S. summit, as North Korea’s Kim Jong Un was cited as reaffirming his commitment to meet with US President Donald Trump.
“A U.S. delegation is in ongoing talks with North Korean officials at Panmunjom,” spokeswoman Heather Nauert said, referring to a village in the Demilitarized Zone (DMZ) that runs along the heavily armed border between North and South Korea.
Sudha Balakrishnan appointed first CFO of RBI
NSDL executive Sudha Balakrishnan has been appointed the first ever chief financial officer (CFO) of the Reserve Bank of India (RBI) effective May 15, in what is the biggest organisational change since Urjit Patel took over as RBI governor in September 2016, three people familiar with the information said.
Balakrishnan, a chartered accountant, was till recently vice president with the National Securities Depository Ltd (NSDL), India’s first and largest depository, before joining RBI. She will be the 12th executive director of the RBI, and will have a three year term.
Euro crawls off 6-1/2-month lows
The euro crawled off a 6-1/2-month low against the dollar on Monday, catching its breath after last week’s steep decline, although broader concerns about political turmoil in Italy limited the currency’s recovery.
The euro was 0.35 percent higher at USD 1.1693 after falling on Friday to USD 1.1646, its lowest since mid-November, losing more than 1 percent on the week. “The euro has managed to bounce, going through a bit of a consolidation. But fundamentally, it is still a ‘sell’ for the currency,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.
HC extends stay on launch of Nifty-based products by SGX
The Bombay High Court extended its interim stay on the launch of Nifty-based new derivative contracts by Singapore Exchange Ltd (SGX) till May 31. A vacation bench of Justice S J Kathawalla deferred the hearing on the dispute between the National Stock Exchange India Ltd (NSE) and the SGX after the parties sought time to make up their minds on the terms for sending the dispute to arbitration for resolution.
While the NSE consented to the above, the matter could not be sent for arbitration as the lawyers for SGX sought time to take instructions on the terms of the stay on the circular until the dispute was heard and disposed of by the arbitrator.
NSE gets RBI, Sebi nod to launch repo in corporate debt securities
NSE said it has received approval from the Reserve Bank and market regulator Sebi to launch repo (or repurchase) in corporate debt securities. Rival bourse BSE earlier this week had received similar approval from the regulators to introduce repo in corporate debt securities and it plans to commence trading and reporting from Monday.
In market parlance, corporate bond repo is where a firm or a bank pledges corporate bonds with another company or lender to garner funds. The entity, who makes pledges, agrees to repurchase the bonds at a specified price.
Gold falls Rs 105 on global cues, weak demand
Gold prices drifted lower by Rs 105 to Rs 32,370 per 10 grams at the bullion market today, halting its four-day rising streak on the back of weak global cues amid easing demand from local jewellers at prevailing higher levels.
Silver followed suit and dropped by Rs 350 to Rs 41,200 per kg backed by reduced offtake by industrial units and coin makers. Gold prices fell 0.22 per cent to USD 1,301.20 an ounce and silver by 0.99 per cent to USD 16.47 an ounce in New York in yesterday's trade.
EPFO cuts administrative charges to 0.5%
Now over 5 lakh employers together would save around Rs 900 crore annually following the retirement fund body EPFO's decision to cut administrative charges, with effect from June 1, 2018.
The Employees' Provident Fund Organisation's (EPFO) trustees had decided to cut the administrative charges to 0.50 percent from 0.65 percent of total wage paid by employers in its meeting on February 21, 2018.
21 PSBs lost Rs 25,775 cr in bank frauds in 2017-18: RTI
Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.
The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud during the fiscal that ended on March 31 this year, Chandrasekhar Gaud, who had filed the RTI with the Reserve Bank of India, told PTI.
China central bank raises 28-day reverse repo rate by 5 bps
China’s central bank raised interest rates on 28-day reverse bond repurchase agreements by 5 basis points (bps) on Monday, matching previous increases in other tenors in the last two months.
The interest rate for 28-day reverse repos was raised to 2.85 percent from 2.80 percent, the People’s Bank of China said in a statement on its website. The rate for seven-day stood at 2.55 percent, according to the statement.
Oil prices fall; Brent falls 1.4%
Oil prices fell on Monday, extending a steep decline in the previous session, as the market eyed an increase in output from the world’s three top crude producers, Russia, the United States and Saudi Arabia.
Brent crude futures were at USD 75.34 per barrel, down USD 1.10, or 1.4 percent, from their last close. US West Texas Intermediate crude futures were at USD 66.31 a barrel, down USD 1.57, or 2.3 percent.
FPIs' bearish stance continues; net outflow at $4 bn in May
Foreign investors have pulled out a massive USD 4 billion (over Rs 26,700 crore) from capital markets so far this month, primarily due to surge in global crude prices. According to the latest depository data, foreign portfolio investors (FPIs) withdrew a net sum of Rs 7,819 crore from equities and another Rs 18,950 crore from the debt market during May 2-25, taking the total outflow to Rs 26,769 crore (USD 4 billion).
7 stocks under ban period on NSE
Security in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For May 28, 2018 stocks such as BEML, DHFL, IDBI, Jet Airways, Jain Irrigation, Just Dial, and Reliance Communications are present in this list.
The Nifty is now trading above its crucial short-term moving averages and today’s intraday low of 10,524 will be of big importance in the coming week, suggest experts. A break below this level could again put further pressure on the index amid expiry week volatility.
On the upside, the next target for the index is placed at 10,733 levels but bulls will be able to take full control of the index if it surpasses 10,929 which was recorded on May 15, 2018.
The Nifty which opened at 10,533 slipped marginally to hit an intraday low of 10,524. Bulls took control of the index and pushed Nifty above 10,600 to hit an intraday high of 10,628 before closing the day at 10,605, up 91 points.
Trade Setup for Monday: Top 15 things to know before Opening Bell
The analyst who quit his job to be a teacher and a 'Safal Niveshak'
India VIX fell down up by 4.46 percent at 12.55 levels. On the options front, maximum Put OI is intact at 10,500 followed by 10,400 strikes while maximum Call OI is placed at 10,800 followed by 11,000 strikes.
According to Pivot charts, the key support level is placed at 10,543.47, followed by 10,481.73. If the index starts moving upward, key resistance levels to watch out are 10,647.47 and 10,689.73.
The Nifty Bank index closed at 26,273.6. The important Pivot level, which will act as crucial support for the index, is placed at 26,094.8, followed by 25,916.0. On the upside, key resistance levels are placed at 26,389.0, followed by 26,504.4.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Asian markets trade mixed
Asian markets were mixed in Monday trade, with the decline in oil prices weighing on energy stocks, while investors digested weekend news regarding US-North Korea relations.
Japan's Nikkei 225 advanced 0.32 percent and the broader Topix added 0.19 percent. The Topix oil subindex fell 2.76 percent amid weakness in oil prices.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 8 points or 0.08 percent. Nifty futures were trading around 10,647-level on the Singaporean Exchange.
Summit with North Korea's Kim Jong-un could still go ahead on June 12: Trump
US President Donald Trump said his summit with North Korea's leader Kim Jong-un could still happen on June 12 after officials on both sides started talking, a day after he cancelled it, citing Pyongyang's "open hostility".
Trump said the lines of communication had opened between the two countries after Trump administration officials said that the North Koreans had become unresponsive, leading to the planned summit's cancellation. "We'll see what happens. We are talking to them now," Trump said at the White House before boarding Marine One for a commencement address in Annapolis.
US, North Korean officials meet for talks on summit
American and North Korean officials met at the border between North and South Korea on Sunday in preparation for a possible North Korea-U.S. summit, as North Korea’s Kim Jong Un was cited as reaffirming his commitment to meet with US President Donald Trump.
“A U.S. delegation is in ongoing talks with North Korean officials at Panmunjom,” spokeswoman Heather Nauert said, referring to a village in the Demilitarized Zone (DMZ) that runs along the heavily armed border between North and South Korea.
Sudha Balakrishnan appointed first CFO of RBI
NSDL executive Sudha Balakrishnan has been appointed the first ever chief financial officer (CFO) of the Reserve Bank of India (RBI) effective May 15, in what is the biggest organisational change since Urjit Patel took over as RBI governor in September 2016, three people familiar with the information said.
Balakrishnan, a chartered accountant, was till recently vice president with the National Securities Depository Ltd (NSDL), India’s first and largest depository, before joining RBI. She will be the 12th executive director of the RBI, and will have a three year term.
Euro crawls off 6-1/2-month lows
The euro crawled off a 6-1/2-month low against the dollar on Monday, catching its breath after last week’s steep decline, although broader concerns about political turmoil in Italy limited the currency’s recovery.
The euro was 0.35 percent higher at USD 1.1693 after falling on Friday to USD 1.1646, its lowest since mid-November, losing more than 1 percent on the week. “The euro has managed to bounce, going through a bit of a consolidation. But fundamentally, it is still a ‘sell’ for the currency,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.
HC extends stay on launch of Nifty-based products by SGX
The Bombay High Court extended its interim stay on the launch of Nifty-based new derivative contracts by Singapore Exchange Ltd (SGX) till May 31. A vacation bench of Justice S J Kathawalla deferred the hearing on the dispute between the National Stock Exchange India Ltd (NSE) and the SGX after the parties sought time to make up their minds on the terms for sending the dispute to arbitration for resolution.
While the NSE consented to the above, the matter could not be sent for arbitration as the lawyers for SGX sought time to take instructions on the terms of the stay on the circular until the dispute was heard and disposed of by the arbitrator.
NSE gets RBI, Sebi nod to launch repo in corporate debt securities
NSE said it has received approval from the Reserve Bank and market regulator Sebi to launch repo (or repurchase) in corporate debt securities. Rival bourse BSE earlier this week had received similar approval from the regulators to introduce repo in corporate debt securities and it plans to commence trading and reporting from Monday.
In market parlance, corporate bond repo is where a firm or a bank pledges corporate bonds with another company or lender to garner funds. The entity, who makes pledges, agrees to repurchase the bonds at a specified price.
Gold falls Rs 105 on global cues, weak demand
Gold prices drifted lower by Rs 105 to Rs 32,370 per 10 grams at the bullion market today, halting its four-day rising streak on the back of weak global cues amid easing demand from local jewellers at prevailing higher levels.
Silver followed suit and dropped by Rs 350 to Rs 41,200 per kg backed by reduced offtake by industrial units and coin makers. Gold prices fell 0.22 per cent to USD 1,301.20 an ounce and silver by 0.99 per cent to USD 16.47 an ounce in New York in yesterday's trade.
EPFO cuts administrative charges to 0.5%
Now over 5 lakh employers together would save around Rs 900 crore annually following the retirement fund body EPFO's decision to cut administrative charges, with effect from June 1, 2018.
The Employees' Provident Fund Organisation's (EPFO) trustees had decided to cut the administrative charges to 0.50 percent from 0.65 percent of total wage paid by employers in its meeting on February 21, 2018.
21 PSBs lost Rs 25,775 cr in bank frauds in 2017-18: RTI
Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.
The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud during the fiscal that ended on March 31 this year, Chandrasekhar Gaud, who had filed the RTI with the Reserve Bank of India, told PTI.
China central bank raises 28-day reverse repo rate by 5 bps
China’s central bank raised interest rates on 28-day reverse bond repurchase agreements by 5 basis points (bps) on Monday, matching previous increases in other tenors in the last two months.
The interest rate for 28-day reverse repos was raised to 2.85 percent from 2.80 percent, the People’s Bank of China said in a statement on its website. The rate for seven-day stood at 2.55 percent, according to the statement.
Oil prices fall; Brent falls 1.4%
Oil prices fell on Monday, extending a steep decline in the previous session, as the market eyed an increase in output from the world’s three top crude producers, Russia, the United States and Saudi Arabia.
Brent crude futures were at USD 75.34 per barrel, down USD 1.10, or 1.4 percent, from their last close. US West Texas Intermediate crude futures were at USD 66.31 a barrel, down USD 1.57, or 2.3 percent.
FPIs' bearish stance continues; net outflow at $4 bn in May
Foreign investors have pulled out a massive USD 4 billion (over Rs 26,700 crore) from capital markets so far this month, primarily due to surge in global crude prices. According to the latest depository data, foreign portfolio investors (FPIs) withdrew a net sum of Rs 7,819 crore from equities and another Rs 18,950 crore from the debt market during May 2-25, taking the total outflow to Rs 26,769 crore (USD 4 billion).
7 stocks under ban period on NSE
Security in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For May 28, 2018 stocks such as BEML, DHFL, IDBI, Jet Airways, Jain Irrigation, Just Dial, and Reliance Communications are present in this list.
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