Gold price rebounds from 16-month low. Should you buy, sell or hold?

 

Gold prices are expected to remain volatile ahead of US Fed monetary policy meeting scheduled next week, believe experts.

Spot gold price is trading in the range of $1680 to $1750 per ounce range whereas MCX gold rates are trading in the range of ₹49,500 to ₹51,500 per 10 gm, say experts

Gold price today: On account of interest rate hikes by central banks across world, gold price plummeted to 16-month lows. However, spot gold price bounced back from its support price of $1680 per ounce levels and closed at $1726.40 per ounce levels on Friday, logging near 0.50 per cent intraday gain. Gold price on Multi Commodity Exchange (MCX) shot up ₹305 per 10 gm on Friday and finished at 50,680 levels

According to commodity market experts, spot gold price is trading in the range of ₹49,500 to ₹51,500 per 10 gm. They said that $1680 has been working as strong support for international gold price for last two years and till the yellow metal price is sustaining above these levels, one should maintain 'buy on dips' strategy. They went on to add that downward trend can be expected only when this pivotal support is breached.

According to commodity market experts, spot gold price is trading in the range of $1680 to $1750 per ounce rSpeaking on the reasons for bumpy trade pattern in gold prices, Sugandha Sachdeva, Vice President — Commodity & Currency Research at Religare Broking Ltd said, "Gold prices plummeted to a 16-month low during the week, amid rapid interest rate hikes by the key central banks in their fight against widespread inflationary pressures, which suppressed the investment appeal of the metal. However, prices managed to stage an impressive recovery from the pivotal support of the $1680 per ounce mark amid renewed concerns about the global growth outlook and widespread inflationary pressures."

Dollar index softens

Sugandha Sachdeva went on to add that softening of the dollar index enticed buying interest in gold at lower levels. On the data front, the US initial jobless claims surged for the third week in a row while the Philly Fed manufacturing index contracted for the second straight month, fueling economic growth concerns.US preliminary data for July reflected mixed activity in the US manufacturing and service sectors.

The Religare analyst said that the key highlight of the week was the ECB monetary policy meeting, wherein the European Central Bank hiked interest rates by 50 bps crossing market expectations to combat elevated inflation. The ECB president even cautioned about persistent inflationary risks as the war in Ukraine still drags on and energy price prices are holding firm. On the other hand, the Bank of Japan on expected lines maintained an accommodative stance, while raising inflation forecasts and highlighting risks to the economic outlook. However, as markets are closely eyeing Fed’s policy meeting next week, bets of a 100 bps rate hike by the US Fed have eased which has caused the greenback to witness losses for the first time in four weeks, while underpinning gold prices. Besides, the energy crisis eased in Europe as Russia resumed flows of gas to the region through a key pipeline, which lifted market sentiment.

Pivotal levels for gold prices.

Asked about important levels in regard to gold prices Anuj Gupta, Vice President — Research at IIFL Securities said, "Spot gold price is having strong support of $1680 to $1675 per ounce levels whereas immediate hurdle for the yellow metal in spot market is placed around $1750 to 1760 levels. Bullish or bearish trend in the precious metal can be assumed on breakage of either side of the range. On MCX, gold price is currently trading in the rAsked about important levels in regard to gold prices Anuj Gupta, Vice President — Research at IIFL Securities said, "Spot gold price is having strong support of $1680 to $1675 per ounce levels whereas immediate hurdle for the yellow metal in spot market is placed around $1750 to 1760 levels. Bullish or bearish trend in the precious metal can be assumed on breakage of either side of the range. On MCX, gold price is currently trading in the range of ₹49,500 to ₹51,500. Any dip in the gold price should be seen as buying opportunity till these pivotal lower levels are intact."

Check out latest deals and offers provided by our ideal stock company. To checkout click<<<<<< Share advisory tips
            

Sensex jumps 2,000 points in 4 days. Key drivers for the rebound explained

 Sensex today rose over 600 points while Nifty50 was back above 16,500

Some analysts have advised cautious caution saying that selling may reemerge at higher levels.

Indian stocks markets today rallied on the back of positive global cues, extending the recent streak of gains to the fourth day. The Nifty was back above 16,500 while Sensex rose over 600 points. In four sessions, Sensex has rebounded over 2,000 points. Apart from positive global cues, the cut in windfall tax on oil producers and refiners boosted the Street's sentiment. The government also exempted petrol from an export levy less than a month after it imposed the two charges.

The changes will help companies such as Reliance Industries, Oil and Natural Gas Corp and Oil India Ltd, according to analysts. RIL shares were up about 3%.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the sharp pullback in Nifty from the June lows of 15183 is being aided by a flood of good news. “First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell," he said.

FIIs have been net buyers of Indian equities in the past two sessions but so far in 202 2, foreign investors have made net sales of India shares totalling more than $30 billion.

"Results from the leading financials are likely to be good. After the recent correction IT valuations are attractive. If  the US succeeds in avoiding a recession, IT will bounce back smartly," Vijayakumar said. 

 Raise your earning with ideal stock to raising your funds click here and get best offers<<<<<<Best stock tips.

             

Trade setup for today, 20th July 2022: Things to know before stock market's Opening Bell today

 Trade setup for Wednesday: In case of any declines, the immediate support for Nifty will be seen around the hourly 20-EMA around 16,220, say experts.

Trade setup for today: NSE has added Delta Corp stock under its F&O ban list for trade date 20th July 2022

Trade setup for today, 20th July 2022: After showing sharp upside move on Monday, both Sensex and Nifty shifted into a choppy movement with positive bias on Tuesday. However, Indian stock market managed to end in green territory for third successive day on Tuesday. Nifty 50 index gained 62 points and finished at 16,340 whereas BSE Sensex added 246 points and finished Tuesday’s session at 54,768 levels. Nifty Bank jumped 1 per cent and closed at 35,720 mark. 

After showing sharp upside move on Monday, both Sensex and Nifty shifted into a choppy movement with positive bias on Tuesday. However, Indian stock market managed to end in green territory for third successive day on Tuesday. Nifty 50 index gained 62 points and finished at 16,340 whereas BSE Sensex added 246 points and finished Tuesday’s session at 54,768 levels. Nifty Bank jumped 1 per cent and closed at 35,720 mark. 

Global cues

On Wall Street, Dow Futures rise as robust earnings pushed positive sentiments. After the end of Tuesday session, Dow Jones ended 2.43 per centhigher whereas tech heavy Nasdaq went up 3.11 per cent. S&P 500 went 2.76 per cent northward while Small Cap 2000 recorded 3.48per cent intraday gain on Tuesday session. But, European shares fell on Tuesday, hit by worries about a hawkish European Central Bank and slowing economic growth. The euro rose to its highest level in about two weeks after news reports that the European Central Bank (ECB) may consider raising interest rates on Thursday by 50 to 75 bps to counter worsening inflation. However, Asian shares were mixed Tuesday, as investors weighed oil prices, inflation worries and corporate earnings.

Asian markets in early morning session   In early morning deals on Wednesday, the Japanese Nikkei is up 2.12 per cent, Hong Kong's Hang Seng is down 0.89 per cent whereas Chinese Shanghai is trading choppy with 0.01 per cent loss.

SGX Nifty technical outlook

SGX Nifty today is quoting 114 points higher from its Tuesday close, indicating a positive opening for the Indian markets when it opens today at 9:15 AM.

 So, if you are looking for any of the services, you can reach out to us at<<<<BEST STOCK TIPS.

Sensex, Nifty remain firm; Maruti Suzuki stock up 2%

Benchmark indices rose for a fourth straight session after BJP secured victories in two key state elections, raising optimism over future reform initiatives. The Sensex rising more than 100 points, following positive global cues.

Global equity markets rose on the likely passage of the corporate tax cut bill as early as this week.

At 10:39 AM, the BSE Sensex was trading at 33,703, up 101 points, while the Nifty50 was ruling at 10,417, up 28 points.

Shares of Bharti Airtel dropped after the company said it has entered into an agreement with Millicom International Cellular S.A. to acquire 100% stake in the latter's Rwandan arm Tigo Rwanda.

Shares of De Nora India rose 6% after the company, post market hours on Monday, said it has won orders worth Rs120mn from Bharat Heavy Electricals.

Shares of Kridhan gained 9% after investment fund of the Government of Singapore, GIC, bought 1.2% stake in the company on Monday through a bulk deal on the BSE.

The BSE Midcap Index gained 0.66% and the BSE Smallcap Index rises 0.92%.

Telecom is the top loser on the BSE, while Consumer Durables, Auto, Metal, Industrial, FMCG and Banking were the top gainers.

UPL (+3.2%), Eicher Motors (+2%), Tata Motors (+1.5%), Aurobindo (+1.4%) and Coal India (+1%) were the top gainers on the Nifty50.

GAIL (-1.2%), HCL Tech (-0.73%), Bharti Airtel (-0.69%), Bajaj Finance (-0.67%) and Infosys (-0.40%) were the top losers in today’s trade.

India VIX dropped 3.01%.

Out of 1,979 stocks traded on the NSE, 1,224 advanced, 324 declined and 431 remained unchanged today.

A total of 51 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.

We provide free profit calls for EQUITY & COMMODITY tips. If you want more information regarding the Stock cash tips, Nifty tips, Commoditytips, Equity tips tipsmissed call @ 7566323595

D-Street shines on exit poll predictions; Nifty above 10350 mark

Benchmark indices extended gains for the second day after exit polls released late on Thursday indicated that Bharatiya Janata Party is expected to win Gujarat and Himachal Pradesh assembly elections.

At 9:48 AM, the BSE Sensex was trading at 33,595, up 348 points, while the Nifty50 index was ruling at 10,362, up 111 points

In broader markets, both BSE Midcap and BSE Smallcap indices gained 1% each

Shares of GMR Infrastructure rose 2.4% after the company said that a consortium led by GMR Group has emerged as a preferred bidder for a project to develop the Clark International Airport in The Philippines.

All sectoral indices on the NSE were in the green led by Nifty Metal, Nifty Infrastructure index that rose 1.2-1.6%.

Vedanta (+3.3%), HDFC Bank (+2.6%), Yes Bank (+2.1%), Hindalco (+2%) and GAIL (+1.9%) were the top gainers on the Nifty50.

Tech Mahindra (-0.84%), UltraTech (-0.19%), Wipro (-0.14%), Power Grid (-0.02%) and TCS (-0.01%) were the top losers in today’s trade.

India VIX fell 13.48%.

Out of 1,977 stocks traded on the NSE, 1,335 advanced, 241 declined and 401 remained unchanged today.

A total of 25 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE.

Meanwhile, the Indian rupee scaled a fresh 3-month high of 64.12 against the dollar in early trade on Friday. The currency opened 19 paise up at 64.15 against the dollar on Friday.

We provide free profit calls for EQUITY & COMMODITY tips. If you want more information regarding the Stock cash tips, Nifty tips, Commoditytips, Equity tips tipsmissed call @ 7566323595

Nifty reclaims 10,100 mark; Metal, PSU Bank Indices lead

Domestic benchmark indices opened higher today led by gains in shares of banks, energy and automobiles company, and on positive cues from Asian markets.

At 10 AM, the Sensex jumped 181 points or 0.65% at 32,778 while the NSE Nifty gained 58 points or 0.55% to 10,102.

The BSE Midcap index and BSE Smallcap index was up by 0.8%. Both these indices outperformed the Sensex.

All sectoral indices on the NSE were trading in the green.

GAIL (+2.7%), Tech Mahindra (+2.1%), Bosch (+2%), Aurobindo Pharma (+1.8%) and Tata Steel (+1.4%) were the top gainers on Nifty50.

HCL Tech (-0.3%), Sun Pharma (-0.1%), Wipro (-0.04%), TCS (-0.03%) and HDFC Bank (-0.01%) were the top losers in today’s trade.

India VIX dropped 1.64%.

Out of 1,975 stocks traded on the NSE, 1294 advanced, 316 declined and 410 remained unchanged today.

A total of 25 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

IDBI Bank was up 1.28%. The bank said that its board of directors has approved the d sale of 27.99 lakh equity shares of National Securities Depository (NSDL), constituting 7% of its total paid up equity capital, held by IDBI Bank.

Hatsun Agro Product was up 2.28%. The company said that the board of directors of the company has considered and approved raising funds for the company by way of issue of securities to the existing equity shareholders of the company on a rights basis aggregating up to Rs900cr.

IRB Infrastructure Developers fell 4% today as the Central Bureau of Investigation has filed a charge sheet with a Pune court against its arm for alleged illegal purchase of government land.

Asian shares hovered near two-month lows as softer oil and copper prices and uncertainty over US policy kept many investors on the sidelines, even as some high-tech bellwethers bounced back after a searing sell-off.

We provide free profit calls for EQUITY & COMMODITY tips. If you want more information regarding the Stock cash tips, Nifty tips, Commoditytips, Equity tips tipsmissed call @ 7566323595

Sensex, Nifty open weak ahead of RBI policy; metal stocks drag

Benchmark indices opened lower today as caution prevailed ahead of RBI's monetary policy review outcome and on weak cues from the global markets.

Nifty was weighed down by losses in the metal and commodity companies following a sharp decline in the global copper prices. The Nifty Metal and Nifty Commodity index were down 1.7% and 0.6% respectively.

At 9:48 AM, the Nifty 50 was at 10,102, down 17 points or 0.16% from the previous close. The BSE Sensex was at 32,753, down 50 points or 0.15%.

The BSE Midcap index was down 0.61%, while the BSE Smallcap index remained unchanged.

Shares of Shilpa Medicare were down 4% as the USFDA issued 10 observations to the company's Telangana unit.

Shares of Dish TV fell over 1% after the company posted a consolidated loss for Jul-Sep as against net profit a year ago.

Tech Mahindra (+1%), Reliance Ind (+1%), Infosys (+1%), Kotak Mahindra Bank (+1%) and Zee Ent (+0.69%) were the top gainers on Nifty 50.

Hindalco (-2.5%), Vedanta, Tata Steel (-2%), Bajaj Auto (-1.2%) and Eicher (-1.1%) were the top losers in today’s trade.

India VIX dropped 0.51%.

Out of 1,971 stocks traded on the NSE, 902 advanced, 663 declined, and 436 remained unchanged today.

A total of 39 stocks registered a fresh 52-week high in trade today, while 15 stocks touched a new 52-week low on the NSE.

Meanwhile, the Indian rupee opened lower at 64.43 per dollar against Tuesday’s close of 64.38.

We provide free profit calls for EQUITY & COMMODITY tips. If you want more information regarding the Stock cash tips, Nifty tips, Commoditytips, Equity tips tipsmissed call @ 7566323595

Nifty slips below 10,150; Infosys, Tata Motors up 2%

Indian equity benchmarks moved higher led by gains in Infosys. However, the market gave up early gains as Reliance Industries, L&T and Sun Pharma came under selling pressure.  

At 10:06 AM, BSE Sensex was up 44 points to 32,872 and the NSE Nifty50 Index up by 7 points to 10,129.  

The BSE Mid-cap Index and BSE Small-cap Index are trading lower at 16,688 and 17,918 respectively.  

Some buying was seen in IT and Tele Communications, while power, capital goods, utilities, FMCG, banking and consumer durables showed weakness on the BSE.  

Infosys, Tata Motors, Indiabulls HF, ONGC and Bharti Airtel gained the most on Nifty50.  

Adani Ports, HPCL, Wipro, Bajaj Finance and Sun Pharma were the top losers.  

India VIX rises by 2.60% at 15.18 level.  

Out of 1,989 stocks traded on the NSE, 623 advanced, 915 declined, and 451 remained unchanged today.  

A total of 35 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.  

Meanwhile, the Indian rupee opened little changed against the US dollar ahead of the key Reserve Bank of India’s monetary policy review.  

Among stocks, Biocon surged 10% as the USFDA approved Mylan and Biocon's Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive breast and gastric cancers.  

Shares of Dr. Reddy's Laboratories rose over 1% after the US FDA cleared the company's pharmaceutical services facility at Miyapur near Hyderabad.  

Shares of Infosys gained 3% after the company on Saturday appointed Salil S. Parekh as the chief executive officer and the managing director of the company, starting Jan 2.

We provide free profit calls for EQUITY & COMMODITY tips. If you want more information regarding the Stock cash tips, Nifty tips, Commoditytips, Equity tips tipsmissed call @ 7566323595