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."

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Sensex rallies over 350 points; HDFC, Capital First stocks gain

The Sensex zoomed over 350 points to scale new peak of 34,920 points on the back of positive macro-economic data. Today's gains were led by Bank Nifty, media, metal, FMCG and private bank stocks.

At 11:24 AM, the BSE Sensex was trading at 34,951 up 359 points, while the broader Nifty50 index was ruling at 10,777, up 96 points.

Shares of Butterfly Gandhimathi Appliances were locked in the 5% upper circuit, touching lifetime high, as IDFC Mutual Fund and Standard Chartered Mutual Fund bought stake in the company on Friday.

Shares of Power Grid Corp of India gained 1.5% after the company acquired ERSS XXI Transmission, a special purpose vehicle project, from REC Transmission Projects Co.

The Nifty Bank Index surged 1%, led by gains in index heavyweights ICICI Bank and Axis Bank, which surged 1.3-4%.

The BSE Mid-cap and BSE Small-cap indices were up 0.51% and 0.81%, respectively.

Volatility index India VIX gained 3.96%.

HDFC (+4.4%), ICICI Bank (+3.5%), Tata Steel (+2.3%), Zee (+2.2%) and HPCL (+1.5%) were the top gainers on Nifty50.

Eicher (-1.7%), IndusInd Bank (-0.99%), HCL Tech (-0.83%), ONGC (-0.82%) and Coal India (-0.60%) were the top losers in today’s trade.

Out of 1,954 stocks traded on the NSE, 1,213 advanced, 449 declined and 292 remained unchanged today.

A total of 132 stocks registered a fresh 52-week high in trade today, while five stocks touched a new 52-week low on the NSE.
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Top stocks in focus today: RCom, Sun Pharma, IDBI Bank

ITC said certain individuals and NGOs have filed petition against high court ruling on cigarette warning.

Glenmark Pharmaceuticals has receives ANDA approval for Norethindrone Acetate and Ethinyl Estradiol Tablets USP and Ferrous Fumarate Tablets, 1 mg/20 mcg.

IDBI Bank to terminate rating engagement with Moody’s for MTN program.

Sun Pharma announces that the USFDA has accepted a New Drug Application (NDA), filed by its wholly owned subsidiary, for OTX-101 (cyclosporine A, ophthalmic solution) 0.09%, a novel nanomicellar formulation of cyclosporine A 0.09% in a clear, preservative-free aqueous solution..

The company announced Offer for sale of Share to eligible employees of NBCC (India) Ltd. The overall pool size of shares available to NBCC's employees under Employee Share Sale would be up to 25,16,013 equity shares of face value of Rs. 2/- each ('Equity Shares').

Reliance Communications announced exit from SDR framework with zero write-offs to lenders.

Apollo Tyres which recently raised Rs1,500cr through a QIP, is looking to partially deploy the resources to develop a new greenfield facility in Andhra Pradesh.

Canara Bank board of the bank decided to raise additional equity capital amounting to Rs90cr through QIP route by issuing Rs9cr equity shares of face value Rs10.

Essar Oilfields commenced drilling contract with Mercator Petroleum.

Ortel Communication will transfer its broadband business to its new subsidiary Ortel Broadband Ltd.

Dr.Reddy’s has launched Melphalan Hydrochloride for Injection, a therapeutic equivalent generic version of Alkeran (melphalan hydrochloride) for Injection used in the treatment of certain types of cancer and approved in the US market by the USFDA, as per media reports.

Jindal Steel completed 250 tonne basic oxygen furnace at its Odisha plant.

Srikalahasthi Pipes QIP closed with the issue price fixed at Rs360.5.

Punjab & Sind Bank board of directors has approved raising of equity capital through public issue/ right issue/ QIPs/ preferential issue or any other mode or a combination(s) thereof in one or more tranches up to March 31, 2019.

Prestige Estates will acquire 66.6% in Prestige Projects for Rs324cr.

Yes Bank acquired 5.62% in One Point One Solution as an anchor investor.

Sushmita Kacholia sold 1.28 lakh shares or 0.8% stake at Rs75.53 each of Lokesh Machines.

Asia Investment Corp Mauritius bought 3.74 lakh shares or 1.7% stake at Rs300 each of Vishal Fabrics.

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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.

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Nifty slips below 10,300 ahead of Nov WPI data

Benchmark indices opened on a negative note tracking weak cues from other Asian equities and on account of investors booking profits ahead of the release of key economic data later today.

Banking stocks were trading down led by losses in Bank of Baroda, ICICI Bank and State Bank of India. 

At 9:51 AM, the Nifty50 Index was down 27 points or 0.26% at 10,295 points, and the BSE Sensex was at 33,383, down 0.22%.

Shares of Dr.Reddy's Laboratories jumped 4.1% after the US Food and Drug Administration cleared the company's unit-3 in Hyderabad.

Shares of Oil & Natural Gas Corp rose 1.2% after the global crude oil prices hit their highest level since 2015 overnight.

The broader markets were also trading on a subdued note with the BSE MidCap Index and S&P BSE SmallCap Index edging marginally lower.

On the sectoral front, Metal, Pharma, Media and Auto were the top gainers, while Pvt Banking, FMCG, PSU Bank, and Realty Index were the top losers on the NSE.

Dr.Reddy’s (+4%), Vedanta (+2.7%), GAIL (+2.3%),Hindalco (+1.9%) and ONGC (+1.87%) were the top gainers on the Nifty50.

HPCL (-2.3%), Asian Paints (-1.94%), BPCL (-1.9%), IOC (-1.8%), Eicher (-1.6%) were the top losers in today’s trade.

India VIX gained 1.78%.

Out of 1,974 stocks traded on the NSE, 716 advanced, 839 declined and 419 remained unchanged today.

A total of 52 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 higher at 64.41 per dollar against yesterday's close of 64.46.
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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.

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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.

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Sensex, Nifty flat; Realty Index gains 2%

Indian stock market continued to consolidate in morning ahead of expiry of November derivative contracts on Thursday.

Indices were trading flat on the back of fresh gains in blue-chips like Reliance Industries, ITC and L&T. Also, ahead of the expiry of the current derivatives series on Thursday and GDP date later this week.

As on 11:05 AM, the BSE Sensex was up 27 points at 33,645 and the NSE Nifty rose 9 points to 10,379.

The BSE MidCap Index rose 0.26% and the BSE SMallCap Index advanced 0.60%.

Bosch, Coal India, Aurobindo Pharma, GAIL and Sun Pharma gained the most on Nifty50, while Axis Bank, HDFC, UPL, Tech Mahindra and Yes Bank were the top losers.

Some buying was seen in realty, pharma, auto, media, metal and PSU bank sectors, while private banking, IT and financial services sectors showed weakness on the NSE.India VIX slipped by 1.40% at 12.96 level.

Out of 1,983 stocks traded on the NSE, 1,011 advanced, 596 declined, and 376 remained unchanged today.

A total of 92 stocks registered a fresh 52-week high in trade today, while six stocks touched a new 52-week low on the NSE.

News Highlights:

Nifty Realty Index gains 2%. Prestige, Sobha (+8%), HDIL, Godrej Prop, Oberoi Realty (+2%).

Coal India is considering hiking salary of its executives, which may cost the company about Rs 800 Cr, as per media reports. Stock rises 2.5%.

RCom enters into binding Share Purchase Agreement with Pantel Technologies to sell 100% of DTH business. Stock up 1%.

Technofab Engineering received order in the domestic water sector worth Rs 281 Cr. Stock hits 20% upper circuit.

GNA Axles stock slips 4% after 10 lakh shares or 5% equity change hands at Rs 390.35-395.30/sh on the BSE.

Action Construction Equipment stock falls 7% after 45.2 lakh shares or 3.8% equity change hands at between Rs 134.35-139.5/sh on the NSE. 

Alkem Labs stock rallied 4% on US FDA nod for Capecitabine tablets.

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5 Best Equity Trading Tips for Beginners

A novel trader who is starting his trading career in the stock market may really get bewildered simply and can acquire huge loss in the stock market trading.

So, if you are a beginner, then, here we are offering the five best equity tips, which the traders must go after before entering into the equity market.

1) The trader should primarily understand the fundamentals.

The traders should primarily understand the fundamentals and should attempt to get knowledge regarding market prior start trading at once. There are higher possibilities for the beginners to acquire huge loss in the market.

2) The trader should study some trading approach and should attempt to fix it.

The trader should go after some strategies and learn it before start spending in the market. The trader can carry out and do a lot of paper-work before start spending the actual money in the market.

3) The trader should not get inundated by the market conditions.

The trader should not get inundated and should also not get attracted by the market condition.

In reality, the trader should keep himself peaceful when trading.

4) The trader should not fear when the trade goes in the different direction than expected.

When trading there is a chance that the trade may go in the differing direction and we might acquire loss. In this condition the trader should do something serenely and should overcome by the outcomes.

5) The trader should not trade excessively.

The trader should attempt to do restricted trading. He should not be controlled by the feeling of excitement and voracity.

Therefore, given above are the methods a trader dealing in the equity market should bear in mind when trading. Also, they can find out the ability of trading by studying technical analysis. The technical analysis is a complete in depth area and needs time to learn. By having time and support of stock future tips he can be flourishing in the stock future market.

Some of the significant ideas employed in technical study are contriving the charts of different indicators. Indicators like moving standards and oscillators such as RSI are the key indexes to expect the price changes. The different characteristics offered in the charts such as crossing of two diverse changing averages will provide suitable buying or selling signals.

Trading with the use of charts

Trading depending on analysis of charts is the division of Technical Analysis. The charts are contrived amid the price changes on Y and Time on X axis. The time axis can be in use depending on the analyst’s selection. For instance, the charts can be 5 minute, 1 hour chart or 1 day chart, based on the time outline of analyst’s requirements. Also, different indicators are contrived to produce the buying and selling signals.

A trader can depend on the Stock Future Tips and Equity Tips produced by specialist technical analysts or can also trade on his own by understanding the Technical Study.

Nifty hovers around 10,350 mark; Metal Index drops

Share indices came marginally off lows in mid-afternoon in afternoon session, ahead of expiry of November futures & options contracts and OPEC meeting on oil output cut later this week.

Share indices came marginally off lows, ahead of expiry of November futures & options contracts and OPEC meeting on oil output cut later this week.

On the economy front, S&P Global Ratings retained India's sovereign rating at BBB-, with a stable outlook, a week after Moody's Investors Service upgraded India's rating. Jul-Sep GDP data  will be released in this week.

Among BSE sectoral indices, metal index fell the most by 0.98%, followed by 0.57%, FMCG 0.54%, oil & gas 0.25% and energy 0.24%. On the other hand, realty index was up 1%, consumer durables and capital goods 0.68% and power 0.29%.

At 2:10 PM, BSE Sensex down 41 points to 33,638 and the NSE Nifty50 Index slipped 17 points to 10,373.

The broader markets were outperforming with the BSE MidCap Index up 0.27% and the BSE SmallCap Index up 0.53%.

NTPC, Axis Bank, UPL, ONGC and Infratel gained the most on Nifty50, while Hindalco, HPCL, IndusInd Bank, Adani Ports and Indosys were the top losers.

India VIX rose by 0.83% at 13.32 level.

Out of 1,995 stocks traded on the NSE, 939 advanced, 720 declined, and 336 remained unchanged today.

A total of 106 stocks registered a fresh 52-week high in trade today, while 11 stocks touched a new 52-week low on the NSE.

Ramco Systems gets order from Saudi Arabia-based co. Stock spurts 3.5%.

Adani Enterprises stock down 2% after voting in Queensland state Election.