Automobile major Mahindra and Mahindra (M&M) on Thursday reported a 15 per cent decline in its total vehicle sales for July, owing to tight liquidity and low buying sentiment in the domestic market

The total sales of the company fell to 40,142 units last month, against 47,199 units sold during the corresponding period of 2018.

Similarly, the company's domestic sales plunged by 16 per cent to 37,474 units from an off-take of 44,605 units in the like period of last year.

However, M&M's exports inched higher by 3 per cent to 2,668 vehicles in July.

"The headwinds faced by the automotive industry continue as a result of subdued consumer sentiment, triggered by various factors," said Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M.

"The industry needs stimuli to help revive consumer demand and conversions. We hope that the overall buying sentiment will improve in the run-up to the festive season and with the monsoon turning out to be better than initially anticipated," he added.

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The share touched its 52-week high Rs 690 and 52-week low Rs 60 on 03 September 2018 and 19 June 2019, respectively.

Shares of Dewan Housing Finance Corporation (DHFL) declined more than 7 percent intraday on June 28 after the company deferred Q4 earnings announcement.

The company was scheduled to announce Q4 earnings on June 29.

Earlier, the company had informed the stock exchanges that it will not be able to furnish the audited standalone and consolidated financial statements for FY19 within the time stipulated by SEBI norms.

DHFL said that the delay was due to new submissions under the provisions of the Companies (Indian Accounting Standards) Rules, 2015, which came into effect from April 1, 2018. This means the financial year which ended on March 31, was the first full financial year when these rules were applicable.

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Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market.

Further exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX mentha oil futures for August 2018 contract was trading at Rs 1680 per kg down by 2.45 per cent after opening at Rs 1749 against the previous closing price of Rs 1722.20. It touched the intra-day low of Rs 1680(at 10:06 hours).

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The immediate hurdle for the Nifty is placed at 11760-11,777 while supports are placed at 11620-11500 for September series.

The Nifty50 might have closed lower on the August expiry day but it rallied 4.5 percent or a little over 500 points in August series to touch new highs above 11700.

A couple of factors which started weighing on investor sentiment is falling rupee as well as rise in crude oil prices which are a threat to our current account deficit, as well as trade war woes.

Washington has proposed slapping tariffs on a further USD 200 billion worth of Chinese goods after a public comment period ends on Wednesday, September 5, said a Reuters report.

The Indian rupee fell further by 23 paise against the US dollar to trade at a lifetime low of 70.82.

On the macroeconomic front, India likely grew by 7.6 percent in the April-June quarter, a Reuters poll showed.

Forecasts for the USD 2.59 trillion economy ranged between 7 and 8 percent.

The immediate hurdle for the Nifty is placed at 11760-11,777 while supports are placed at 11620-11500 for September series.

Technical View:

Nifty formed a Hammer like pattern on daily charts

It took support at its 5-EMA and bounced back

Option data is scattered at all the strike price since it’s the beginning of September series.

India VIX fell down by 0.22 percent at 12.41 levels. Overall lower volatility suggests that bulls are likely to hold the grip on the market.

Three levels: 11620, 11760, 11800

Max Put OI: 11000, 11400

Max Call OI: 11800, 12000

Technical Recommendations:

We spoke to Way2Wealth Brokers Pvt. Ltd and here’s what they have to recommend:

Sun Pharma: LTP: Rs 639.50| Buy around Rs 635 - 630| Target: Rs 690-725| Stop loss: Rs 600 | Return: 13%

PTC India Financial Services: LTP: Rs 19 | Buy at Rs 18.80-19.00| Target: Rs 24 | Stop loss: Rs 17| Return: 26%

Tata Elxsi: LTP: Rs 1407 | Sell below Rs 1388 | Target: Rs 1320 - 1275 | Stop loss: Rs 1440 | Return: 9%

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are his own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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सोयाबीन वायदा (अक्टूबर) की कीमतों के 3,150-3,220 रुपये के दायरे में कारोबार करने की संभावना है।

थोड़े कारोबार के कारण देश के प्रमुख बाजारों में सोयाबीन की कीमतों में स्थिरता है। मध्य प्रदेश के बेंचमार्क बाजार में सोयाबीन की कीमतें 3,200-3,250 रुपये प्रति 100 किलो ग्राम के दायरे में हैं, जबकि प्लांट डिलीवरी के लिए कीमतें 3,250-3,350 रुपये के दायरे में स्थिर हैं। डॉलर के मुकाबले रुपये के कमजोर होने के बावजूद सोयामील की कमजोर निर्यात माँग के कारण पेराई मिलों की ओर से सोयाबीन की खरीदारी कम होने से हाजिर बाजारों में सोयाबीन की कीमतो पर दबाव पड़ रहा है।

वहीं सरसों वायदा (सितंबर) की कीमतें 3,900 रुपये तक लुढ़क सकती है। नाफेड द्वारा न्यूनतम समर्थन मूल्य के बजाय बाजार दरों पर सरसों बेचे जाने की खबरों से राजस्थान के प्रमुख बाजारों में कल सरसों की कीमतों में गिरावट हुई है। नाफेड ने कुछ हफ्ते पहले ही हरियाणा में सरसों को 4,011 प्रति 100 किलो ग्राम की बाजार दरों पर बेचना शुरू कर दिया है।

सोया तेल (सितंबर) वायदा की कीमतों के 725-730 रुपये के दायरे में कारोबार करने की संभावना है। घरेलू सोयाबीन की कीमतों में नरमी और सीबोट में सोया तेल की कीमतों में तेजी के कारण बाजार में मिला-जुला रुझान है। सीबोट में सोया तेल की कीमतें 28 सेंट के नजदीक सहारे के साथ सीमित दायरे में कारोबार कर रही हैं। 

सीपीओ वायदा (सितंबर) की कीमतों के 588-593 रुपये के दायरे में कारोबार करने की संभावना है। प्रमुख उत्पादक इंडोनेशिया में अधिक उत्पादन अनुमान के कारण बीएमडी में मलेशियन पॉम ऑयल की कीमतों में कल गिरावट दर्ज की गयी। बीएमडी में मलेशियन पॉम ऑयल नवंबर डिलीवरी की कीमतें 0.7% की गिरावट के साथ 2,217 रिंगिट पर बंद हुई।

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मेंथा ऑयल वायदा (सितंबर) की कीमतों में 1,850-1,870 रुपये तक बढ़त जारी रह सकती है।

कुल मिला कर बढ़ती माँग के मुकाबले कम आपूर्ति के कारण छोटी अवधि में कीमतों को मदद मिल सकती है। कीमतों में बढ़ोतरी की उम्मीद से किसान अपने स्टॉक को रोक कर रखे हुए हैं। सीमित आपूर्ति के बीच घरेलू और विदेशी माँग के कारण हाजिर बाजारों में अधिक माँग हो रही है। चीन और यूरोप की ओर से निर्यात माँग में धीरे-धीरे बढ़ोतरी हो रही है।

उधर कॉटन वायदा (अक्टूबर) की कीमतों में नरमी का रूझान रह सकता है। कॉटन की कीमतें 22,680 रुपये तक लुढ़क सकती हैं। वर्तमान समय में अधिकतर मिलों के पास पर्याप्त भंडार हैं, जिसके कारण वे खरीदारी से दूर है और केवल कुछ ही मिलें ही अपनी जरुरतों को पूरा करने के लिए निचले स्तर पर कपास की खरीदारी कर रही हैं। इसलिए बाजारों में काफी कम कारोबार हो रहा है। अगले एक महीने में कपास की नयी फसल की आवक होने की संभावना है, लेकिन छिटपुट बारिश की स्थिति में आवक में कुछ देरी हो सकती है।

ग्वारसीड वायदा (अक्टूबर) की कीमतों के 4,140-4,300 रुपये के दायरे में सीमित दायरे में कारोबार करने की संभावना है, जबकि ग्वारगम वायदा (अक्टूबर) की कीमतों के 8,865-9,230 रुपये के दायरे में कारोबार करने की संभावना है। पिछले हफ्ते ग्वारसीड की कीमतों में तेज गिरावट के बाद खरीदार सतर्क हो गये है और अधिक खरीदारी से दूरी बनाये हुए हैं। हाल ही मे हुई बारिश से राजस्थान में ग्वारसीड की फसल को लाभ होने की संभावना है। अंतिम चरण की फसल बुआई इस महीने के अंत में समाप्त हो जायेगी। अगले कुछ हफ्ते ग्वार की फसल के लिए काफी अहम हैं, क्योंकि पहले बोई गयी फसल अब विकास की अवस्था में हैं। 

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The annual general meeting (AGM) of the company will be held on September 28, 2018.

Shares of government-owned telecom operator MTNL (Mahanagar Telephone Nigam) rose nearly 18 percent intraday on Thursday based on a report that informed about Rs 30,600-crore financial aid from Department of Telecommunications (DoT).

News agency NewsRise reported that the amount would be used to cut the firm's debt and losses, quoting a DoT official.

The telecom department's panel also recommended to offer Rs 2,300 crore worth for VRS (voluntary retirement scheme) to its employees.

Having said that, the panel also rejected Deloitte's proposal to merge the company with BSNL and sell of non-core assets.

The annual general meeting (AGM) of the company will be held on September 28, 2018.At 12:28 hrs Mahanagar Telephone Nigam was quoting at Rs 16.30, up Rs 1.40, or 9.40 percent. The stock has been down 27 percent in the last 6 months.

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Aditya Birla Capital and Aditya Birla ARC have executed agreements to enter into a strategic joint venture with Varde Partners and create a joint platform to pursue investments in stressed and distressed assets in India.

Share price of Aditya Birla Capital rose 4.7 intraday Thursday as company formed joint venture with Varde Partners.

Aditya Birla Capital and Aditya Birla ARC have executed agreements to enter into a strategic joint venture with Varde Partners and create a joint platform to pursue investments in stressed and distressed assets in India.

The Varde Partners organisation is a global investment adviser focused on credit and value investing strategies.

Aditya Birla ARC received license from the RBI to commence business as an asset reconstruction company in March 2018.

Varde through its affiliates will acquire a 50 percent joint controlling stake, subject to regulatory approvals, in the Aditya Birla ARC, which is currently a wholly owned subsidiary of the company.

Subject to regulatory approvals, the company will receive not less than Rs 98 crore from Varde Partners, for the transfer of securities in Aditya Birla ARC.

At 11:12 hrs Aditya Birla Capital was quoting at Rs 141.90, up Rs 4.65, or 3.39 percent on the BSE.

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The regulator had asked why ICICI Bank should be spared punitive action as it was seen as violating the Listing Obligations and Disclosure Requirements (LODR) regulations.

ICICI Bank has refuted market regulator SEBI's charge that it violated disclosure norms in the matter of loans granted to Videocon, by saying that it was unaware of any conflict of interest at that point in time. The bank sent its reply to SEBI last week, according to a report in Business Standard.

The regulator had asked why ICICI Bank should be spared punitive action as it was seen as violating the Listing Obligations and Disclosure Requirements (LODR) regulations. The lender allegedly did not flag potential conflict of interest arising in the case of its full-time directors.

In May, adjudication proceedings were launched against Chanda Kochhar, the bank’s managing director and chief executive officer, after it came to light that her husband had financial dealings with the Videocon group.

The publication reported that Kochhar has sought an extension to the lapsed deadline of August 24 to furnish a reply to the charges made against her in the show cause notice. The bank responded to SEBI, laying bare the process involved in the disbursal of a loan worth Rs 325 crore.

The bank, on its part, has shielded Kochhar, saying that a credit committee headed by KV Kamath, took the final call on sanction the loan to Videocon. Kochhar was a member of the 12-member committee. ICICI Bank is a part of the consortium of lenders from which Videocon managed to get loans to the tune of Rs 4,000 crore. ICICI has reportedly classified Rs 2,810 crore of its total exposure to Videocon, as a non-performing asset (NPA) in 2017.

In its defence, the lender said it acted swiftly after the crisis blew over. The bank’s board has initiated an independent inquiry to be supervised by former Supreme Court judge B N Srikrishna. Business Standardreported that the bank is reluctant for a settlement through the consent mechanism, as it is of the opinion that the Srikrishna panel will throw up findings contrary to SEBI’s perception of the matter.

Chanda Kochhar had admitted that her husband Deepak Kochhar was involved in business dealings with the Videocon group, as a part of SEBI’s preliminary inquiry. She also acknowledged that Deepak Kochhar and Venugopal Dhoot co-founded NuPower Renewable. They are also the promoters of the wind energy firm. Notably, Videocon group is a major investor in NuPower.

Shares of NuPower held by Dhoot and Pacific Capital, a company that was owned by Deepak Kochhar’s father and sister-in-law, were sold to Supreme Energy in 2009. SEBI found that Dhoot’s interest in NuPower did not end there. It holds debentures worth Rs 64 crore in NuPower in the form of subscription through Supreme Energy.

A preliminary enquiry undertaken by SEBI concluded that there was conflict of interest in ICICI Bank’s dealings with Videocon. The regulator believes that by not acknowledging her husband’s dealings with Videocon, Chanda Kochhar was violating the provisions of the listing agreement. Kochhar is on leave of absence till the probe into her role in the case submits its findings.

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ICICI Securities said any dip towards 11,600-11,500 range should be used as an incremental buying opportunity.

Equity benchmarks extended their winning streak to record fresh life-time highs in August 2018. This followed a global equity rally and expectation of domestic earnings pick up as fears of escalating trade wars played down. Sentiments remained strong despite the rupee hitting fresh lows.

The Nifty remains on a strong footing amid broad based participation and continuance of rising peak and trough formation.

Going forward, we expect the Nifty to extend its current up move towards 11,925 while 11,500 is likely to anchor any corrective declines in coming months. Thus any dip towards 11,600-11,500 range should be used as an incremental buying opportunity.

The Nifty surpassed our projected target of 11,400 in August led by broad-based sectoral participation highlighting underlying strength in the ongoing rally. Participation of under owned sectors like pharma was a key highlight and highlights underlying strength.

The current rally from July 2018 low of 10,604 has become larger in magnitude (11 percent) compared to April-May 2018 rally (9.8 percent) indicating positive development in price structure.

The positive structural development and broad based participation makes us confident on upgrading the target to 11,925 in coming month as it is confluence of 123.6 percent extension of April-May rally (9,950-10,930) at 11,898 and 161.8 percent retracement of CY18 decline (11,171-9,950) is placed at 11,925.

We reiterate our positive stance on the broader market space. Midcap, small cap indices have broken out of their bullish falling wedge pattern & indicate structural improvement. The combination of price pattern & structure analysis makes us believe midcaps and small caps have further legs on the upside in coming weeks. Investors should focus on quality names to ride the expected up move.

Sectorally, FMCG, pharma and metal are likely to outperform. Meanwhile, realty and capital goods indices are poised at key value area offering bargain buy opportunity in quality stocks.

Bank Nifty

The Bank Nifty extended its gains into August after registering fresh life-time highs early during the month. Index heavyweight HDFC Bank took a breather after its multi-month outperformance while under owned corporate facing banks outperformed. Nifty PSU, private bank indices settled up around 3 percent each.

The monthly price action formed a smaller bull candle with higher high and higher low indicating continuance of positive bias. The index began the month on a buoyant note to record a fresh life-time high of 28,377, thereby achieving our projected target of 28,350 in the process. The index then went on to consolidate in subsequent three weeks as it digested the 9 percent rally from July lows (26,060) range of 27,165-26,000.

The current consolidation has helped the index form a higher base above 27,500, which would set the stage for the next leg of the ongoing up trend. In the coming month, we expect the index to register a breakout above the last three week’s consolidation range and head towards 29,200 as it is the confluence of:

• 138.2% retracement of the January–March 2018 decline (27,652-23,605) placed at 29,197

• Higher band of up trending channel around 29,000-29,200

The entire up move since March low (23,605) is well channelled highlighting sustained demand at elevated levels. During the recent corrective decline, the index rebounded from the lower band of the rising channel highlighting a robust price structure and inherent strength in the current up move.

We upgrade our short-term support to 27,500 as it is confluence of the following technical observation:

> the lower band of the rising channel containing the entire up move since March, currently at 26,400

> 38.2 percent retracement of the up move from July lows of 26,060 at 27,492

Weekly 14 periods RSI remains in uptrend and is seen taking support at its nine period average, thus validating positive bias.

Disclaimer: The views and investment tips expressed by ICICI Securities on Moneycontrol its their own and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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The company to acquire 67 percent stake in Ampere for Rs 77 crore, which to be completed by December 31, 2018, while for another 13 percent stake the company to shell out another Rs 75.5 crore.

Share price of Greaves Cotton touched 52-week high of Rs 159.90, rising 9.5 percent in the morning trade on Thursday as company board approved acquisition of majority stake in Ampere Vehicles.

The board has approved the proposal of investment in Ampere Vehicles by acquiring 67 percent in the first phase and further 13 percent in a span of three years.

This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses, company said in release.

The company to acquire 67 percent stake in Ampere for Rs 77 crore, which to be completed by December 31, 2018, while for another 13 percent stake the company to shell out another Rs 75.5 crore.

Ampere is one of the leading brands in the last mile mobility electric vehicles segment. It has strong in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications.

Ratan Tata and Kris Gopalakrishnan have invested in Ampere Vehicles.

Nagesh Basavanhalli, MD & CEO, Greaves Cotton said, "With this strategic acquisition, we will be able to address a wider range of customer segments with clean energy mobility solutions. Greaves and Ampere will be a synergistic combination of our excellence in frugal engineering & manufacturing with a new age electric mobility solutions company."

At 09:34 hrs Greaves Cotton was quoting at Rs 159.05, up Rs 12.40, or 8.46 percent on the BSE.

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The company has received an approval from USFDA (United States Food and Drug Administration) for Metformin Hydrochloride Tablets USP 500mg, 850mg and 1000mg which are used for treatment of diabetes.

Share price of Laurus Labs advanced nearly 6 percent in the morning trade on Thursday as company received USFDA approval for Metformin Hydrochloride tablets.

The company has received an approval from USFDA (United States Food and Drug Administration) for Metformin Hydrochloride Tablets USP 500mg, 850mg and 1000mg which are used for treatment of diabetes.

Metformin Hydrochloride Tablets are therapeutically equivalent to Glucophage Tablets 500mg, 850mg, and 1000 mg of Bristol-Myers Squibb company.

The Product and API will be commercialized from company's Unit 2 located at APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh.

At 09:22 hrs Laurus Labs was quoting at Rs 451.50, up Rs 12.80, or 2.92 percent on the BSE.

The share touched its 52-week high Rs 579.25 and 52-week low Rs 425.00 on 22 December, 2017 and 13 August, 2018, respectively.

Currently, it is trading 22.15 percent below its 52-week high and 6.11 percent above its 52-week low.

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Sanjiv Singh, the chairman of the nation's largest oil marketing company, said the board has approved a capex plan of Rs 22,000 crore for FY19, of which around Rs 6,000 crore will be towards upgrading refineries to meet BS-VI emission norms.

Indian Oil Corporation (IOC) on August 29 said it has lined up Rs 22,000-crore capex plan for the current fiscal year and will commission the Ennore-Manali LNG pipeline on schedule by the end of the year.

Sanjiv Singh, the chairman of the nation's largest oil marketing company, said the board has approved a capex plan of Rs 22,000 crore for FY19, of which around Rs 6,000 crore will be towards upgrading refineries to meet BS-VI emission norms.

Addressing reporters after the the AGM here, Singh also said the company is confident of commissioning the over Rs 4,000-crore, the 1,170-km-long pipeline linking its Ennore LNP terminal near Chennai to Manali in 2018.

The over Rs 5,000-crore LNG terminal at Ennore will be commissioned as schedule by October, he added.

"More than 50 percent work on the pipeline is already completed and we have tied up with all our target customers in Manali and most of them in Chennai region as well, Singh said.

On crude imports from Iran, Singh said there is no clarity how the sanctions will pan out from November 4 and accordingly they have tied up many national oil marketing companies to ensure that crude supplies are not disrupted.

"We don't procure crude from private suppliers. We have sounded out enough national oil companies for supplies to source oil depending on the impact of the US sanctions on Tehran," he said.

He also denied that IOC has reduced its intake from Iran as saying on a net-net basis there is no cut down.

"There could have been some fluctuations in some months but overall we are procuring as per our contracts," said Singh.

Giving a break-up of the capex plan, finance director AK Sharma told PTI that around Rs 6,000 crore will go into refinery upgrades to meet the BS-VI emission norms, Rs 4,000 crore into marketing of which half will be used to procure new LPG cylinders, and around Rs 3,000 crore into new businesses like bio fuels, and Rs 1,000 crore into Paradeep petrochemicals expansion among others.

On fund raising plans, though Sharma said the company does not need any funds now, towards the end of the fiscal year, they will hit international bond markets along with a domestic debt market, as the firm has not tapped it for long.

According to the annual report presented to the shareholders today, the company sought shareholders' approval for raising around Rs 20,000 crore through an NCD issue this year.

The company has around Rs 53,000 crore of debt as of June, of which 70 percent are forex loans.

The chairman also said, IOC, which was the first oil company to set up an electric vehicle charging station a few years ago in Nagpur, will increase its footprint more. But he did not offer more details.

On new businesses, especially after entering the city gas distribution arena on its own after the last month's auctions, he said IOC is very bullish about this segment and will invest over Rs 15,000 crore into this vertical over the next three years.

It can be noted that IOC has a joint venture with Adani group for city gas distribution and at the auctions last month it has on its own won rights to seven cities, including Coimbatore and Salem in Tamil Nadu and Guna in MP. Together with its JV partner Adani, it has marketing rights in nine more cities, including Allahabad.

He also said in the medium term, the company expects around 15 percent profit to come from the gas business, and 15-20 percent from petrochemicals vertical.

On the ethanol plant, Singh said the first 100 tonne per day plant in Panipat, with an investment of Rs 500 crore, will be commissioned over the next two years. The company has also taken land for two more biofuel plants in UP and Gujarat, he added.

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Going forward, we expect the Nifty to maintain buoyancy and eventually head towards 11,925 levels in coming weeks given the robust price structure.

The Nifty took a breather on Wednesday, amid profit booking in recently run-up stocks, ahead of the expiry of August series. The broader markets relatively outperformed as the Nifty Midcap index gained 0.5 percent and the Nifty Smallcap index inched up 0.1 percent for the session.

The price action formed a small bear candle, signifying profit booking at record highs after the 400 points rally in the preceding seven sessions.

Going forward, we expect the Nifty to maintain buoyancy and eventually head towards 11,925 levels in coming weeks given the robust price structure.

We recommend using a dip towards 11,600-11,650 as an incremental buying opportunity, which would pave the way to head towards a revised target of 11,925 in coming weeks as it is a confluence of:

a) 161.8 percent external retracement of the entire decline of February-March (11,171-9,951) placed at 11,925

b) upper band of rising channel encompassing up move off June-end low of 10,558, placed around 11,890

Structurally, the current leg of up move, off July low of 10,604, is larger in magnitude (11,760-10,604=1,156 points) compared to March-May up move (10,929–9,952=977 points).

The elongated up move along with shallow price corrections signifies a robust price structure. This structural improvement makes us confident that the Nifty would hold the key value area of 11,470 in coming weeks as it is a confluence of:

a) 61.8 percent retracement of recent up move (11,340–11,621) at 11,450

b) Positive gap (11,470-11,500) on August 20

The Nifty Midcap maintained a higher high-low formation on the weekly chart supported by broad-based participation. This bodes well for an extension of the current up move.

The current pullback off from July low (2,159 points) is larger in magnitude compared to the previous pullback witnessed during March-May (2,027 points), suggesting a structural improvement.

Going forward, we expect the Nifty Midcap to relatively outperform the benchmark as the implied target of falling wedge pattern at 20,320 (18,960-17,600=1,360) coincides with May high of 20,329. Hence, one should focus on accumulating quality midcap stocks.

Here is a list of top three stocks that could return 10-16% in the next 6 months:

ITC: Buy| CMP: Rs 312| Target: Rs 345| Stop Loss: Rs 285| Return 11%| Time Frame 6 months

The share price of ITC has generated a resolute breakout above the rectangle pattern, thereby confirming strong base formation around Rs 250, in turn resulting in a resumption of the primary uptrend.

Currently, the stock is consolidating at a higher level to work off the excess formed during last month’s sharp up move. We believe that the recent price activity signals a continuance of ongoing primary uptrend thereby offering a fresh entry opportunity for medium term investors.

During July 2018, the stock witnessed a strong rally gaining from 260 to 307 level. In the process, it gave a breakout from the past one year’s consolidation.

After a strong breakout rally, the share price is seen taking a breather over the past three weeks. The temporary pause after a sharp rally has helped the share price to cool off the overbought conditions and in the process built a higher base, which would now act as a launch pad for next leg of the rally.

This overall price action has taken a shape of a bullish Flag formation. A resolute breakout from the bullish Flag pattern during the current week suggesting a continuance of the recent uptrend after the conclusion of the temporary breather that provides a fresh entry opportunity with a favourable risk-reward.

We believe that the stock has a strong base around Rs 295 levels as it is the breakout area of the last one-year consolidation that also coinciding with bullish gap area of 27th July 2018 placed around 295 levels.

The overall price development makes us believe the stock is set to resolve higher towards our target of 345 being the 80% retracement level of the entire secondary phase of correction (368-250), placed around 344.

State Bank of India: Buy| CMP: Rs 309| Target: Rs 341| Stop Loss: Rs 278| Return 10%| Time Frame 6 months

The share price has rallied 30 percent during mid-July–August 2018 despite a host of negative news, signifying stock resilience. As a result, it maintained a higher peak and trough formation on the weekly chart signalling persistent buying demand at elevated levels.

We believe the corrective consolidation over the past two weeks has helped prices to cool off the overbought situation. The recent price activity signalled a fresh entry opportunity for medium term investors to ride the next leg of the up move within the ongoing uptrend.

In line with our view, the share price has witnessed a robust up move during mid July–August 2018. Since then, it has undergone a secondary corrective phase.

Currently, prices have been consolidating in the range of 290–309 after retracing 50% of the last leg of up move (250–326), placed at 288.

We believe the ongoing healthy consolidation would help the stock to form a higher base formation, boding well for a resumption of the primary uptrend.

Thus, we expect the stock to hold the key value area 278 in coming weeks, as it is a confluence of 52 weeks EMA placed at 275 and the 61.8% retracement placed around 279.

We expect the stock to resolve higher from here on and head towards 341 as it is a confluence of multi-year resistance of 351 coinciding with a 52-weeks high of 351.

Majesco: Buy| CMP: Rs 515| Target: Rs 598| Stop Loss: Rs 448| Return 16%| Time Frame 6 months

The share price of Majesco during July 2018 has formed a higher base around 400 levels being the confluence of the 61.8% retracement of the previous major up move from 304 to 603 and the previous breakout area of September 2017.

The stock has seen a sharp up move from the support area of 400 and the entire price activity of the last four weeks has taken the shape of a Bullish Flag as can be seen in the adjacent chart.

The stock is on the cusp of the bullish flag breakout and offers a fresh entry opportunity to ride the next leg of up move in the stock.

Time-wise, the stock retraced 80% of its previous 12-weeks decline (581-401) in just four weeks signaling strength and reversal of the corrective trend and resumption of fresh up move.

The weekly MACD has generated a bullish crossover above its nine periods average thus validates the positive bias in the stock.

The current up move in the last four weeks was supported by the strong volume of almost double of the 10 weeks average volume of 4 lakhs share per week signalling larger participation in direction of the trend.

We expect the stock to continue with its positive trend and head towards 603 levels as it is the measuring implication of the Flag breakout which also coincides with the January 2018 high placed at 603 levels.

Disclaimer: The author is Head Technical at ICICI Direct.com Research. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Nifty is likely to correct further and if it breaks 11,600. For the bullish momentum to continue, bulls have to push the index above 11760 levels.

After rallying about 3 percent in the month of August, Nifty took a breather and witnessed a profit booking decline on Wednesday. It closed below 11700 levels a day ahead of F&O expiry.

Rise in crude oil prices due to withholding of supply by Iran as well as a depreciating rupee too added to the negative sentiment.

For today, markets are expected to remain volatile ahead of August derivative expiry. Looking at the F&O data, the expiry should happen in the range of 11500-11800

History suggests that markets witness extreme action on either side in the last one hour of the trading session.

Going into September series, Nifty future has already seen a rollover of 53 percent. August series saw a rollover of 73 percent.

From technical perspective, 11768 is a crucial resistance to watch out for followed by 12000.

On the downside, support are placed at 11,620, and then towards 11500

Big News:

Foreign investors have pulled out USD 280 million from the Indian equity markets so far this year, while domestic institutional investors (DIIs) continue to invest more aggressively and have put in a staggering $10 billion.

The latest round of outflow came after foreign portfolio investors (FPIs) had poured in USD 7.77 billion in 2017, while DIIs had invested USD 14 billion during the same period, said a report by Morningstar Investment Adviser.

FPIs have adopted a cautious stance towards India and other emerging markets from the beginning of April.

Technical View:

Nifty forms a bearish candle on daily charts

The index is likely to correct further and if it breaks 11,600

For the bullish momentum to continue, bulls have to push the index above 11760 levels

Three levels: 11600, 11760, 11,800

Max Call OI: 11800, 11700

Max Put OI: 11500, 11200

Technical Recommendations:

We spoke to ICICI Direct.com and here’s what they have to recommend:

ITC: Buy | CMP: Rs 312| Target: Rs 345| Stop Loss: Rs 285| Return 11%| Time Frame: 6 months

State Bank of India: Buy| CMP: Rs 309| Target: Rs 341| Stop Loss: Rs 278| Return 10%| Time frame: 6 months

Majesco: Buy| CMP: Rs 515| Target: Rs 598| Stop Loss: Rs 448| Return 16%| Time Frame: 6 months

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Domestic refined copper production declined by 47.1 per cent in the first quarter this fiscal, mainly on account of Vedanta's copper smelter plant shutdown at Tuticorin, Care Ratings said today. During the quarter, the output of Hindustan Copper (HCL) and Hindalco was also restrained due to shutdown of their smelters for maintenance purposes.

Domestic refined copper production has fallen by 47.1 per cent during Q1-FY19. Fall in production is mainly attributable to the shutdown of the 400 KT, Tuticorin smelter which accounted for 40 per cent of the country's copper smelting capacity," the rating agency said in a statement. The drop in domestic production has led to the domino effect of a sharp increase in the country's imports and fall in the exports.

Exports have fallen by 91.6 per cent (it had increased 70.1 per cent in the first quarter previous fiscal), whereas imports have increased by 221.6 per cent (it fell 69.9 per cent in April-June quarter last year). "India imported refined copper from, Japan (66 per cent), Congo (22 per cent), Switzerland (5 per cent), Tanzania (5 per cent), South America (one per cent) & UAE (one per cent) and exported refined copper to China (58 per cent), South Korea (30 per cent), Bangladesh (6 per cent ) and Malaysia (6 per cent) during Q1-FY19," it said.

Share of exports towards China decreased to 58 per cent in the first quarter of FY19 compared to 63 per cent during the same period in FY18. "Share of imports from Japan has increased from 33 per cent during Q1-FY18 to 66 per cent during Q1-FY19," it said. Domestic consumption has been subdued on account of copper being substituted by aluminium, it said.

The Tamil Nadu government had in May ordered the state Pollution Control Board to seal and "permanently" close the Vedanta Group's copper plant in Tuticorin following violent protests over pollution concerns during which 13 people were killed in police firing.

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मेंथा ऑयल वायदा (सितंबर) की कीमतों में 1,800 रुपये तक बढ़त दर्ज की जा सकती है।

कुल मिलाकर बढ़ती माँग के मुकाबले कम आपूर्ति के कारण छोटी अवधि में कीमतों को मदद मिल सकती है। कीमतों में बढ़ोतरी की उम्मीद से किसान अपने स्टॉक को रोक कर रखे हुए हैं। सीमित आपूर्ति के बीच घरेलू और विदेशी माँग के कारण हाजिर बाजारों में अधिक माँग हो रही है। चीन और यूरोप की ओर से निर्यात माँग में धीर-धीरे बढ़ोतरी हो रही है।

उधर कॉटन वायदा (अक्टूबर) की कीमतों को 23,000-22,910 रुपये के स्तर पर सहारा रहने की संभावना है। प्रमुख कपास उत्पादक राज्य उत्पादन क्षेत्रों में कमी के साथ ही कीटों के प्रकोप जैसी कई समस्याओं का सामना कर रहे हैं, जिसके कारण कुल उत्पादन 3-4% की कमी के साथ 350 लाख बेल हो सकता है। भारतीय कपास निगम के जुलाई के अनुमान के अनुसार मौजूदा सीजन में कपास उत्पादन अनुमान 365 लाख बेल का था। 

ग्वारसीड वायदा (अक्टूबर) की कीमतों के 4,100-4,000 रुपये के स्तर तक लुढ़कने की संभावना है, जबकि ग्वारगम वायदा (अक्टूबर) की कीमतों में 8,800-8,700 रुपये के स्तर तक गिरावट हो सकती है। पिछले हफ्ते ग्वारसीड की कीमतों में तेज गिरावट के बाद खरीदार सतर्क हो गये है और अधिक खरीदारी से दूरी बनाये हुए हैं। हाल ही मे हुई बारिश से राजस्थान में ग्वारसीड की फसल को लाभ होने की संभावना है। अंतिम चरण की फसल बुआई इस महीने के अंत में समाप्त हो जायेगी। अगले कुछ हफ्ते ग्वार की फसल के लिए काफी अहम हैं क्योंकि पहले बोई गयी फसल अब विकास की अवस्था में हैं।

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Spot gold was up 0.3 percent at $1,204.64 an ounce at 0329 GMT.

Gold prices edged higher on Wednesday after the previous session's sharp fall, but rising US interest rates and lingering Sino-US trade tensions continued to weigh on the market with investors selling the metal at small rallies.

Spot gold was up 0.3 percent at $1,204.64 an ounce at 0329 GMT. Prices hit their highest since August 10 at $1,214.28 on Tuesday, but closed 0.8 percent lower as US Treasuries rose after the United States and Mexico struck a trade deal.

"The selling (on Tuesday) shows nobody wants to chase the metal above $1,210 ... There is going to be interest rate hikes in September and December, and that is acting as a burden for gold," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Gold has lost its appeal as a safe-haven asset, having fallen 7.5 percent this year, amid international trade disputes and the Turkish currency crisis, with investors increasingly turning to the dollar instead.

The dollar was stuck in a tight range on Wednesday after touching a four-week low overnight as optimism over the US-Mexico trade deal gave way to caution ahead of an upcoming deadline in the Sino-U.S. trade dispute.

The deadline for public comment on US President Donald Trump's increased tariffs on $200 billion of Chinese goods is on Sept. 5.

As long as trade tensions between the United States and China continue to persist, the US dollar will benefit and, in turn, hurt gold, analysts said.

Spot gold is expected to retest a support at $1,200 per ounce, a break below which could cause a fall to $1,193, Reuters technical analyst Wang Tao said.

"If gold can consolidate around the present levels and hit $1,215 again, then we might see prices move to $1,235-$1,240," Leung said.

Gold prices have recovered some ground after touching a 1-1/2-year low on Aug. 16 and are holding above the key psychological level $1,200.

However, that has not reversed investors' bearish stance on the precious metal, with no let-up in liquidations in exchange-traded funds, and record short positions in Comex gold.

Holdings in the largest gold-backed ETF, SPDR Gold Trust GLD, have declined 3.6 million ounces from a peak in late April.

"It looks like people are happy to be short. We need some incentives for the shorts to be covered, which is missing at this point of time," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank.

Spot silver was up 0.6 percent at $14.75.

Platinum rose 0.9 percent to $789.99, while palladium was down 0.1 percent at $939.80 after hitting a seven-week top at $956 on Tuesday.

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A meeting of board of directors of the company is scheduled on August 29, to consider and approve, the transfer of integrated Mumbai power business to Adani Transmission.

Shares of Reliance Infrastructure added nearly 3 percent intraday Wednesday ahead of board meeting for transfer of its power business.

A meeting of board of directors of the company is scheduled on August 29, to consider and approve, the transfer of integrated Mumbai power business to Adani Transmission.

Adani Enterprises rose 100 percent, while Reliance Infra down 10 percent in last one year.

At 10:50 hrs Reliance Infrastructure was quoting at Rs 431.55, up 2.03 percent and Adani Transmission was quoting at Rs 235.85, up 0.38 percent.

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The board will also consider amendment in the existing terms and conditions of FCCB and conversion of loan from unsecured creditor(s) into equity shares.

 

Shares of Jaiprakash Power Ventures added more than 11 percent intraday Wednesday as company to consider loan conversion into preference shares.

A meeting of the board of directors of the company is scheduled on August 31 to consider and approve the conversion of loan of lenders (Banks and Financial Institutions) into compulsory convertible preference shares upto an amount of Rs 4,000 crore.

The board will also consider amendment in the existing terms and conditions of FCCB and conversion of loan from unsecured creditor(s) into equity shares.

The trading window shall remain closed from August 28, September 2.

At 10:29 hrs Jaiprakash Power Ventures was quoting at Rs 3.12, up Rs 0.22, or 7.59 percent.

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