RULE THE MARKET - Karvy Onlinecontent.karvyonline.com/contents/kstreetissue026.pdf · 2019. 3. 11. · ISSUE: 026 02. ND . MARCH, 2019. RULE THE MARKET. From The Desk Of Research

ISSUE: 026

02ND MARCH, 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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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.

Economy: A Marginal Slowdown

Economic growth for Q3FY2018-19 slowed down to 6.6%, which is marginally below the consensus

estimate of 6.7%. GVA (Gross Value Added) also slowed down to 6.3% as against consensus estimate

of 6.5%.

The government has lowered its growth estimate for FY2018-19 to 7% compared to 7.2% in the first

advance estimate. In the second advance estimate released today, CSO expects GVA growth to be

6.8%. GDP growth rate for Q1FY2018-19 which was 8.2% earlier has been revised down to 8%. Similarly,

the growth rate for Q2FY2018-19 has been revised down to 7% from the previous 7.2%.

The advance estimate shows a minor slowdown in GDP growth from 7.2% in FY2017-18 to 7% for

FY2018-19. This implies Q4FY2018-19 growth of 6.5%. The slowdown can be attributed largely to

Agriculture (growth of 2.7% in FY2018-19 vs. 5% in FY2017-18) and Mining & Quarrying (growth of 1.2%

in FY2018-19 vs. 5.1% in FY2017-18).

There is a silver lining though; growth in fixed capital formation remains strong at 10.6% for Q3FY2018-

19. CSO estimates a growth of 10% for the entire fiscal year, which also indicates that CSO anticipates

a slowdown in growth for Gross Fixed Capital Formation rate in Q4FY2018-19. The reason why a

slowdown is likely one is caution ahead of general elections and the other is the crisis arising from the

NBFC sector. We believe that growth in gross fixed capital formation can rebound in FY2019-20 and

beyond, capacity utilization is still low 74.8%, however, this trending higher.

While the former headwinds would be out of the way if the election results are in favor of the formation

of a stable government, the latter needs intervention from the RBI and we believe that as a result of

liquidity infusion by way of lowering Repo rate should help reverse the slowdown. Similarly, the worst

phase of the banking sector is past and it should be able to support the economy going forward.

There are a few concerns going forward, firstly, the agricultural sector remains a risk which can have

second-round impacts as well. Secondly, a slowdown in the global economy is a risk and thirdly,

potential OPEC output cuts indicate a risk to India via higher crude prices.

However, we believe that despite these risks growth is likely to revive by Q2FY19-20 and we remain

optimistic. Equity markets in India face many challenges in 2019- uncertain global economic outlook,

fears of a global recession. Elections and crisis in NBFC are a risk. Data we believe points certainly to a

slowdown in global economic growth, but risks of a recession remain low. US unemployment at 4% is

close to a 40 year low, and US consumer confidence has rebounded after a dip in January, and inflation

expectations remain low. This implies that the US central bank may be less aggressive in raising rates

in CY2019.

In China, though the latest PMI still signals continued softness in the economy, policymakers have

taken action to arrest the slowdown. Reserve Requirement ratio has been cut by 3.5% since the

beginning of 2018, and recently fiscal policy is being loosened. This should have an impact, and growth

prospects in China should improve.

Election of a stable, reform-oriented government and as fears of a global economic recession fade,

equity markets can rally significantly in the coming months.

CONTENTSEquity 1-6

Derivatives 7-8

Commodity 9-12

Currency 13-16

Events 17

TeamDr. Ravi Singh

Syed Hasan Jafar

Viplav Dhandhukia

Amit Samar

Chirag M Solanki

Chetan K Waghray

Benjamin Francis

Konpal Pali

Ankit Soni

Vishal kumar Shah

Vivek Ranjan Misra

Veeresh Hiremath

Siddhesh Ghare

Ramesh Chenchala

Ravikanth Pedapati

Ravi Pandey

Anup B.P

Bharath Sunnam

Amit Kumar

Vinod Jaya Kumar

Karvy Head Office

Karvy Stock Broking Limited, Plot No.31, 6th Floor, Karvy Millennium Towers, Financial District, Nanakramguda, Hyderabad, 500 032, India.

For More updates & Stock ResearchVisit: www.karvyonline.com

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Email: [email protected]

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

• India’s GDP growth moderated to 6.6% in Oct-Dec from a revised 7.0% aquarter ago. The slowdown was primarily on account of lower growth in theagriculture and services sectors. The CSO also revised the GDP growth ratefor Jul-Sep and Apr-Jun to 7.0% and 8.0%, respectively, from 7.1% and 8.2%.

• SEBI is likely to soon approve the participation of mutual funds and portfoliomanagement services in commodity derivatives, said the whole-time member S.K. Mohanty.

• The Reserve Bank of India has set up a task force to study the effects ofoffshore markets on the rupee’s exchange rate.

Aviation

• Jet Airways (India) Ltd’s founder Naresh Goyal has agreed to step downfrom the airline’s board as its chairman as a part of the plan to secure arescue deal for the cash-strapped company.

• Cabinet approved the transfer of Rs. 294.64 bn of Air India’s debt to specialpurpose vehicle Air India Assets Holding.

Technology

• The Cabinet has approved National Policy on Software Products 2019 with an initial outlay of Rs. 15 bn for seven years.

Steel

• The National Company Law Tribunal has rejected the Rs. 450bn resolution plan of Arcelor Mittal and instead accepted the Rs. 544bn offer made by erstwhile promoters of Essar Steel India.

Commodities

• The government approved Rs, 10,540 crore soft loan to help sugar mills clear cane arrears.

• The Union Cabinet approved the National Mineral Policy aimed at encouraging private sector participation in mineral exploration.

Telecommunication

• The board of Bharti Airtel Ltd on Thursday approved the raising of Rs. 32,000 crore through a rights issue to shareholders and by selling foreign currency denominated bonds to pare debt and expand its network.

• Cabinet approved FDI proposal of Vodafone Idea up to Rs 25,000 crore through rights issue.

Infrastructure

• India has signed a $455 mn loan agreement with Asian Infrastructure Investment Bank to finance rural roads projects in Andhra Pradesh.

Automobile

• Motherson Sumi arm signed an agreement with the UK based Bombardier Transportation to acquire the latter’s assets in connection with production and installation of electrical components and systems for applications in the rail industry. The transaction is valued at 10.9 million pounds.

NEWS

INTERNATIONAL NEWS

• US Real GDP expanded by 2.6% (YoY) in the fourth quarter of 2018 vs 2.3%expected.

• Germany Annual CPI in flash estimate rose to 1.6% in February vs 1.5% expected. The consumer prices are expected to increase by 0.5% on January 2019.

• The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 49.9 for February, higher than January’s reading of 48.3, and better than the 48.5 that economists polled by Reuters had forecast.

TRENDSHEETSymbol CMP S2 S1 R1 R2 TREND

SENSEX 36063.81 35393 35728 36385 36707 Down

NIFTY 10863.5 10634 10749 10959 11055 Up

NIFTYBANK 27,043.90 26509 26777 27254 27465 Up

YESBANK 237.60 214 226 244 250 Up

RELIANCE 1,226.05 1187 1206 1245 1265 Down

TCS 1,995.40 1856 1926 2070 2145 Down

AXISBANK 702.40 673 688 722 743 Down

HDFC 1,859.45 1781 1820 1898 1937 Down

LT 1,308.55 1232 1270 1329 1350 Up

KOTAKBANK 1,225.95 1189 1207 1247 1268 Down

ITC 278.20 271 274 280 283 Up

SBIN 272.95 259 266 277 282 Down

ICICIBANK 354.25 338 346 360 366 Up

FORTHCOMING EVENTSCOMPANY NAME DATE/ EX-DATE EVENT

ZODIAC VENTURES LTD. 04-MAR-19 RESULT

MAC HOTELS LTD. 05-MAR-19 RESULT

MAPRO INDUSTRIES LTD. 05-MAR-19 RESULT

HOUSING DEVELOPMENT FINANCE CORP. LTD.

06-MAR-19 RESULT

KEWAL KIRAN CLOTHING LTD. 07-MAR-19 RESULT

POWER GRID CORPORATION OF INDIA LTD.

07-MAR-19 RESULT

ACC 05-MAR-19DIVIDEND - RS. -

14.0000

TECH MAHINDRA 05-MAR-19BUY BACK OF

SHARES

HDFC AMC 07-MAR-19INTERIM DIVIDEND

- RS. - 12.0000

WIPRO 07-MAR-19 BONUS ISSUE 1:3

P B M POLYTEX LTD 08-MAR-19BUY BACK OF

SHARES

KSTREET - 02ND MARCH 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

0

0.5

1

1.5

2

2.5

3

3.5

4

NIFTY INDEX

SENSEX INDEX

SPBSMIP INDEX

SPBSSIP INDEX

NIFTYJR INDEX

NSEMCAP INDEX

-1.5

-1

-0.5

0

0.5

1

1.5

2

2.5

3

3.5

NSEA

UTO

IND

EX

NSEBA

NK

IND

EX

NSESRV

IND

EX

NSEPH

RM IN

DEX

NSEIT IN

DEX

NSEM

ET IND

EX

NSEN

RG IN

DEX

NSEC

ON

IND

EX

NSEREA

L IND

EX

NSEFM

CG

IND

EX

-2

-1

0

1

2

3

4

5

6

7

8

CC

MP IN

DEX

IND

U IN

DEX

SPX IN

DEX

NK

Y IND

EX

HSI IN

DEX

SHC

OM

P IND

EX

UK

X IN

DEX

CA

C IN

DEX

-10

-5

0

5

10

15

20

25

AD

AN

I POW

ER LTD

RELIAN

CE C

APITA

L LTD

DISH

TV IN

DIA

LTD

V-G

UA

RD IN

DU

STRIES LTD

SUN

PHA

RMA

A

DV

AN

CED

RESEARC

H

OBERO

I REALTY LTD

EDELW

EISS FINA

NC

IAL

SERVIC

ES

RELIAN

CE

INFRA

STRUC

TURE LTD

IND

IABU

LLS VEN

TURES

LTD

DEW

AN

HO

USIN

G

FINA

NC

E CO

RP

-4

-2

0

2

4

6

8

10

ZEE ENTERTA

INM

ENT

ENTERPRISE

CO

AL IN

DIA

LTD

IND

IAN

OIL C

ORP LTD

YES BAN

K LTD

ULTRA

TECH

CEM

ENT LTD

HO

USIN

G D

EVELO

PMEN

T FIN

AN

CE

HIN

DU

STAN

UN

ILEVER

LTD

TITAN

CO

LTD

BHA

RTI AIRTEL LTD

EICH

ER MO

TORS LTD

-6000

-4000

-2000

0

2000

4000

6000

8000

22-02-20

19

25-02-19

26-02-19

27-02-19

28-02-19

01-0

3-19

FII DII


BEAT THE STREET - FUNDAMENTAL ANALYSIS

Heidelberg Cement India Ltd CMP Rs.157.7Target Price Rs.189Upside 20%

Investment Rationale

• The topline of the company was up by 15% on YoY basis, i.e. from Rs. 5639 Mn in Q3FY19 as compared to Rs. 4912 Mn in Q3FY18. EBITDA of the company stood at Rs. 1225 Mn as compared Rs. 828 Mn in Q3FY18. The bottomline of the company had also improved from Rs. 318 Mn in Q3FY18 to Rs. 586 Mn in Q3FY19. The performance of the company remained sustainable though there was a rise in raw material price and power & fuel cost. Freight cost got reduced due to railway freight rebate on account of higher volume.

• The capacity utilization of the company in Q3FY19 stood at 93%, against the industry average of 80% to 85% capacity utilization and the company continues to sell 100% blended cement. And the company’s (Mycem power) premium product volume increased by 4% YoY basis.

• The company’s road-rail mix stood at 53:47, and the average lead distance stood at 380 Km. The company’s fuel mix stood at 61% of petcoke and 39% of domestic coal. Currently, WHRS (Waste Heat recovery system) fulfills 30% to 35% of the power requirement of the company.

• The topline of the company is expected to rise with CAGR of 5.38% from FY18-20E , and EBITDA is also likely to increase at CAGR of 25.4% from FY18-20E.

VALUE PARAMETERSFace Value (Rs.) 10

52 Week High/Low (Rs.) 175/121

M.Cap (Rs. Bn/US $mn) 35725/504

EPS (Rs.) 5.9

P/E Ratio (times) (FY20E) 11.8

Dividend Yield (%) 1.6%

Stock Exchange BSE

P/E CHARTValuation

The company is operating with an installed cement manufacturing capacity of 5.4 MTPA. The company has a sustainable business model wherein the company is also taking various measures for uninterrupted operations and cost reduction, which clearly states that the margins shall be in intact. Heidelberg Cement India Ltd is currently trading at EV/EBITDA of 6.16x of FY20E. We maintain the ‘BUY’ rating valuing at 7.7x EV/EBITDA (5 years average forward multiple) on FY20E EBITDA for the target price of Rs. 189, representing an upside of 20%, for the next 12 to 15 months. Key risks are an increase in raw material cost and power & fuel cost.

EQUITY

% OF SHARE HOLDING

in Rs.Mn ACTUAL ESTIMATE

YE Mar FY18 FY 19E FY 20E

REVENUE 18895 21772 22241

EBITDA 3634 5145 5714

EBITDA(%) 19.2 23.6 25.7

PAT 1336 2434 2916

EPS (Rs.) 5.9 10.7 12.9

RoE (%) 13.3 23.0 24.4

69.0%

12.0%

6.0%

13.0%

Promoters

FII

DII

Others

80

90

100

110

120

Mar

-18

Apr

-18

May

-18

Jun-

18

Jul-

18

Aug

-18

Sep-

18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb-

19

Mar

-19

HEIM Sensex

68% 7%

10%

15% Promoter

DIIs

FIIs

Others

80

90

100

110

120

130

140

150

Feb-

18

Mar

-18

Mar

-18

Apr

-18

May

-18

May

-18

Jun-

18

Jul-

18

Jul-

18

Aug

-18

Sep-

18

Sep-

18

Oct

-18

Nov

-18

Nov

-18

Dec

-18

Jan-

19

Jan-

19

Feb-

19

MACA Sensex

69.0%

12.0%

6.0%

13.0%

Promoters

FII

DII

Others

80

90

100

110

120

Mar

-18

Apr

-18

May

-18

Jun-

18

Jul-

18

Aug

-18

Sep-

18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb-

19

Mar

-19

HEIM Sensex

68% 7%

10%

15% Promoter

DIIs

FIIs

Others

80

90

100

110

120

130

140

150

Feb-

18

Mar

-18

Mar

-18

Apr

-18

May

-18

May

-18

Jun-

18

Jul-

18

Jul-

18

Aug

-18

Sep-

18

Sep-

18

Oct

-18

Nov

-18

Nov

-18

Dec

-18

Jan-

19

Jan-

19

Feb-

19

MACA Sensex


BEAT THE STREET - FUNDAMENTAL ANALYSIS

Mahindra CIE Automotive Ltd CMP Rs.235Target Price Rs.321Upside 37%

Investment Rationale

• Over CY18-20E, we expect, MHCIE to report 7.5% sales CAGR and 12.5% PAT CAGR. The company is expected to report EPS of Rs. 16 and Rs. 18.3 in CY19E and CY20E, respectively.

• We have revised our Sales and PAT estimates upwards by 1.3%/3.4% for CY19E performance from MHCIE India operations supported by its European business.

• Going forward, Management expects MHCIE to grow faster than the overall auto market in the domestic and international segment.

• During Q4CY18, MHCIE’s consolidated sales grew by 17.4% YoY to Rs19.7bn. EBITDA margins contracted by 9bps YoY at 13.9% PBT increased by 30.3% YoY to Rs. 1.8bn.

• During the quarter, MHCIE reported domestic EBITDA margins of 14% (up 215bps) and international business EBITDA margins of 13.9% (down by 167bps). Domestic margins improved because of increased high margin business (Bill Forge) and higher utilization of its manufacturing assets.

• During CY18, its net debt has declined from Rs. 9bn to Rs. 7.3bn. Its net debt-equity ratio stands at 0.2.

VALUE PARAMETERSFace Value (Rs.) 10.0

52 Week High/Low (Rs.) 302/203.3

M.Cap (Rs. Bn/US $mn) 88901/1255

EPS (Rs.) 14.5

P/E Ratio (times) (FY20E) 12.3

Stock Exchange BSE

Valuation

Given the stable business growth outlook, ~12.5% earnings CAGR over CY18-20E, the betterment of balance sheet and improvement in return ratios, we believe the stock is due for rerating. We maintain our BUY rating on the stock and upgrade the target price to Rs. 321 valuing the company at PE of 20xCY19E earnings (with its 3year 12M average forward PE Multiple and ~20% discount to BFL).

EQUITY

P/E CHART

% OF SHARE HOLDING

in Rs.Mn ACTUAL ESTIMATE

YE Mar FY 18 FY 19 FY 20

REVENUE 80315 85698 92881

EBITDA 10511 11629 12933

EBITDA(%) 13.1 13.6 13.9

PAT 5485 6076 6943

EPS (Rs.) 14.5 16.0 18.3

RoE (%) 13.7 13.2 13.2

PE (x) 15.6 14.1 12.3

69.0%

12.0%

6.0%

13.0%

Promoters

FII

DII

Others

80

90

100

110

120

Mar

-18

Apr

-18

May

-18

Jun-

18

Jul-

18

Aug

-18

Sep-

18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb-

19

Mar

-19

HEIM Sensex

68% 7%

10%

15% Promoter

DIIs

FIIs

Others

80

90

100

110

120

130

140

150

Feb-

18

Mar

-18

Mar

-18

Apr

-18

May

-18

May

-18

Jun-

18

Jul-

18

Jul-

18

Aug

-18

Sep-

18

Sep-

18

Oct

-18

Nov

-18

Nov

-18

Dec

-18

Jan-

19

Jan-

19

Feb-

19

MACA Sensex

69.0%

12.0%

6.0%

13.0%

Promoters

FII

DII

Others

80

90

100

110

120

Mar

-18

Apr

-18

May

-18

Jun-

18

Jul-

18

Aug

-18

Sep-

18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb-

19

Mar

-19

HEIM Sensex

68% 7%

10%

15% Promoter

DIIs

FIIs

Others

80

90

100

110

120

130

140

150

Feb-

18

Mar

-18

Mar

-18

Apr

-18

May

-18

May

-18

Jun-

18

Jul-

18

Jul-

18

Aug

-18

Sep-

18

Sep-

18

Oct

-18

Nov

-18

Nov

-18

Dec

-18

Jan-

19

Jan-

19

Feb-

19

MACA Sensex


EQUITY

BEAT THE STREET - TECHNICAL ANALYSIS

Ashok Leyland

Ashok Leyland, flagship of the Hinduja group, is the second largest manufacturer of commercial vehicles in India, the fourth largest manufacturer of buses in the world, and the tenth

largest manufacturers of trucks. A US $ 4 billion (2017-18) company, and a footprint that extends across 50 countries, it is one of the most fully-integrated manufacturing companies

this side of the globe. The company is a pioneer in the Commercial Vehicle (CV) space; many product concepts have become industry benchmarks and norms. Technically, the stock

has formed a Bullish Bat Harmonic chart pattern which has positive implications in the short to medium term. The chart clearly depicts that the recent round of selling in the counter is

weakening as the DMI- (32.88) has cut the ADX 41.65 from above. The RSI, on the other hand, has also shown first signs of reversal and has given a positive crossover with the RSI (36.44)

trading above the RSI Avg (33.01), which is a big positive in itself. Hence, we recommend traders who are willing to invest for the short to medium term must bite into this automobile giant

at current levels, Average around Rs.74 and hold the stock for potential upside targets of Rs. 115 & Rs. 120 in the stipulated time frame.

Axis Bank Ltd

AXISBANK is trading with a secular uptrend and is currently trading with a strong bullish bias as seen in the daily charts with decent volumes. During the current uptrend, the stock has

also witnessed a decent breakout at 650 levels with decent volumes, indicating the buying interest in the stock. Among the leading indicators, CCI (60) and Heiken candlesticks indicate

a positive trend in the daily chart as well as the weekly charts. RSI(14) and Stock (5,3,3) indicators in the daily chart is showing a bullish bias, indicating the stock is being accumulated by

stronger hands on every dip. On the momentum setup, weekly MFI (30) is pointing northwards after giving a positive crossover with the signal line and, in the daily time frame, the oscillator

bounced off taking the support of 35 levels reaffirming underlying strength in the counter. Weekly MACD (12,26,9) as well is trading above the zero lines in weekly charts, indicating the

inbuilt strength in the counter. Considering all the above data, we recommend traders to enter the stock around 695 levels for the higher targets of 850 followed by 870 levels and any

correction towards 650 levels can be utilized to average the stock keeping a stop loss below 600 levels on closing basis.

STOCK ASHOKLEY

CMP Rs.86.60

ACTION BUY

ENTRY Rs.84- 87

AVERAGE Rs.74

STOP LOSS Rs.69

TARGET 1 Rs.115

TARGET 2 Rs.120

TIME FRAME 3-4 MONTHS

STOCK AXISBANK

CMP 702.40

ACTION BUY

ENTRY Rs.695

AVERAGE Rs.650

STOP LOSS Rs.600

TARGET 1 Rs.850

TARGET 2 Rs.870

TIME FRAME 4-5 MONTHS


EQUITY

Sentiment

Stop Loss 1455

Target 1330

Lot Size 600

Margin 148400

21-DEMA 1409

Open Interest Shares 1017800

Change in OI 1016391

Cost of Carry (%) 17.07982

SECTORAL SNIPPETS

NIFTY BANK (27,043.90) marginally underperformed Nifty with a gain of 0.66% during the week passed by, while the broader index Nifty gained by 0.67%. During the week, the index took crucial support at 26,719 levels and witnessed a range bound movement throughout the week. Considering the technical setup on the daily charts, the index may continue to remain sideways in the short term ahead in the range of 26,400 to 27,600 levels. On the stock front, FEDERALBNK, YESBANK, RBLBANK, BANKBARODA and PNB gained by 7.74%, 6.71%, 5.61%, 5.54% and 5.05% during the week. Ravneet Gill joined Yes Bank as MD & CEO on March 1st. His tenure as approved by RBI is 3 years from the date of his joining, i.e. 1st March 2019, to 28th February 2022. The appointment of Gill will be subject to the approval of shareholders’ at the ensuing annual general meeting of the bank to be held in June 2019. State-owned Bank of Baroda (BoB) plans to sell a series of non-performing assets (NPAs) totalling Rs. 5,929 crore including Rs. 1,839 crore owed by debt-ridden telecom company Reliance Communications on the cash basis. On the other side, KOTAKBANK lost 1.11%. Technically, Bank Nifty may face crucial resistance at 27,200 and 27,590 levels. For the week ahead, support for the index can be pegged at 26,650 levels followed by 26,380 levels.

NIFTY FIN SERVICE (11,308.15) underperformed Nifty last week and closed the week on a flat note and generated a negative return of around 0.18%, whereas Nifty closed the week with a positive return of around 0.65%. The index bounced well from the low of 11,134.60 levels. Historical price action in the sector reflects that any minor dip in the stock may attract buyers which will help index to resume its up move. Most of the stocks from the financial space have seen stock specific action in the previous week where the majority of them have been trading with a positive bias. The immediate support in the index comes around 11,150 levels and below that are 10,950 levels. The index may find resistance around 11,400 levels and above that are 11,600 levels. The stocks from the sector that closed the week with positive bias are BAJAJFINSV, BAJFINANCE, BHARATFIN, ICICIPRULI and M&MFIN which closed with returns of 3.85%, 0.72%, 3.38%, 3.68% and 3.08%, respectively, whereas the stocks like EDELWEISS, HDFC and IIFL closed the week with a negative return of around 5.05%, 1.46% and 4.93%, respectively. Stock specific action is expected from the sector in the coming week. We hold our positive view in the index for the week.

NIFTY METAL (2922.70) continued its pullback mode with gains of around 3% for the week. Last week, the index ended with strong gains of more than 5%. Previously, the index posted losses for 8 continuous weeks and is currently recovering some of its lost ground. From the recent major swing highs, the index has corrected more than 30%. The broader index Nifty 50 has ended with a slight gain of around 0.65%, which depicts the power of short covering and value buying in the metal counters. Even for the month of March, the index has opened higher and closed near its daily highs, hence holding onto the gap up, can take the index much higher. However, the index is still placed below its all major short, medium and long term moving averages, confirming the ongoing medium-term downtrend while derivatives rollovers of most of the stocks in the space suggest some more room is left for the upside. Going into the internals, the breadth of the index is very strong and stands at 13 gainers and rest 2 remained as losers or ended at flat line. Leading the leader board, SAIL, NMDC, NATIONALUM, MOIL, JSLHISAR, COALINDIA, and APLAPOLLO gained more than 5% for the week, while on the laggard board, JSWSTEEL and HINDALCO have managed to hold on to the flat line. Technically, immediate supports for the NIFTY METAL index are pegged around 2800-2850 levels followed by 2700-2750 levels. Whereas on the upside, immediate resistances are placed around 2970-3000 followed by 3040-3060 zone. Going forward, we expect the index to trade with positive bias in the range of 2850 to 3050.

NIFTY AUTO (8413.65) outperformed Nifty 50 index on weekly basis and ended the week with over 1.50% returns which was majorly due to the surge in the heavyweight counters among which MOTHERSUMI, ASHOKLEY, BOSCHLTD, TATAMOTORS and BAJAJ-AUTO surged around 11.40%, 5.90%, 3.50%, 3.30% and 1.50%, respectively, while on the contrary, only EICHERMOT ended the week in red and plunged approximately 3%. Technically, the index has witnessed support near 8000 levels which is the previous swing low and bounced from the same, suggesting it to be strong support. Even the index witnessed robust volumes on closing basis for the whole week setting up a bullish view in the counter. The next support for the counter is pegged around 8200 levels which is the weekly swing low followed by 8000 levels. While on the contrary, the resistance is pegged around 8650-8700 levels followed by 8800 levels. On oscillator front, the index has witnessed good recovery from the lower band towards the mean of the Bollinger band (20, 2) and has settled above the mean affirming our bullish stance. Even 14 period RSI is placed around 46-51 levels, suggesting further upside room in the counter. Going forward for the coming week, it is advisable to trade cautiously in the counter and look for stock specific action as there might be momentum throughout the week because of the monthly sales data.

DABUR INDIA LTD BUY DABUR (MAR FUTURE) | CMP: 446.50 SECTOR: FMCG

DABUR traded the week with a positive bias. The stock closed with a positive return of more than 2% and outperformed its benchmark index NIFTYFMCG which closed with a positive return of 0.79% during the last week. Adding to that, the stock is trading well above its major moving averages on the daily charts with a positive price structure, indicating positive momentum in the stock is likely to continue in the coming trading sessions as well. On oscillator front, the 14 period RSI is trading well above its 9-day signal line and poised with a bullish bias, indicating that the stock is likely to continue its outperformance in the coming trading sessions as well. The Parabolic SAR (Stop & Reverse) on the weekly chart is trading below the price which reflects, buying will remain intact in the counter in the coming trading sessions. From the above observation of price momentum, it seems the stock is likely to trade with positive bias in the coming trading sessions also. Therefore, we recommend Smart Traders to initiate long position in the counter around 440 levels with a stop loss placed below 420 for the higher target of 470 levels.

Sentiment

Stop Loss 420

Target 470

Lot Size 1250

Margin 98600

21-DEMA 435

Open Interest Shares 96918250

Change in OI 96917815

Cost of Carry (%) 15.55

ASIAN PAINTS LIMITED: SELL ASIANPAINT (MAR FUTURE) | CMP: 1402.50 SECTOR: CD

ASIANPAINT ended the previous week on a flat to positive note by ~0.36% with a rise in volumes, indicating a possible distribution pattern in the counter. The stock also closed below its shorter-term 21 DEMA, thereby adding to our bearish stance on the counter. The stock also has immediate support around 1380-1370 levels, which if broken on a conclusive basis, can trigger a fresh round of selling towards the mentioned target levels. Many stocks from the FMCG pack have witnessed profit taking during last week and the same bearish sentiment is likely to continue in the said space in the next week as well. This current bearish setup gives aggressive traders an excellent opportunity to go short as per the levels mentioned above since the stock has closed at a multiyear low and has given a distribution breakdown as seen on daily charts.


WEEKLY VIEW OF THE MARKET

NIFTY (10,863.50): Last week, the Indian markets saw a lot of volatility owing to the geopolitical tensions arising due to India’s response to the terror strikes in Pulwama (J&K) which shook the nation last month. Panic struck market participants for a brief period as Pakistan retaliated and the war-like situation became a reality as both countries suffered damages. Overall, this negativity could not rattle the markets as the Nifty managed to shut shop at its highest level in 3 weeks, to settle at 10,863.50, up by 0.67% for the week, but below the 50% retracement of Nifty’s entire down move from 11,760.20 to 10,004.55. The market has also witnessed intense volatility and knee jerk reactions during the last week, owing to the fragile situation of a possible war. The overall market sentiment hereafter in the short term will depend heavily on whether the two countries resort to diplomatic actions or escalate the issue to a new level. Global trends have also been indecisive, hence adding to the overall confusion pertaining to the direction of the market. We expect strong buying to come in only if the psychological 10,900-11,000 zone is crossed and held on a weekly closing basis. In case of a rally towards the above-mentioned zone, traders who are stuck up in leveraged long positions must try to exit their positions and use such rallies relieve them of the burden of remaining stuck.Technical resistances for the index lie around 10,900-11,000, above which 11,050-11,100 will offer very stiff resistance. On the other hand, supports for the benchmark index lie around 10,650-10,600 below which the levels around 10,520-10,480 will act as the next levels of respite if selling pressure is not absorbed by the first zone of support. We expect Nifty to move in a range of 10,700-11,000 with bullish bias in the coming week.

DERIVATIVE STRATEGIES

DERIVATIVES

TYPE BUY CALL in NIFTY

First leg Buy one lot of NIFTY 28MAR 11000 CE @ 120

Max Profit Unlimited

Max Loss 9,000

BEP 11,020.0

Stop Loss 50 ( Option Points)

Rationale The index is expected to trade with a bullish bias in the near term.

TYPE COVERED CALL IN CEATLTD

FIRST LEG Buy one lot of CEATLTD 28 MAR FUT @ 1100

SECOND LEG Sell one lot of CEATLTD 28 MAR 1150 CE @ 24.50

BEP 1075.5

MAX PROFIT 29800

MAX LOSS Unlimited below BEP

STOP LOSS 1070 (Spot Levels)

Rationale The stock has gained momentum in the last two sessions with a spurt in volume; despite broader markets remained under pressure and derivative action indicates Long accumulation in the counter.

TYPE BULL CALL SPREAD IN BANK NIFTY

First leg Buy one lot of BANK NIFTY 07 MAR 27100 CE @ 167

Second leg Sell one lot of BANK NIFTY 07 MAR 27400 CE @ 49

BEP 27,218

Max Profit 3,640

Max Loss 2,360

Rationale The index is expected to trade with a bullish bias in the near term.

TYPE BUY CALL IN MCDOWELL-N

FIRST LEG Buy one lot of MCDOWELL-N 28 MAR 580 CE @ 14

BEP 594

MAX PROFIT UNLIMITED ABOVE BEP

MAX LOSS 17500

Rationale The stock has gained momentum in the last week with spurt in volume, despite broader markets remained sideways and technically, the stock moved and sustained above its 21-DEMA, also derivative action indicates Long accumulation in the counter.

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7KSTREET - 02ND MARCH 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

RPOWER 10.75 8.33 104464000 37.6

ACC 1422.3 7.08 2826000 20.34

BAJAJ-AUTO 2900.6 1.66 2519000 14.26

ORIENTBANK 82.85 10.46 14007000 11.41

JUSTDIAL 517.4 7 2482000 7.39

CGPOWER 32.2 17.31 50400000 7.22

BANKNIFTY OPTION OI CONCENTRATION CHANGE IN BANKNIFTY OPTION OI

TOP 6 SHORT CLOSURE


NATIONALUM 50.55 10.16 38648000 -52.95

ENGINERSIN 107.2 3.77 7540000 -51.53

NTPC 141.25 2.36 37784000 -47.31

BPCL 337.55 0.54 6156000 -43.45

COALINDIA 228.3 8.23 18757000 -40.61

GAIL 342 5.1 9116000 -40.1

TOP 6 SHORT BUILD UP


RELINFRA 122.8 -6.36 14112000 60.01

ADANIPORTS 325.85 -5.96 22570000 23.43

MFSL 394.65 -0.69 1936000 4.6

MCX 654 -0.21 2203000 2.18

BHARTIARTL 318.05 -1.98 37494000 1.62

- - - - -

TOP 6 LONG CLOSURE


NHPC 22.95 -1.91 21465000 -47.97

AMARAJABAT 716.9 -0.45 620000 -39.06

BATAINDIA 1288.8 -2.51 2153000 -36.52

JUBLFOOD 1268.75 -1.42 2502000 -30.86

INFRATEL 293.65 -6.49 6178000 -22.97

DHFL 127.4 -7.47 16316000 -22.05

NIFTY OPTION OI CONCENTRATION CHANGE IN NIFTY OPTION OI

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COMMODITIES

BULLIONGold prices were under bear zone during the week ended on 1st March 2019 falling from 10 month high made in the penultimate week in CME. Strength in the dollar against major currencies owing geo-political concerns led the yellow metal to tumble to two-week lows. The ongoing trade talks took other direction after comments from US Trade Representation. USTR Robert Lighthizer said to the lawmakers that the US will need to maintain higher tariff on Chinese goods for the year even if both the countries agree to strike a deal to end the trade war. US Federal Chairman Jerome Powell gave a testimony before Senate and Congress on the patient approach of the Central Bank. In his testimony before US Congress, US Fed Chairman Powell informed that Central Bank with start shrinking its $4 trillion balance sheet later this year. US goods trade balance data came at -$79.5 billion against the previous reading of -$70.5 billion. The US consumer confidence came at 131.4 better than the expectation of 124.8 and previous reading of 121.7. On the domestic front, MCX gold futures tumbled from more than 5 year high made in the penultimate week tracking weakness in the international market. The movement during the week in Indian bourses was volatile due to volatile movement seen Indian Rupee against the US Dollar due to Indo-Pak tension.

BASE METALSBase metals traded on a positive note during the week ended on 1st March despite the expected decrease in quarterly GDP growth of the US. The prices traded on a positive note for three trading sessions and later traded on a mixed with the negative note for the last trading session. China’s imports of metal scrap declined 32.7% from 2017 to stand at 330,000 tons in January as per General Administration of Customs. As per Chinese General Administration of Customs, Copper scrap accounted for 180,000 tons, down 11.5% YoY. Cangzhou in China’s biggest steelmaking province of Hebei issued the most severe pollution alert effective from noon of Friday, 22nd February to 28th February as heavy smog is expected in the city, which gave support to the zinc prices. Lead mine output in China declined by a further 3.4% in 2018. Mine production also fell in Kazakhstan, Mexico, Peru and the United States. The global lead market remained in deficit during December but compared to November the market deficit narrowed indicating an increase in output. The lead market recorded a deficit of 204kt in January and December 2018 which follows a deficit of 386 kt recorded in the whole of 2017. World refined production during January and December 2018 from both primary and secondary sources was 11765 kt which was 4.8% higher than in the same period of 2017. China imported about 118,000 tons of lead ores and concentrates in December 2018, down 2.2% from November, but up 42.5% year on year, latest data from China Customs showed. The Nickel market was in surplus during January and December 2018 with production exceeding apparent demand by 27 kt. In the whole of 2017 the calculated deficit was 41.3 kt. Refined production in January to December 2018 totaled 2272 kt and demand was 2245 kt. Mine production during January and December was 2388 kt, 411 kt above the comparable 2017 total. Global reported production of refined metal was up by 4.2 kt, compared with the January to December 2017 total. Production in Asia was 5.3 kt higher than the January to December 2017 total. Global tin demand during January and December was 381 kt which was 0.1% below the comparable period of 2017. Japanese consumption was 28.1 kt which was 1 kt below the comparable total for January to December 2017.

COTTONDomestic cotton futures witnessed recovery during the prior week, tracking firmness in global prices driven by optimism over ease of trade dispute between the US and China. The market was well supported by a series of positive comments passed by president Trump regarding well progress on a trade deal between the US and China. After finding support near 69-70 cent/ lb zone prices for May cotton futures traded at ICE has gained by more than 6% in last 6 sessions mainly due to short covering and ruling above 74 cent/lb mark on Friday. Technically, prices were ruling oversold zone and now recovering on the hope of improvement of trade with China. Spot prices of benchmark S-6 cotton remained down during the week ruled in range of Rs.41200- 41500 per candy due to muted demand at the physical market. Domestic fundamentals are still unsupportive due to lingering demand concerns. Despite weaker production outlook prices are unable to hold the gains mainly due to the subdued demand from millers. Major Cotton agencies have reduced their forecast of cotton consumption in India due to poor offtake by millers. Millers are going for hand to mouth buying due to tumbling export of cotton and yarn from India. Cotton Corporation of India has procured about 8.5 lakh bales of cotton in season 2018-19 and could buy about 15 lakh bales by end of the season as per news sources. Meanwhile, USDA released weekly export sales report for the week ending on 21st Feb showed net sales of 85,500 RB for 2018/2019 were reported for Indonesia (29,600 RB), Vietnam (27,800 RB), Turkey (27,400 RB), Bangladesh (21,500 RB), and Pakistan (7,900 RB). Reductions were reported for China (65,600 RB) and Malaysia (500 RB. Exports of 345,700 RB were primarily to Vietnam (92,600 RB), Pakistan (70,100 RB), India (36,200 RB), Indonesia (23,500 RB), and Bangladesh (23,400 RB).

USDA reduced its estimates for cotton consumption in India from 25.3 million bales (324 lakh bales of 170 kg each) to 24.8 million bales.

OIL & OILSEEDSSoybean futures traded on a negative note for the most part of the week due to lowering demand at prevailing levels. Sell off in global prices due to subdued monthly import in China impacted market sentiments negatively. CBOT soybean futures traded down on uncertainty over the trade negotiation between US and China. China released its trade data for the month of Jan showed China brought in 7.38 million tons of soybeans in January, down from 8.48 million tons a year earlier, lower by 13% YoY. Moreover, the commencement of harvesting activities in Brazil also added pressure to prices. Soybean prices are expected to trade sideways today due to the absence of fresh cues to the market. The soybean market is closely watching the ongoing trade deal between the US and China and any positive development could support the prices further. However, huge stocks at the physical market and shrinking crush margin for millers could cap the excessive gains in prices. Mustard seeds futures at NCDEX platform traded mixed to lower due to reports of rise in acreages for the upcoming season. The area under mustard seed cultivation has touched 69.37 lakh hectares as on 15th Feb against 67.06 lakh hac of the prior year, higher by 3.44% YoY. MCX CPO futures traded down on Thursday following firmness in Indian currency. Malaysia’s palm oil exports from Feb. 1-20 slightly rose 0.03-0.8% from a month earlier as per AmSpec Agri Malaysia and Intertek Testing Services..

SPICESSpices complex noted good recovery from the recent losses during the week ending on 1st March 2019 at both MCX and NCDEX platforms. MCX cardamom futures traded mostly down for most of the week extending prior week loss to near multi-week lows; further decent arrivals even at this stage of the crop weighed prices. However, prices improved drastically on the last trade recovering most losses. On the demand side, buying activities were need-based while the arrivals are expected to decline in the coming days. Hence, most active Mar futures traded in the range of Rs.1441-1495 per kg before closing at the weekly at highest levels and higher by 1.61% YOY while next month Apr futures closed with small gains of 0.12% from its last week close. Arrivals at the spot market until Friday were at 401 MTs, lower by 15 MTs while avg. auction prices were on a mixed note as min prices recovered by Rs.12 per kg WOW to Rs.1383 per kg while max prices traded lower by Rs.26 per kg WOW to Rs.1408 per kg. Turmeric futures noted sharp recovery as they cut short from their 8-week continuous fall on short covering after prices fell to multi week’s low of Rs.6114 per quintal. Further, fresh buying activities at the lower levels supported good recovery in prices; expectations of a revival of the buying activities at the spot market from stockiest and masala manufacturers helped in price recovery. Hence, most active Apr futures made a low and high of Rs.6114/quintal and Rs.6356/quintal respectively before ending the week at Rs.6322/quintal, higher by 1.97% WOW; while next month May futures closed with gains of 1.11% from its last close. Jeera at the NCDEX platform traded with decent volatility during the week with biasness to the positive direction. Expectations of good demand from the stockiest at current price levels supported gains while it was capped primarily tracking increased supplies at the major spot markets. The market will be keen on the estimations of crop numbers from both major growing states of Gujarat and Rajasthan as the area has slightly lower in Gujarat compared to last year. Hence, active futures traded in the range of Rs.15140-15600 per quintal before closing at Rs.15600 per quintal, higher by 1.23% WOW while Apr futures closed with gains of 0.49% from last week close. Dhaniya futures traded in a range bound levels with negative bias during the week. Limited demand after increasing arrivals of higher moisture content due to rainfall weighed prices. However, a major loss was capped at lower levels on expectations of supply concerns due to estimated lower production. Hence, Apr futures traded in the range of Rs.6150-6365 per quintal before closing at Rs.6200/quintal, lower by 0.56% while May futures closed with a loss of 0.92% from its previous close.

RUBBERTOCOM rubber futures traded higher during the week ended on 1st March 2019 and tested new high of JPY 202.40 on Friday. Prices were mainly buoyed by the expectation of curb of exports from major producer’s countries such as (Thailand, Vietnam and Malaysia) amid optimism over the trade deal between China and the US. Moreover, Rubber prices tracked firm cues from the gain in crude oil prices as oil prices rose on reports of supply cut by OPEC nations amid reports of fall in crude oil inventory in US inventories. As per the ANRPC, in 2018 world Natural rubber (NR) production was 13.9 million tons, up by 4.6% YoY. Meanwhile, the world demand recorded an increase of 5.2% YoY amounting to 14.017 million tons. This has resulted in a deficit of 57,000 tons of NR. Malaysia’s natural rubber production increased 5.4%MoM from 52,174 tons in November 2018 to 54,992 tons in December 2018. However, YoY comparison showed the production dropped by 18%. Guar seed and gum futures were traded downside during the week ended on 01 April 2019 due to weak demand outlook in the market tracking bearish fundamental outlook. Weaker export outlook and adequate supply at the physical market dragged the prices down further. Guar complex futures prices fell by 1.48 % during the second last day of the week due to weak fundamentals in the market. Guar seed most active March contract made a weekly high of Rs. 4240 per quintal and settled the weekly session at Rs. 4172 per quintal whereas gum futures made a high of Rs. 8345 per quintal closed the week at Rs. 8370 per quintal.


ZINC

COMMODITIES

TREND SHEET

Commodities 22-Feb 1-Mar % Change 52 Week High% Change from 52

Week High52 Week Low

% Change from 52 Week Low

MCX Gold (Rs/10 gms) 33517.00 32863.00 -2.0% 34031.00 -3.43% 29268.00 12.28%

MCX Silver (Rs/Kg) 40268.00 39054.00 -3.0% 41698.00 -6.34% 34981.00 11.64%

MCX Crude Oil (Rs/bbl) 4085.00 4079.00 -0.1% 5669.00 -28.05% 2993.00 36.28%

MCX Natural Gas (Rs/mmBtu) 192.30 200.20 4.1% 358.70 -44.19% 166.70 20.10%

MCX Copper (Rs/kg) 462.35 467.00 1.0% 493.25 -5.32% 397.40 17.51%

MCX Lead (Rs/kg) 145.90 153.55 5.2% 171.80 -10.62% 133.15 15.32%

MCX Zinc (Rs/kg) 194.50 200.70 3.2% 226.85 -11.53% 163.80 22.53%

MCX Nickel (Rs/kg) 917.80 939.20 2.3% 1095.20 -14.24% 735.00 27.78%

MCX Aluminium (Rs/kg) 134.40 149.40 11.2% 178.85 -16.47% 124.75 19.76%

NCDEX Soybean (Rs/Quintal) 3730.00 3640.00 -2.4% 3915.00 -7.02% 3149.00 15.59%

NCDEX Refined Soy Oil (Rs/10 kg) 766.95 761.80 -0.7% 796.35 -4.34% 713.60 6.75%

NCDEX RM Seed (Rs/Quintal) 3881.00 3840.00 -1.1% 4262.00 -9.90% 3727.00 3.03%

MCX CPO (Rs/10 kg) 560.70 556.60 -0.7% 673.00 -17.30% 483.40 15.14%

NCDEX Castor Seed (Rs/Quintal) 5252.00 5242.00 -0.2% 6300.00 -16.79% 3831.00 36.83%

NCDEX Turmeric (Rs/Quintal) 6200.00 6322.00 2.0% 7702.00 -17.92% 5978.00 5.75%

NCDEX Jeera (Rs/Quintal) 15410.00 15600.00 1.2% 21000.00 -25.71% 14010.00 11.35%

NCDEX Dhaniya (Rs/Quintal) 6235.00 6200.00 -0.6% 6892.00 -10.04% 4186.00 48.11%

MCX Cardamom (Rs/kg) 1471.30 1495.00 1.6% 1660.00 -9.94% 818.50 82.65%

NCDEX Wheat (Rs/Quintal) 1955.00 1895.00 -3.1% 2162.00 -12.35% 1640.00 15.55%

NCDEX Guar Seed (Rs/Quintal) 4214.50 4172.00 -1.0% 4869.50 -14.32% 3494.50 19.39%

NCDEX Guar Gum (Rs/Quintal) 8369.00 8370.00 0.0% 10510.00 -20.36% 7200.00 16.25%

MCX Cotton (Rs/Bale) 20180.00 20590.00 2.0% 24280.00 -15.20% 19850.00 3.73%

NCDEX Cocud (Rs/Quintal) 1983.50 1938.00 -2.3% 2078.00 -6.74% 1166.00 66.21%

NCDEX Kapas (Rs/20 kg) 868.00 868.00 0.0% 938.50 -7.51% 854.00 1.64%

MCX Mentha Oil (Rs/kg) 1612.70 1611.50 -0.1% 1846.10 -12.71% 1106.00 45.71%

TECHNICAL RECOMMENDATIONS

CMP Weekly EMA RSI Direction

LME $ 2798/Mt 8 $ 275076 UP

MCX Rs 200.80/Kg 13 $ 2620

COPPER

CRUDE OIL

Exchange Entry Target SL

LME 3M $ 2720-2710 $ 2900 $ 2640

MCX Feb Rs 195-196 Rs 208 Rs 190


LME $ 6500/Mt 8 $ 627077 UP

MCX Rs 466/Kg 13 $ 6250


LME 3M $ 6400-6430 $ 6650 $ 6270

MCX Feb Rs 455-458 Rs 480 Rs 445


NYMEX $ 57.36/barrel 8 $ 55.3058 UP

MCX Rs 4070/barrel 13 $ 55.00


NYMEX April $ 56.00-56.10 $ 59.60 $ 54.40

MCX March Rs 192.50-193 Rs 200 Rs 3850


COMMODITIES

NEWS DIGEST

• Iraq’s oil exports averaged 3.620 million barrels per day (bpd) in February, down slightly from the previous month, the oil ministry said in a statement on Friday. Iraq exported 3.649 million bpd of crude oil in January.

• According to the first estimate of rabi production in 2018-19, National Bulk Handling Corporation (NBHC), rabi cereals production is expected to decline by 9.91%, while chana/gram is the most affected pulse seeing 9.92% fall in acreage. “As per our study, the total rabi cereals production for the year 2018-19 is expected to be lower by 9.91% to 115.49 Million MT and wheat is expected to show a decline in area by 2.54% to 29.66 Million Ha and production by 4.99% to 94.72 Million MT owing to scanty and inequitable distribution of rainfall in major growing areas,” an NBHC release said.

• The global zinc market deficit widened to 96,600 tons last November from a revised deficit of 52,000 tons in October, data from the International Lead and Zinc Study Group (ILZSG) showed on Monday. In the first 11 months of 2018 the zinc market had a 326,000 ton deficit, compared with a deficit of 435,000 tons in the same period last year.

• Venezuela’s oil exports sank 40% in the first full month after the beginning of US sanctions designed to oust Socialist President Nicolas Maduro, according to data from state-run oil firm PDVSA and Refinitiv Eikon. Venezuela’s exports since then have dropped to 920,000 barrels per day (bpd) of crude and fuel, the data shows. That is down from between 1.47 million and 1.66 million bpd of crude and fuel in the prior three months, the data show.

WEEKLY COMMENTARY

• Gold slipped to two-week lows and was set for its biggest weekly fall in nearly four months on Friday, pressured by a reviving dollar and as equity markets bounced back. Spot gold is down about 1.6% so far this week, which could be its biggest weekly decline since the week ending Nov. 9. It was down 0.4% at $1,307.01 an ounce at 1320 GMT, having touched its lowest since Feb. 14 at $1,305.43. US gold futures shed 0.6% to $1,308.40.

• The Indian rupee ended weaker against the US dollar on Friday, on the back of consistent demand for the greenback from state-run banks and importers. Sentiment remains dampened with the Central Statistics Office’s (CSO) data stating that India’s economic growth slowed to a 5-quarter low of 6.6% in October-December period of this fiscal on the back of the lower farm and manufacturing growth and weaker consumer demand.

• Crude Oil prices were broadly steady on Friday as surging US supply and concerns of a global economic slowdown were offset by falling OPEC output. International Brent crude futures were at $66.39 per barrel at 1231 GMT, up 8 cents from Thursday’s settlement. US West Texas Intermediate (WTI) crude oil futures were at $57.38 per barrel, up 16 cents.

• Zinc rose on Friday on concern about shortages after inventories slid, but some other industrial metals were softer after factory activity in top metals consumer China contracted. Benchmark LME zinc rose 0.6% to trade at $2,793.50 a ton in official open outcry activity, after climbing 13% so far this year.

MCX CRUDE MCX NATURAL GAS

MCX CRUDE- PRICE, VOLUME & OPEN INTEREST MCX NATURAL GAS – PRICE, VOLUME & OPEN INTEREST

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MB

tu


COMMODITIES

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

Commodity Exchange Contract 22-Feb 01-Mar % change

Aluminium LME 3M 1914.50 1905.00 -0.50%

Copper LME 3M 6477.00 6481.00 0.06%

Lead LME 3M 2063.00 2139.00 3.68%

Nickel LME 3M 12990.00 13065.00 0.58%

Zinc LME 3M 2712.00 2759.50 1.75%

Gold CME FEB 1326.70 1325.20 -0.11%

Silver CME MAR 15.89 15.55 -2.11%

WTI Crude oil CME FEB 57.07 57.25 0.32%

Natural Gas CME FEB 2.70 2.81 4.04%

INTERNATIONAL COMMODITY PRICES

Commodity Exchange Contract 22-Feb 01-Mar % change

Soybean CBOT MAY 937.00 923.25 -1.47%

Soy oil CBOT MAY 30.87 30.24 -2.04%

CPO BMD MAY 2252.00 2189.00 -2.80%

Cotton ICE MAY 72.94 72.82 -0.16%

FUTURE PRICES (% CHANGE)

LME WAREHOUSE STOCKS (IN TONS)

Commodity Previous week This week Change % Change

Copper 133825 126100 -7725 -5.77%

Zinc 81100 64550 -16550 -20.41%

Aluminium 1239800 1232950 -6850 -0.55%

Lead 76825 76875 50 0.07%

Nickel 199974 196782 -3192 -1.60%

SHANGHAI WAREHOUSE STOCKS (IN TONS)*


Copper 207118 217794 10676 5.15%

Zinc 86447 105646 19199 22.21%

Aluminium 736675 736680 5 0.00%

*Until Wednesday

WEEKLY STOCK POSITION IN LME (IN TONS)

COMEX WAREHOUSE STOCKS (IN TONS)


Copper 65119 57629 -7490 -11.50%

TRADE WAR REVIEW

“China is neither an ally nor a friend — they want to beat us and own our country,”

tweeted by President Trump, way before in September 2011 before running for the

presidency, marked the inception to criticize China’s trade practices. Later in April

2017 United States Trade Representative (USTR) began an investigation to identify

whether the imports of steel/aluminium pose a threat to national security. Following

a series of such investigation on acts, policies and practices by USTR, President

Trump placed a 30% tariff on all solar panel imports, except for those from Canada,

(worth US$8.5 billion) and a 20% tariff on washing machine imports (worth US$1.8

billion). However, on 22nd March 2018 Trump signed a specific memorandum

which directs to file a WTO case against China for their discriminatory licensing

practices and impose tariffs on Chinese products such as aerospace, information

communication technology and machinery. Down the line since 23rd March 2018,

the US and China had a series of imposition of tariffs on each country’s goods to

protect their economy and finally in December 2018 both the opponents reached a

90 day truce and refrained from increasing the tariffs from 10% to 25%, when they

met at the G-20 Buenos Aires Leaders’ Summit. After the deal, China’s Ministry

of Finance announced to temporarily remove additional 25% tariffs on US autos

and 5% tariffs on certain US auto parts for three months, beginning on January 1,

2019. This truce of 90 day witnessed some optimism after the US President Trump

decided to meet Liu He on 22nd February. And with the recent statement of Trump

to delay the imposition of tariffs on $250 billion worth of Chinese goods, demand

growth from the top metal consumer is bringing support to the commodity prices.

-4.88%

-3.07%

-2.17%

-2.34%

-2.62%

-2.74%

-1.00%

-0.94%

-0.70%

-0.65%

-0.55%

-0.55%

-0.08%

-0.12%

0.07%

0.06%

1.01%

0.52%

1.84%

2.18%

1.90%

2.62%

5.51%

4.25%

11.16%

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

Silver

Wheat

Soybean

Cotton Seed Oil Cake

Gold

Crude Oil

RM Seed

Guar Seed

CPO

Barley

Soy Oil

Dhaniya

Castor Seed

Mentha Oil

Guar Gum

Copper

Jeera

Cardamom

Turmeric

Cotton

Nickel

Zinc

Natural Gas

Lead

Aluminum


USD/INR

USDINR is currency trading at 70.92. During the week, it made a high of 71.48 and low of 70.70. The RSI is at 48.73. Moving average of 32 is at 70.51 and 55 is at 69.56. The trend is looking positive for the week. Hence, we recommend buying at 70.70-70.60 for target price of 71.50 with a stop loss of 70.40.

EUR/INR

EURINR is currency trading at 80.67. During the week, it made a high of 81.29 and low of 80.58. The RSI is trading at 47.46. Moving average of 32 is at 80.93 and 55 is at 80.29. The trend is looking sideways for the week. Hence, we recommend buying at 80.20-80.10 for target price of 81.50 with a stop loss of 79.70.

GBP/INR

GBPINR is currency trading at 93.86. During the week, it made a high of 95.03 and low of 92.41. The RSI is trading at 64.16. Moving average of 32 is at 91.67 and 55 is at 90.96. The trend is looking positive for the week. Hence, we recommend buying at 93.00-93.10 for a target price of 94.40 with a stop loss of 92.50.

JPY/INR

JPYINR is currency trading at 63.54. During the week, it made a high of 64.70 and low of 63.28. The RSI is at 39.63. Moving average of 32 is at 63.54 and 55 is at 62.70. The trend is looking bearish for the week. Hence, we recommend selling at 64.20-64.10 for a target price of 62.70 with a stop loss of 64.80.

TECHNICAL RECOMMENDATIONMARKET STANCE

Border tensions between India and Pakistan dominated the rupee movement during the week. The Indian rupee fell against the dollar, as India’s air strikes against a terrorist training camp in Pakistan territory escalated geopolitical tensions. However, an increase in supply by local banks on behalf of Central Bank has restricted the losses. Hit by the border tensions between India and Pakistan, Rupee ended with minor cuts. Although, the tensions have partly cooled off after Pakistan decided to return Indian pilot to home but failed to erase all losses tracking weakness in Asian peers and broad strength in Green Back. Dollar index extended its correction and fell to three week low, dollar index suffered its biggest decline in February post-Fed chair Jerome Powell testimony to Congress. Powell has acknowledged the slowdown in the US economy but remained extremely bullish over the long run. Industrial production in Japan contracted by -3.7% while the Reuters poll of investors was expecting a drop of only -2.4%. Along with this Retail sale of Japan also dropped to 0.6% from 1.3% while investors expecting an upside of 1.4%. Yen would continue to remain under pressure as Japan economy continue to publish weak economic numbers and investors certainly do not expect a recovery in the economy in the near term. Brexit Secretary Barclay said that there was no consensus in Parliament about a second referendum. Investors’ hopes on UK parliament might choose to extend the Brexit deadline or introduce a second referendum has lifted the GBPUSD pair recently.

NEWS FLOWS OF LAST WEEK

• US gross domestic product increased at a 2.6% annualized rate in the fourth quarter, above economists’ forecasts for a 2.3% gain.

• China’s factory activity improved in February but remained in contradictory territory for a third month as the world’s second-largest economy continued to struggle with weak export orders.

• The US will need to maintain the threat of tariffs on Chinese goods for years even if Washington and Beijing strike a deal to end a costly tariff war, President Trump’s chief trade negotiator Robert Lighthizer told lawmakers.

• BoJ board member Kataoka said the central bank must ramp up monetary stimulus to achieve its inflation target as maintaining the current policy for too long could cause excessive swings in the economy.

• The US economy is operating at near full employment, and with inflation near the Fed’s 2-percent goal and upward pressures “muted,” the point of policy now is to keep it there, Fed Vice Chair Clarida said.

CURRENCY

CURRENCY TABLE

Currency Pair Open High Low Close

USDINR 71.02 71.48 70.71 70.90

EURINR 80.55 81.30 80.44 80.66

GBPINR 92.78 94.90 92.72 93.90

JPYINR 64.19 64.71 63.30 63.38


ECONOMIC GAUGE FOR THE NEXT WEEK

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

1 Mar 2019 16:30 United Kingdom Low BBA Mortgage Rate Feb Percent 4.40%

4 Mar 2019 15:00 United Kingdom Medium Markit/CIPS Cons PMI Feb 50.3 Index (diffusion) 50.6

4 Mar 2019 20:15 United States Low ISM-New York Index Feb Index 855.1

4 Mar 2019 20:15 United States Low ISM NY Biz Conditions Feb Index 63.4

4 Mar 2019 20:30 United States Medium Construction Spending MM Dec 0.2% Percent 0.8%

4 Mar 2019 21:30 United States Not Rated Export Wheat Inspected 28 Feb, w/e Ton 693.964k

4 Mar 2019 21:30 United States Not Rated Export Corn Inspected 28 Feb, w/e Ton 751.278k

4 Mar 2019 21:30 United States Not Rated Exp Soybean Inspected 28 Feb, w/e Ton 1,307.350k

4 Mar 2019 United States Low Dallas Fed PCE Jan Percent

5 Mar 2019 05:31 United Kingdom Low BRC Retail Sales YY Feb Percent 1.80%

5 Mar 2019 07:15 China (Mainland) Low Caixin Services PMI Feb Index (diffusion) 53.6

5 Mar 2019 10:30 India Low Nikkei Markit Svcs PMI Feb 52.5 Index (diffusion) 52.2

5 Mar 2019 14:30 United Kingdom Not Rated New Passenger cars Registration Feb Number of 1,61,013

5 Mar 2019 15:00 United Kingdom Medium Markit/CIPS Serv PMI Feb 49.9 Index (diffusion) 50.1

5 Mar 2019 15:00 United Kingdom High Reserve Assets Total Feb USD 1,80,845.17M

5 Mar 2019 18:30 United States Low Build Permits R Numb Dec Number of 1.326M

5 Mar 2019 18:30 United States Low Build Permits R Chg MM Dec Percent 0.3%

5 Mar 2019 19:25 United States Low Redbook MM 2 Mar, w/e Percent -1.4%

5 Mar 2019 19:25 United States Low Redbook YY 2 Mar, w/e Percent 5.2%

5 Mar 2019 20:15 United States Low Markit Comp Final PMI Feb Index (diffusion) 55.8

5 Mar 2019 20:15 United States Low Markit Svcs PMI Final Feb Index (diffusion) 56.2

5 Mar 2019 20:30 United States High ISM N-Mfg PMI Feb 57.2 Index 56.7

5 Mar 2019 20:30 United States Low ISM N-Mfg Bus Act Feb Index 59.7

5 Mar 2019 20:30 United States Low ISM N-Mfg Employment Idx Feb Index 57.8

5 Mar 2019 20:30 United States Low ISM N-Mfg New Orders Idx Feb Index 57.7

5 Mar 2019 20:30 United States Low ISM N-Mfg Price Paid Idx Feb Index 59.4

5 Mar 2019 20:30 United States High New Home Sales-Units Dec 0.593M Number of 0.657M

5 Mar 2019 20:30 United States Low New Home Sales Chg MM Dec -8.7% Percent 16.9%

6 Mar 2019 00:30 United States Low Federal Budget,$ Jan USD -14.00B

6 Mar 2019 03:00 United States Not Rated API weekly crude stocks 25 Feb, w/e Number of #N/P

6 Mar 2019 03:00 United States Not Rated API weekly gasoline stk 25 Feb, w/e Number of #N/P

6 Mar 2019 03:00 United States Not Rated API weekly dist. stocks 25 Feb, w/e Number of #N/P

6 Mar 2019 03:00 United States Not Rated API weekly heating oil 25 Feb, w/e Number of #N/P

6 Mar 2019 03:00 United States Not Rated API weekly crude imports 25 Feb, w/e Number of #N/P

6 Mar 2019 03:00 United States Not Rated API weekly product imports 25 Feb, w/e Number of #N/P

6 Mar 2019 03:00 United States Not Rated API weekly crude runs 25 Feb, w/e Number of #N/P

6 Mar 2019 03:00 United States Not Rated API Cushing number 25 Feb, w/e Number of #N/P

6 Mar 2019 17:30 United States Low MBA Mortgage Applications 1 Mar, w/e Percent 5.3%

6 Mar 2019 17:30 United States Low Mortgage Market Index 1 Mar, w/e Index 384.8

6 Mar 2019 17:30 United States Low MBA Purchase Index 1 Mar, w/e Index 247.0

6 Mar 2019 17:30 United States Low Mortgage Refinance Index 1 Mar, w/e Index 1,133.8

6 Mar 2019 17:30 United States Low MBA 30-Yr Mortgage Rate 1 Mar, w/e Percent 4.65%

6 Mar 2019 18:45 United States Medium ADP National Employment Feb 190k Person 213k

6 Mar 2019 19:00 United States High International Trade $ Dec -57.0B USD -49.3B

6 Mar 2019 19:00 United States Not Rated Goods Trade Balance (R) Dec USD -79.49B

6 Mar 2019 21:00 United States Not Rated EIA Weekly Crude Stocks 1 Mar, w/e Barrel -8.647M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Dist. Stocks 1 Mar, w/e Barrel -0.304M

CURRENCY


6 Mar 2019 21:00 United States Not Rated EIA Weekly Gasoline Stk 1 Mar, w/e Barrel -1.906M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Crude Imports 1 Mar, w/e Barrel -1.357M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Rfg Stocks 1 Mar, w/e Barrel 0.005M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Heatoil Stock 1 Mar, w/e Barrel 0.251M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Prods Imports 1 Mar, w/e Barrel/Day 0.171M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Dist Output 1 Mar, w/e Barrel/Day 0.057M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Crude Runs 1 Mar, w/e Barrel/Day 0.179M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Refining Util 1 Mar, w/e Percent 1.2%

6 Mar 2019 21:00 United States Not Rated EIA Wkly Crude Cushing 1 Mar, w/e Barrel 1.628M

6 Mar 2019 21:00 United States Not Rated EIA Weekly Gasoline O/P 1 Mar, w/e Barrel/Day 0.064M

7 Mar 2019 00:00 United States Not Rated EIA Ethanol Ref Stk 1 Mar, w/e Barrel 23,709k

7 Mar 2019 00:00 United States Not Rated EIA Ethanol Fuel Total 1 Mar, w/e Barrel/Day 1,028k

7 Mar 2019 14:00 United Kingdom High Halifax House Prices MM Feb 0.0% Percent -2.9%

7 Mar 2019 14:00 United Kingdom Low HalifaxHousePrice 3M/YY Feb Percent 0.8%

7 Mar 2019 18:00 United States Low Challenger Layoffs Feb Person 52.988k

7 Mar 2019 19:00 United States Not Rated Corn Export Sales New 25 Feb, w/e Ton 1,268.70k

7 Mar 2019 19:00 United States Not Rated Corn Export Sales Net 25 Feb, w/e Ton 1,239.900k

7 Mar 2019 19:00 United States Not Rated Corn Exp Sale Next Yr Net 25 Feb, w/e Ton 120.50k

7 Mar 2019 19:00 United States Not Rated Corn Exp Sales Net Total 25 Feb, w/e Ton 1,360.40k

7 Mar 2019 19:00 United States Not Rated Soybean Export Sales New 25 Feb, w/e Ton 2,239.800k

7 Mar 2019 19:00 United States Not Rated Soybean Export Sales Net 25 Feb, w/e Ton 2,196.000k

7 Mar 2019 19:00 United States Not Rated Soybean Exp Sale Next Yr Net 25 Feb, w/e Ton 0.20k

7 Mar 2019 19:00 United States Not Rated Soybean Exp Sale Net Total 25 Feb, w/e Ton 2,196.20k

7 Mar 2019 19:00 United States Not Rated Soybeanmeal Exp Sale Net 25 Feb, w/e Ton 113.60k

7 Mar 2019 19:00 United States Not Rated Soymeal Exp Sls Next Yr Net 25 Feb, w/e Ton 39.00k

7 Mar 2019 19:00 United States Not Rated Soybn Meal Exp Sls Net Total 25 Feb, w/e Ton 152.60k

7 Mar 2019 19:00 United States Not Rated Soybeanoil Exp Sales Net 25 Feb, w/e Ton 10.60k

7 Mar 2019 19:00 United States Not Rated Soybn Oil Exp Sls Nxt Yr Net 25 Feb, w/e Ton 0.00k

7 Mar 2019 19:00 United States Not Rated Soybn Oil Exp Sls Net Total 25 Feb, w/e Ton 10.60k

7 Mar 2019 19:00 United States Not Rated Wheat Export Sales New 25 Feb, w/e Ton 542.600k

7 Mar 2019 19:00 United States Not Rated Wheat Export Sales Net 25 Feb, w/e Ton 476.300k

7 Mar 2019 19:00 United States Not Rated Wheat Exp Sale Next Yr Net 25 Feb, w/e Ton 61.00k

7 Mar 2019 19:00 United States Not Rated Wheat Exp Sale Net Total 25 Feb, w/e Ton 537.30k

7 Mar 2019 19:00 United States Not Rated Beef Export Sales New 25 Feb, w/e Ton 18.200k

7 Mar 2019 19:00 United States Not Rated Beef Export Sales Net 25 Feb, w/e Ton 16.600k

7 Mar 2019 19:00 United States Not Rated Up Cotton Exp Sales New 25 Feb, w/e Number of 199.600k

7 Mar 2019 19:00 United States Not Rated Up Cotton Exp Sales Net 25 Feb, w/e Number of 85.600k

7 Mar 2019 19:00 United States Not Rated US Pork Export Sales New 25 Feb, w/e Ton 30.900k

7 Mar 2019 19:00 United States Not Rated US Pork Export Sales Net 25 Feb, w/e Ton 28.900k

7 Mar 2019 19:00 United States High Initial Jobless Claims 25 Feb, w/e Person 225k

7 Mar 2019 19:00 United States Low Jobless Claims 4-Wk Avg 25 Feb, w/e Person 229.00k

7 Mar 2019 19:00 United States Medium Continued Jobless Claims 18 Feb, w/e Person 1.805M

7 Mar 2019 19:00 United States Medium Labor Costs Revised Q4 1.2% Percent

7 Mar 2019 19:00 United States Medium Productivity Revised Q4 1.7% Percent

7 Mar 2019 21:00 United States Not Rated EIA- Nat Gas, Change Bcf 25 Feb, w/e Cubic foot -166B

7 Mar 2019 21:00 United States Not Rated Nat Gas-EIA Implied Flow 25 Feb, w/e Cubic foot -166B

7 Mar 2019 China (Mainland) Low FX Reserves (Monthly) Feb 3.090T USD 3.088T

8 Mar 2019 01:30 United States Not Rated Cold Pork Belly Stocks Jan Pound 42.251M

CURRENCY


8 Mar 2019 01:30 United States Not Rated Cold Storage-Beef Stocks Jan Pound 495.624M

8 Mar 2019 01:30 United States Not Rated Cold Storage- FCOJ Stock Jan Pound 0.548B

8 Mar 2019 01:30 United States Medium Consumer Credit Jan USD 16.55B

8 Mar 2019 17:00 India Low FX Reserves, USD 25 Feb, w/e USD 399.22B

8 Mar 2019 19:00 United States High Non-Farm Payrolls Feb 185k Person 304k

8 Mar 2019 19:00 United States Medium Private Payrolls Feb 180k Person 296k

8 Mar 2019 19:00 United States Low Manufacturing Payrolls Feb 10k Person 13k

8 Mar 2019 19:00 United States Low Government Payrolls Feb Person 8k

8 Mar 2019 19:00 United States High Unemployment Rate Feb 3.9% Percent 4.0%

8 Mar 2019 19:00 United States Medium Average Earnings MM Feb 0.3% Percent 0.1%

8 Mar 2019 19:00 United States High Average Earnings YY Feb 3.3% Percent 3.2%

8 Mar 2019 19:00 United States Medium Average Workweek Hrs Feb 34.5 Hour 34.5

8 Mar 2019 19:00 United States Low Labor Force Partic Feb Percent 63.2%

8 Mar 2019 19:00 United States Low U6 Underemployment Feb Percent 8.1%

8 Mar 2019 19:00 United States Medium Building Permits: Number Jan 1.297M Number of

8 Mar 2019 19:00 United States Low Build Permits: Change MM Jan Percent

8 Mar 2019 19:00 United States High Housing Starts Number Jan 1.180M Number of 1.078M

8 Mar 2019 19:00 United States Low House Starts MM: Change Jan Percent -11.2%

8 Mar 2019 22:30 United States Not Rated Fla Orange Output 18/19 Mar Number of 77M

8 Mar 2019 22:30 United States Not Rated WSD-Wheat Output 18/19 Mar Bushel (56lb) 1.884B

8 Mar 2019 22:30 United States Not Rated WSD-Wheat Endstocks18/19 Mar Bushel (56lb) 1.010B

8 Mar 2019 22:30 United States Not Rated WSD-Corn Output 18/19 Mar Bushel (56lb) 14.420B

8 Mar 2019 22:30 United States Not Rated WSD-Corn Endstocks 18/19 Mar Bushel (56lb) 1.735B

8 Mar 2019 22:30 United States Not Rated WSD-Soybean Output 18/19 Mar Bushel (56lb) 4.544B

8 Mar 2019 22:30 United States Not Rated WSD-Soybn Endstocks18/19 Mar Bushel (56lb) 910.000M

8 Mar 2019 22:30 United States Not Rated WSD-Cotton Output 18/19 Mar 480 Pound Bale 18.390M

8 Mar 2019 22:30 United States Not Rated WSD-Cottn Endstocks18/19 Mar 480 Pound Bale 4.300M

8 Mar 2019 22:30 United States Not Rated WSD-Beef Output 2019 Mar Pound 27.673B

8 Mar 2019 22:30 United States Not Rated WSD-Pork Output 2019 Mar Pound 27.354B

8 Mar 2019 22:30 United States Not Rated WSD-Poultry Output 2019 Mar Pound 49.099B

8 Mar 2019 22:30 United States Not Rated WSD-Corn Yield 18/19 Mar Bushel (56lb) 176.40

8 Mar 2019 22:30 United States Not Rated WSD-Corn Exports 18/19 Mar Bushel (56lb) 2.45B

8 Mar 2019 22:30 United States Not Rated World Corn E/S 18/19 Mar Ton 309.78M

8 Mar 2019 22:30 United States Not Rated WSD-Corn Endstock 17/18 Mar Bushel (56lb) 2.140B

8 Mar 2019 22:30 United States Not Rated WSD-Soybean Yield 18/19 Mar Bushel (56lb) 51.6

8 Mar 2019 22:30 United States Not Rated WSD-Soybean Exp 18/19 Mar Bushel (56lb) 1.88B

8 Mar 2019 22:30 United States Not Rated World Soy E/S 18/19 Mar Ton 106.72M

8 Mar 2019 22:30 United States Not Rated WSD-Soybean E/S 17/18 Mar Bushel (56lb) 438.00M

8 Mar 2019 22:30 United States Not Rated World Wheat E/S 18/19 Mar Ton 267.53M

8 Mar 2019 22:30 United States Not Rated WSD-Wheat Endstocks17/18 Mar Bushel (56lb) 1.099B

8 Mar 2019 China (Mainland) High Exports YY Feb -4.5% Percent 9.1%

8 Mar 2019 China (Mainland) High Imports YY Feb -1.4% Percent -1.5%

8 Mar 2019 China (Mainland) High Trade Balance USD Feb 25.55B USD 39.16B

8 Mar 2019 China (Mainland) Not Rated Yuan-Denominated Exports Feb Percent 13.9%

8 Mar 2019 China (Mainland) Not Rated Yuan-Denominated Imports Feb Percent 2.9%

8 Mar 2019 China (Mainland) Not Rated Yuan-Denominated Trade Ba Feb CNY 271.16B

CURRENCY


Activity at P&S Bank, Ganganagar

Activity at P&S Bank, Udaipur

Activity at Punjab & Sind Bank

Financial awareness programme atGraphic Era University Dehradun

Activity at Jaipuria institute of Management

Documents

RULE THE MARKET - Karvy Onlinecontent.karvyonline.com/contents/kstreetissue026.pdf · 2019. 3. 11. · ISSUE: 026 02. ND . MARCH, 2019. RULE THE MARKET. From The Desk Of Research