ISSUE: 035
04TH MAY, 2019
RULE THE MARKET
From The Desk Of Research Head
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With markets at all-time high valuations - investors need to focus on earnings than hype
Investors are in an exceedingly happy mood about Indian equities. Foreign Portfolio Investors (FPIs)
have pumped-up $7 billion over March and April whereas domestic investors significantly upped their
equity fund bets. The tide of liquidity surging into stocks at a time of sluggish earnings, growth has
bid up the price-earnings (PE) multiple of the Nifty to a new high of twenty-nine. This is more than the
PE at which the previous bull market of 2008 reversed. Stiff valuations aren’t automatically a cause
for panic because the fundamentals underpinning them are completely different from those in 2008.
However, they do imply caution.
There are 3 key aspects investors have to keep in mind while evaluating current market multiples.
1. Once the Nifty PE topped twenty-five times in 2008, it had been on the back of 5 consecutive
years of 15-20% profit growth from Nifty corporations creating for a high base impact. Nifty
earnings nowadays are coming off eight years of subdued single-digit growth, providing scope
for a profit rebound that shrinks the PE.
2. Currently, there’s a high polarisation within index constituents, with quite a few banking and PSU
names trading below their historical valuations.
3. While the Indian market valuations 10 years ago were all obsessed on FPI interest, domestic
establishments with active retail participation are currently buyers in stocks. On an interesting
note, reallocation of domestic savings into equities post the note ban has played a key role in
raising India’s market valuations to a premium over world peers.
While the above factors do provide some comfort on valuations, there’s no space for complacency.
Pre-election phases in India are well-known to draw global event-arbitrage funds that take a quick
punt on the event. Flows of this nature tend to dry up promptly after the event. Poll verdicts also
are notoriously difficult to predict and an unexpected verdict will take the wind out of markets’ sails.
It’s also an unalterable and undeniable fact that valuations at the entry point build a material impact
on long-term equity returns for the investor. On this backdrop, it’s imperative for mutual funds to
prevent marketing the narrative that elections don’t matter and to change their messaging to convey
the likelihood of lower returns to investors. Having consistently got their profit projections wrong for
the last eight years, sell-side corporations are currently budgeting for a 50% and earnings rebound for
India Inc in FY20. The earnings performance for the January-March quarter is going to be crucial to
decide if this features a likelihood of panning out. Therefore, retail investors need to take the optimistic
commentary currently being put out by mutual funds, sell-side corporations and foreign brokers with
a pinch of salt and stay up for India Inc’s earnings to catch up before going the whole hog on equities.
CONTENTS
Equity 1-6
Derivatives 7-8
Commodity 9-12
Currency 13-16
TeamDr. Ravi Singh
Syed Hasan Jafar
Amit Samar
Viplav Dhandhukia
Vaishali Paruthi
Chetan K Waghray
Vivek Ranjan Misra
Konpal Pali
Jayasree Ram
Mahesh Bendre
Veeresh Hiremath
Siddhesh Ghare
Ramesh Chenchala
Ravi Pandey
Ravikanth P
Kushal Asthana
Arpit Chandna
Vinod J
Amit Kumar
Karvy Head Office
Karvy Stock Broking Limited, Plot No.31/P, Karvy Millennium Towers, Nanakramguda, Financial District, Gachibowli, Hyderabad, Telangana-500032, 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.
- VIVEK RANJAN MISRAHead-Fundamental Research
EQUITY
Economy
• The Nikkei India Manufacturing Purchasing Managers’ Index declined from 52.6in March to 51.8 in April reflecting weakest improvement in business conditionssince August 2018.
• Cyclone Fani, an “extremely severe cyclonic storm” over southeast Bay of Bengalintensified further and made a landfall between Gopalpur and Chandbali inOdisha on Friday.
• India is ready to deal with the impact of US sanctions against Iran and will get extrasupplies from other oil producing countries to compensate for loss of Iranian oil.
• India’s economy slowed down slightly in the last fiscal due to declining growthin private consumption, slow increase in fixed investment and muted exports though it is still the fastest growing major economy, says the Finance Ministry’s monthly report.
Automobiles
• Tata Motors domestic commercial and passenger vehicles sales down 20% to42,577 units.
• Hero MotoCorp two-wheeler sales down 17% to 5.74 lakh units.
Banking
• The National Company Law Appellate Tribunal allowed banks to tag loans to Infrastructure Leasing & Financial Services group companies as non-performing assets.
• Yes Bank: RBI approved extension of tenure of Brahm Dutt as part-time Chairman of the Bank till January 10, 2022.
• Andhra Bank board approved increasing authorised capital from Rs. 3,000 crore to Rs. 6,000 crore.
Steel
• JSW: NCLAT in its order suggested that the Resolution Plan related to Vardhman Industries as approved by the Committee of Creditors may be implemented subject to final orders to be passed by the Honourable NCLAT in the Appeal.
FMCG
• Global beverages and snacks giant PepsiCo India said it has agreed to withdraw all cases it had filed against nine potato farmers in Gujarat after discussions with the Centre and Gujarat government.
• Dabur India Ltd. posted a 6.5% on-year fall in consolidated net profit for the March quarter at Rs. 3.7 Bn. Revenue from operations rose nearly 4.7% to Rs. 21.28 Bn. Total expenditure including finance cost rose to Rs. 17.30 Bn from Rs. 16.04 Bn a year ago. Company declared a final dividend of Rs. 1.5/- per equity share.
NEWS
INTERNATIONAL NEWS
• Bank of England’s Monetary Policy Committee held the policy rate unchanged at0.75% with a unanimous vote.
• TheUS Weekly initial jobless claims unchanged at 230K, Q1 nonfarm productivity rose 3.6%. The advance number for seasonally adjusted insured unemployment during the week ending April 20 was 1,671,000, an increase of 17,000 from the previous week’s revised level.
• The Federal Reserve held interest rates steady on Wednesday as policymakers took heart in continued US job gains and economic growth and held out hope that weak inflation will edge higher.
• US Census Bureau revealed that factory orders expanded by 1.9% on a monthlybasis in March following February’s 0.3% contraction and surpassed the marketexpectation for an increase of 1.5%.
TRENDSHEETSymbol CMP S2 S1 R1 R2 TREND
SENSEX 38963.26 38532 38748 39184 39405 Up
NIFTY 11712.25 11586 11649 11782 11853 Up
NIFTYBANK 29,954.15 29304 29629 30201 30447 Down
YESBANK 175.90 130 153 206 237 Down
RELIANCE 1,408.85 1347 1378 1429 1448 Up
MARUTI 6,710.00 6417 6563 6818 6927 Down
HDFCBANK 2,367.95 2242 2305 2405 2441 Up
ICICIBANK 401.80 387 394 410 417 Up
IBULHSGFIN 705.70 637 671 739 773 Down
TCS 2,132.00 2033 2082 2224 2317 Up
KOTAKBANK 1,417.80 1317 1367 1452 1486 Up
AXISBANK 757.30 737 747 769 780 Down
INDUSINDBK 1,556.60 1461 1509 1642 1728 Down
FORTHCOMING RESULTSCOMPANY NAME DATE
BHARTI AIRTEL 06-May-19
ICICI BANK 06-May-19
GODREJ AGRO 06-May-19
CEAT LIMITED 07-May-19
DHANA LAKSHMI BANK 08-May-19
JK PAPER 08-May-19
JMC PROJECT 08-May-19
KEC INTERNATIONAL LIMITED 08-May-19
KALPAT POWER 09-May-19
INDIAN OVERSEAS BANK 09-May-19
ASIAN PAINT 09-May-19
MAHANAGAR GAS LIMITED 09-May-19
PNB HOUSING 09-May-19
IDFC FIRST BANK 10-May-19
KSTREET - 04TH MAY 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
-3.5
-3
-2.5
-2
-1.5
-1
-0.5
0 NIFTY IN
DEX
SENSEX
IND
EX
SPBSMIP IN
DEX
SPBSSIP IND
EX
NIFTYJR IN
DEX
NSEM
CA
P IND
EX
-3
-2
-1
0
1
2
3
4
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
-5
-4
-3
-2
-1
0
1
2
3
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
-25
-20
-15
-10
-5
0
5
10
VA
KRA
NG
EE LTD
JIND
AL STEEL &
POW
ER LTD
PI IND
USTRIES LTD
AU
SMA
LL FINA
NC
E BA
NK
LTD
AJA
NTA
PHA
RMA
LTD
EDELW
EISS FINA
NC
IAL
SERVIC
ES
RELIAN
CE PO
WER LTD
AD
AN
I POW
ER LTD
PC JEW
ELLER LTD
DILIP BU
ILDC
ON
LTD
-30
-25
-20
-15
-10
-5
0
5
10
15
BHA
RAT PETRO
LEUM
C
ORP LTD
HIN
DU
STAN
PETRO
LEUM
CO
RP
JSW STEEL LTD
TATA
STEEL LTD
ULTRA
TECH
CEM
ENT
LTD
IND
IABU
LLS HO
USIN
G
FINA
NC
E L
TATA
MO
TORS LTD
IND
USIN
D BA
NK
LTD
BHA
RTI INFRA
TEL LTD
YES BAN
K LTD
-4200
-3200
-2200
-1200
-200
800
1800
2800
3800
26-04-2019 30-04-19 02-05-19 03-05-19
FII DII
KSTREET - 04TH MAY 2019 2
BEAT THE STREET - FUNDAMENTAL ANALYSIS
Hero MotoCorp CMP Rs.2565Target Price Rs.3103Upside 21%
Company Background
Hero MotoCorp Ltd is the world’s largest manufacturer of two – wheelers based in India. Their product portfolio mainly includes motorbikes and scooters. The company sold around 7.8 Mn vehicles during FY19 where ~ 97% of sales volume comes from domestic market. The company enjoys a market share of 50.7% in domestic bikes.
Investment Rationale
Volume growth to rebound in H2FY20: The Company reported 11% Volume growth during Q4FY19 and 3.1% in FY19. This is after strong 13.9% volume growth in FY18. For HMCL, volumes witnessed sharp decline in H2FY19 on account of high insurance costs, tight liquidity in vehicle financing and general slowdown in the economy. Going forward, we expect volumes to catch-up during H2FY20 on the back of strong product portfolio.
Growth Outlook: As per the management, 2W demand in India continues to remain soft. Growth in rural and urban area has softened due to general slowdown in the economy and increase in prices of bikes. However, growth is likely to rebound post Q2FY20 as uncertainties related to Monsoon and General Election is likely to be over. We expect HMCL to report 5%/7% volume growth during FY20E/21E.
EBITDA margins to stabilize: We expect EBITDA margins to be consistent at 14% during H1FY20.
VALUE PARAMETERSFace Value (Rs.) 2.0
52 Week High/Low (Rs.) 3774/2477
M.Cap (Rs. Bn/US $mn) 513/7.3
EPS (Rs.) 190.1
P/E Ratio (times) (FY20E) 16
Dividend Yield (%) 3.7%
Stock Exchange BSE
P/E CHART
Valuation
At CMP of Rs. 2565, the stock is quoting at 13.2xFY21E earnings. While near term growth outlook for HMCL remains challenging, we remain upbeat on its medium-term growth prospects given the competitive advantages like strong brand and network. Also HMCL is in a superior position to benefit from rural economic recovery. It is a debt-free, cash-rich entity with 35%+ average ROE. We rate BUY on the stock for a target price of Rs. 3103 (PER of 16xFY21E).
EQUITY
% OF SHAREHOLDING
in Rs.Mn ACTUAL ESTIMATE
YE Mar FY 18 FY 19 FY 20 FY 21
Revenue 322 336 364 397
EBITDA 52 49 51 56
EBITDA(%) 16.4 14.7 14.1 14.3
PAT 37 34 35 39
EPS (Rs.) 190.1 170.7 175.2 194.0
RoE (%) 34.7 27.7 25.9 26.0
P/E 13.7 15.3 14.6 13.2
35%
38%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex Hero MotoCorp
57%16%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex TVS
35%
38%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex Hero MotoCorp
57%16%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex TVS
KSTREET - 04TH MAY 2019 3
BEAT THE STREET - FUNDAMENTAL ANALYSIS
TVS MotorsCMP Rs.484Target Price Rs.595Upside 23%
VALUE PARAMETERSFace Value (Rs.) 1.0
52 Week High/Low (Rs.) 674/247
M.Cap (Rs. Bn/US $mn) 229/3.3
EPS (Rs.) 13.9
P/E Ratio (times) (FY20E) 25
Dividend Yield (%) 0.7
Stock Exchange BSE
EQUITY
P/E CHART
% OF SHAREHOLDING
in Rs.Mn ACTUAL ESTIMATE
YE Mar FY 18 FY 19 FY 20 FY 21
Revenue 151 182 202 227
EBITDA 11 14 17 20
EBITDA(%) 7.5 7.9 8.4 8.9
PAT 6.6 6.7 8.2 10.5
EPS (Rs.) 13.9 14.1 17.3 22.3
RoE (%) 25.1 21.5 22.6 24.6
P/E 35.2 34.8 27.9 21.7
35%
38%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex Hero MotoCorp
57% 16%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex TVS
35%
38%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex Hero MotoCorp
57%16%
16%
11%
Promoter
FIIs
DIIs
Others
0
20
40
60
80
100
120
May
-18
Jun-
18
Jul-
18
Aug
-18
Sep-
18
Oct
-18
Nov
-18
Dec
-18
Jan-
19
Feb-
19
Mar
-19
Apr
-19
May
-19
Sensex TVS
Company Background
TVS Motors is one of the largest two- wheeler manufacturers. They also manufacture three -wheelers. The turnover of the company was ~Rs. 151 Bn during FY18. The company holds a market share of 7.5% in the domestic bike segment. They also have notable export presence both in the 2 & 3 wheeler segments.
Investment Rationale
Outperforms the industry: During FY19, Indian 2W industry grew by 4.9% while TVS grew by 9%. This is on account of strong performance by its four brands (Jupiter, Ntorq, Apache and Radeon) which continue to perform exceedingly well. Their contribution to its domestic volumes has gone up from 36% to 50% YoY. This augurs well for the overall profitability of TVS as the Company enjoys pricing power in these brands. In case of exports, TVS has performed exceedingly well by growing 26.4% as compared to industry growth of 16.6%.
Brand value improves demand: The growth during FY19 was primarily supported by Radeon, TVS Apache and Ntorq Scooter models. The Company also witnessed strong growth of 7.2% YoY in its average realizations per vehicle led by rich product mix (higher Jupiter and TVS Apache volumes).
Stable business outlook: The company enjoys pricing power in certain brands like Jupiter, Ntorq, Apache and Radeon. This augurs well for the overall profitability. On margin front, management remained optimistic about the margin sustainability and expansion going forward as the company has taken price hikes to offset the rise in raw material prices.
Valuation
TVS is likely to outperform the industry growth primarily on account of its marquee brands (Jupiter, Ntorq, Apache and Radeon). We expect TVS to report 25.7% EPS CAGR over FY19-21E. We rate BUY on the stock for a price target of Rs. 595 (PER of 25xFY21E + Rs. 37 for TVS Credit Services Ltd - 2x FY19 P/B).
KSTREET - 04TH MAY 2019 4
EQUITY
BEAT THE STREET - TECHNICAL ANALYSIS
Jindal Steel & Power Limited
JINDALSTEL is our preferable bet from metal space. The stock is in uptrend and making higher highs and higher low. The historical price action in the stock reflects that any meaningful dip in the stock may attract market participants. The stock has resumed its up move after making swing low of around 123.25 levels and given V shape recovery on daily charts. The bounce from the said lower levels has seen supportive volume formation on daily charts. The stock has closed the week with a positive return of 3.77% and outperformed Nifty Metal significantly where Nifty Metal has closed the week with a positive return of 1.14%. The stock is currently trading above all its major moving averages which reflect strength in the stock. On the momentum setup, 14-period RSI has given positive crossover with signal line and pointing northwards which indicate strength in the stock. The parabolic SAR has freshly trigged its buy signal on daily charts which indicates buy in the stock will remain intact. Hence, we recommend buy in the stock around 177-179 for upside target of 210-215 levels with stop loss of 155 in near term.
Housing Development Finance Corp Ltd
HDFC has performed in line with its key large cap benchmark Nifty 50 while it has outperformed its sectoral index Nifty Financial Services for the month of April 2019. The stock has closed
with a gain of around 1.36% while during the same period Nifty 50 has also gained more than 1.00% to shut shop at 11748. Nifty Financial Services has ended on a flat note at 12555. The stock
has clocked life time high in the month of April and then the stock has witnessed profit booking thereby, it has declined more than 5% from all time highs. However, the structure of higher
highs and higher lows is still intact indicating uptrend still persists. The stock has given breakout from a 4 months trading range and has currently retested it on low volumes. The stock
is also placed above its major short and medium term moving averages. At the same time, every minor dip is being bought with good volumes indicating strong hands are accumulating
it. On daily charts, though MACD is trading above its neutral line and there is a bullish crossover indicating probable bottom is in place for near term and poised for up move towards life
time highs once again. Even the RSI on daily charts is also placed at 56 indicating more upside is possible from here on. On the derivative activity front also, the stock has decent rollovers
to the May series and the same is seen over last few months supporting our bullish view for the May month also. Considering the above data facts, we recommend short to medium term
investors to enter the stock at the current levels for targets of around 2240-2260 while any correction towards the swing low around 1920 can be utilized to average the stock keeping
stop loss below 1820 levels.
STOCK JINDALSTEL
CMP 181.75
ACTION BUY
ENTRY 177-179
AVERAGE 167
STOP LOSS 155
TARGET 1 210
TARGET 2 215
TIME FRAME 3-4 MONTHS
STOCK HDFC
CMP 2006.40
ACTION BUY
ENTRY 2000
AVERAGE 1920
STOP LOSS 1840
TARGET 1 2240
TARGET 2 2260
TIME FRAME 3-4 MONTHS
KSTREET - 04TH MAY 2019 5
EQUITY
Sentiment
Stop Loss 218
Target 190
Lot Size 2250
Margin 81400
21-DEMA 208
Open Interest Shares 12476250
Change in OI 13500
Cost of Carry (%) -5.63
SECTORAL SNIPPETS
NIFTY METAL (3,081.25) index after witnessing cuts in the previous week has managed to recoup some of it losses and closed at 3080 levels with a gain of more than 1.00%. Nifty Metal index has managed to outperform Nifty 50 index which has ended on a flat note during the same period. After breaking the three weeks rising channel pattern with notable volumes, the index is still sustaining below it but no major follow on selling is seen indicating both bulls and bears are preparing for next major move. The index has got resisted at its previous major swing highs and moved lower indicating a possible pause of the ongoing pull back rally. The ongoing rally started at 2650 levels and rallied around 20% since the said lows recorded in the month of February. For now, the index is placed near its major moving averages zone and the cluster of moving averages are converging indicating major trending move is unlikely. Even the convergence of Bollinger bands also suggests the same. Going into the internals, the breadth of the index for the week is also neutral with 6 stocks closing in red while rest 9 closing in the positive territory. Leading the leader board, JSWSTEEL and JINDALSTEL have gained around 5.00% while most of them managed to hold on to the positive territory. On the flipside, leading the laggard board, last week topper JSLHISAR has given up all the last week gains and ended with a cut of more than 7.00% while rest of the stocks managed to end with cuts in the range of 2-4%. For now immediate supports for the Nifty Metal index may be assumed at 3000-3030 levels followed by 2900-2950. Whereas on the upside, immediate resistances may be assumed at 3150-3200 levels followed by 3300 zone. Going forward, the index is more likely to trade sideways in the range of 2950 to 3150 levels.
NIFTYBANK (29954.15) outperformed the Nifty with a loss of 0.20% during the week passed by while the broader index Nifty lost by 0.36%. During the truncated trading week, the index witnessed a range bound movement with a positive bias. During the week, the index witnessed support at 29550 levels and technically, it may trade with an upward bias until and unless 29550-29510 levels are taken off from upside. Shares of Yes Bank Ltd plunged 26% during the week erasing about $2.28 billion in market value after the private lender posted an unexpected loss in the March quarter, highlighting the challenges facing the private lender. Yes Bank has a new chief executive Ravneet Gill since 1 March who has promised to clean up the bank’s balance sheet. The March quarter results may, therefore, be considered as ‘kitchen sinking’ but market participants are cautious that the bank has multiple challenges such as lower net interest margin, fees, growth, weaker asset quality and capital. Yes Bank reported a loss of 1,507 crore for March quarter against a year-earlier profit of 1,180 crore. Total provisions during the quarter jumped more than nine-fold to 3,661.7 crore from 399.64 crore. On the stock specific front, INDUSINDBK, BANKBARODA and IDFCFIRSTB lost by 8.50%, 3.29% and 2.69% respectively during the week while on the other side HDFCBANK, KOTAKBANK, FEDERALBANK gained by 3.73%, 2.59% and 2.25% respectively. Bank Nifty may face resistance at 30200 levels followed by 30450 levels. For the week ahead, support for the index can be pegged at 29670 levels followed by 29450 levels.
NIFTY PHARMA (9,220.45) has been one of the most volatile sectors in the last couple of weeks which exhibited wild intraday swings for most of the sessions. The index has been an underperformer in the last few days and ended lower by more than 2.70% on weekly basis while benchmark index Nifty ended on a flat note. On the stock front, CADILAHC, BIOCON and AUROPHARMA emerged as the top losers which ended with cuts of more than 6-8% for the week. Among the other stocks, LUPIN traded with bullish bias and ended the week on a flat note in weak sectoral scenario. On the other side, DRREDDY has also remained untouched with the selloff in the peers and ended the week on a positive note. Technically, the index was trading near the breakout levels and failed to surpass the major level of 9600 on the higher side in the last week. The index witnessed selling pressure for the whole week and closed near the major support area of 9150-9200 levels on the lower side. The immediate support for the index is pegged around 9150-9200 levels followed by 9000 levels while near term resistance for the index is placed around 9400-9450 followed by 9600 levels. For the upcoming week, the index is expected to trade with sideways bias and may remain in the trading range coupled with stock specific action. Short term traders may adopt stock specific approach in the index for the coming sessions and may adopt a “Buy on Dips” strategy for few stocks like AUROPHARMA, DRREDDY and LUPIN for short to medium term perspective.
NIFTY FMCG (29,750.55) has closed in red by around 2.26% underperforming the benchmark index Nifty which lost around 0.38% on weekly basis. Technically, the index is holding below its 21/50/100 day EMA levels on daily chart. Other indicators parabolic SAR suggests negative trend in the index. On daily charts, the index has tested the lower band in Bollinger bands and the bands are expanding. The index has given breakdown from a rising trendline support in daily chart. 14 day RSI is trading at 39.38 with a negative crossover. Among the index stocks, PGHH & ITC closed in green while HINDUNILVR, TATAGLOBAL UBL, BRITANNIA, COLPAL, DABUR, EMAMILTD, GODREJCP, GODREJIND, GSKCONS, JUBLFOOD, MARICO & MCDOWELL-N closed in red. Going forward, the supports for the index are placed around 29600 levels and below it at 28900 zone any breach below the level could aggravate selling pressure in the counter while resistance is placed around 30240 levels and above that around 30790 levels suggesting possibility of huge supply at these levels.
UPL LTD: BUY UPL (MAY FUTURE) | CMP: 975.10 SECTOR: FERT&CHEM
UPL ended the week on a flat note with a marginal fall of around 0.3% performing in line with the benchmark Nifty index which posted a marginal loss of around 0.4% in the said time period. The stock is in a secular uptrend making higher highs and higher lows. The stock is placed above all its major moving averages in all time frames (daily, weekly as well as monthly charts) indicating overall positive setup in the counter. On the momentum oscillator front, the 14 period RSI is placed above the 9 period signal line on the daily as well as weekly chart indicating strength in the near term. The stock price is consistently placed above the parabolic SAR on the daily as well as weekly chart which re-affirms our positive view in this counter. Hence, we suggest Smart Traders to buy the stock on dips towards 960 levels for the target of 1020 levels with a stop loss placed below 915 levels.
Sentiment
Stop Loss 915
Target 1020
Lot Size 600
Margin 103610
21-DEMA 943
Open Interest Shares 13024800
Change in OI 33000
Cost of Carry (%) 6.62
TATA GLOBAL BEVERAGES LTD: SELL TATAGLOBAL (MAY FUTURE) | CMP: 203.15 SECTOR: FMCG
TATAGLOBAL in the week passed by closed with a loss of nearly -4.30% whereas benchmark index Nifty FMCG lost over -2.25% exhibiting underperformance of the stock in comparison to the benchmark. In the earlier week, after placing a swing high near 216.90 stock’s price continued to drift lower throughout the week. Technically, stock price made a double top near the swing high and at the same time, found resistance near its major 200-DEMA which is currently placed near 216 levels while hovering below its 21 & 50-DEMA placed near 208 & 206 levels respectively. On the momentum setup, 14-period RSI on daily time frame chart found resistance near 60-levels and drifted below its equilibrium level with bearish crossover of its signal line which reaffirms the fact that momentum is fading away in the counter. Technical chart indicates stock price may decline further in sessions to come and also stock witnessed addition in open interest with fall in price indicating short accumulation in the counter. Hence, we recommend Smart Traders to initiate short position on bounce towards 206 levels for the lower target of 190 keeping a stop loss above 218 levels.
KSTREET - 04TH MAY 2019 6
TYPE: BULL CALL SPREAD IN GRASIM
FIRST LEG Buy one lot of GRASIM 30MAY 900 CE @ 36
SECOND LEG Sell one lot of GRASIM 30MAY 940 CE @ 20
BEP 916.0
MAX PROFIT 18,000
MAX LOSS 12,000
RATIONALE The stock has rallied towards 940 levels and went into consolidation mode and is trading above its 20SMA indicating up trend intact. Hence, a bullish strategy is recommended.
WEEKLY VIEW OF THE MARKET
NIFTY (11712.25): In the truncated week passed by, benchmark index traded with mixed to sideways bias, closed with cuts of -0.36% on weekly closing basis; lastly, shut the shop at 11712.
After clocking an all time high of 11856 Nifty turned sideways after a minor blip on the downside. On the sectoral front, Financial Services and Energy managed to outperform the broader
market whereas Pharma, IT & FMCG remained under pressure and lost over 2% on weekly closing basis. In the weeks to come, market participants are likely to trade on a cautious note
ahead of General Election outcome on 23rd May’19. Also, volatility in crude oil prices, global equity markets and rupee movement will also dictate near term trend of the market. On 10th
May, India industrial output for March (YoY) will be declared. Technically, Nifty has a strong support in the vicinity of 11550-11635 levels, failing to protect which Nifty may find next important
support near 11430 levels while on the higher side, immediate resistance is pegged near its life time high of 11856, sustaining above which index may extend gains towards 12000 mark,
where it is likely to find psychological resistance. Based on above facts, we expect markets to trade in a broader range of 11550-11900 for the coming few sessions.
DERIVATIVE STRATEGIES
DERIVATIVES
TYPE: BUY CALL IN NIFTY
FIRST LEG Buy one lot of NIFTY 09 MAY 11800 CE @ 34
MAX PROFIT Unlimited
Max Loss 2,550
BEP 11,834.0
STOP LOSS 5 (Option Points)
RATIONALE The index is expected to trade with a bullish bias in the near term.
TYPE: BUY CALL IN BANK NIFTY
FIRST LEG Buy one lot of BANKNIFTY 09 MAY 30000 CE @ 200
BEP 30200.0
MAX PROFIT Unlimited
Stop Loss 100 ( Option Points)
RATIONALE The index is expected to trade with a bullish bias in the near term.
TYPE: BEAR PUT SPREAD IN JISLJALEQS
FIRST LEG Buy one lot of JISLJALEQS 30 MAY 50 PE @ 2.10
Second leg Sell one lot of JISLJALEQS 30 MAY 45 PE @ 0.80
BEP 48.70
MAX PROFIT 33,300
MAX LOSS 11,700
RATIONALE The stock is in short term downtrend trading well below its short to medium term moving averages hence a bearish strategy is recommended.
-5000
0
5000
10000
15000
20000
25000
30000
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
1220
0
-6000
-4000
-2000
0
2000
4000
6000
8000
10000
12000
14000
2950
0.0
0
2960
0.0
0
2970
0.0
0
2980
0.0
0
2990
0.0
0
300
00
.00
3010
0.0
0
3020
0.0
0
3030
0.0
0
3040
0.0
0
3050
0.0
0
3060
0.0
0
3070
0.0
0
3080
0.0
0-15000
-10000
-5000
0
5000
10000
15000
20000
850
860
870
880
890
900
910
920
930
940
950
960
970
980
-10000
0
10000
20000
30000
40000
50000
60000
70000
35.0
0
37.5
0
40.0
0
42.5
0
45.0
0
47.5
0
50.0
0
52.5
0
55.0
0
57.5
0
60.0
0
62.5
0
-5000
0
5000
10000
15000
20000
25000
30000
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
1220
0
-6000
-4000
-2000
0
2000
4000
6000
8000
10000
12000
14000
2950
0.0
0
2960
0.0
0
2970
0.0
0
2980
0.0
0
2990
0.0
0
300
00
.00
3010
0.0
0
3020
0.0
0
3030
0.0
0
3040
0.0
0
3050
0.0
0
3060
0.0
0
3070
0.0
0
3080
0.0
0
-15000
-10000
-5000
0
5000
10000
15000
20000
850
860
870
880
890
900
910
920
930
940
950
960
970
980
-10000
0
10000
20000
30000
40000
50000
60000
70000
35.0
0
37.5
0
40.0
0
42.5
0
45.0
0
47.5
0
50.0
0
52.5
0
55.0
0
57.5
0
60.0
0
62.5
0
-5000
0
5000
10000
15000
20000
25000
30000
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
1220
0
-6000
-4000
-2000
0
2000
4000
6000
8000
10000
12000
14000
2950
0.0
0
2960
0.0
0
2970
0.0
0
2980
0.0
0
2990
0.0
0
300
00
.00
3010
0.0
0
3020
0.0
0
3030
0.0
0
3040
0.0
0
3050
0.0
0
3060
0.0
0
3070
0.0
0
3080
0.0
0
-15000
-10000
-5000
0
5000
10000
15000
20000
850
860
870
880
890
900
910
920
930
940
950
960
970
980
-10000
0
10000
20000
30000
40000
50000
60000
70000
35.0
0
37.5
0
40.0
0
42.5
0
45.0
0
47.5
0
50.0
0
52.5
0
55.0
0
57.5
0
60.0
0
62.5
0
-5000
0
5000
10000
15000
20000
25000
30000
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
1220
0-6000
-4000
-2000
0
2000
4000
6000
8000
10000
12000
14000
2950
0.0
0
2960
0.0
0
2970
0.0
0
2980
0.0
0
2990
0.0
0
300
00
.00
3010
0.0
0
3020
0.0
0
3030
0.0
0
3040
0.0
0
3050
0.0
0
3060
0.0
0
3070
0.0
0
3080
0.0
0
-15000
-10000
-5000
0
5000
10000
15000
20000
850
860
870
880
890
900
910
920
930
940
950
960
970
980
-10000
0
10000
20000
30000
40000
50000
60000
70000
35.0
0
37.5
0
40.0
0
42.5
0
45.0
0
47.5
0
50.0
0
52.5
0
55.0
0
57.5
0
60.0
0
62.5
0
7KSTREET - 04TH MAY 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
PVR 1808.1 5.22 817200 22.41
KAJARIACER 602.7 0.60 1703000 22.32
AJANTPHARM 1051.7 2.44 998000 19.09
BHARTIARTL 331.45 1.84 39861285 12.21
EXIDEIND 216.7 1.00 9228400 10.71
ICICIPRULI 372.05 0.81 6190500 9.94
BANKNIFTY OPTION OI CONCENTRATION CHANGE IN BANKNIFTY OPTION OI
TOP 6 SHORT CLOSURE
Stock Name LTP % Price Change Open Int % OI Change
KOTAKBANK 1417.8 2.79 9079600 -14.77
STAR 483.35 0.78 2293500 -12.87
HDFCBANK 2367.95 3.81 11498750 -12.59
CESC 694.95 0.44 1091200 -10.31
NHPC 23.55 0.21 18864000 -9.69
BAJAJ-AUTO 3059.75 0.50 3189250 -8.12
TOP 6 SHORT BUILD UP
Stock Name LTP % Price Change Open Int % OI Change
BIOCON 551.05 -11.21 8255700 40.43
APOLLOHOSP 1199.30 -3.22 1115500 33.43
RPOWER 6.45 -12.24 111652000 30.28
TVSMOTOR 485.40 -3.93 7012000 28.78
ESCORTS 665.25 -9.38 3960000 27.25
BRITANNIA 2696.15 -9.15 2251600 25.79
TOP 6 LONG CLOSURE
Stock Name LTP % Price Change Open Int % OI Change
IGL 308.50 -0.50 2472250 -16.84
RAMCOCEM 781.15 -0.34 1324000 -12.71
INFIBEAM 43.40 -3.23 9576000 -8.97
REPCOHOME 417.10 -3.02 902700 -8.78
UJJIVAN 324.45 -0.92 3401600 -8.20
M&MFIN 402.15 -2.87 11863750 -7.84
NIFTY OPTION OI CONCENTRATION CHANGE IN NIFTY OPTION OI
0
5
10
15
20
25
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
5000
10000
15000
20000
25000
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
10
20
30
40
50
60
70
80
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
0
10
20
30
40
50
60
70
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
-1600
-1400
-1200
-1000
-800
-600
-400
-200
0
200
400
250
255
260
265
270
275
30-Apr 1-May 2-May 3-May
Thou
sand
s
Index Fut. OI Index Fut. Net Buy
0
100
200
300
400
500
600
1370
1380
1390
1400
1410
1420
1430
30-Apr 1-May 2-May 3-May
Thou
sand
s
Stock Fut. OI Stock Fut. Net Buy
0
5
10
15
20
25
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
5000
10000
15000
20000
25000
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
10
20
30
40
50
60
70
80
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
0
10
20
30
40
50
60
70
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
-1600
-1400
-1200
-1000
-800
-600
-400
-200
0
200
400
250
255
260
265
270
275
30-Apr 1-May 2-May 3-May
Thou
sand
s
Index Fut. OI Index Fut. Net Buy
0
100
200
300
400
500
600
1370
1380
1390
1400
1410
1420
1430
30-Apr 1-May 2-May 3-May
Thou
sand
s
Stock Fut. OI Stock Fut. Net Buy
0
5
10
15
20
25
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
5000
10000
15000
20000
25000
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
10
20
30
40
50
60
70
80
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
0
10
20
30
40
50
60
70
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
-1600
-1400
-1200
-1000
-800
-600
-400
-200
0
200
400
250
255
260
265
270
275
30-Apr 1-May 2-May 3-May
Thou
sand
s
Index Fut. OI Index Fut. Net Buy
0
100
200
300
400
500
600
1370
1380
1390
1400
1410
1420
1430
30-Apr 1-May 2-May 3-May
Thou
sand
s
Stock Fut. OI Stock Fut. Net Buy
0
5
10
15
20
25
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
5000
10000
15000
20000
25000
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
10
20
30
40
50
60
70
80
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
0
10
20
30
40
50
60
70
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
-1600
-1400
-1200
-1000
-800
-600
-400
-200
0
200
400
250
255
260
265
270
275
30-Apr 1-May 2-May 3-May
Thou
sand
s
Index Fut. OI Index Fut. Net Buy
0
100
200
300
400
500
600
1370
1380
1390
1400
1410
1420
1430
30-Apr 1-May 2-May 3-May
Thou
sand
s
Stock Fut. OI Stock Fut. Net Buy
0
5
10
15
20
25
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
5000
10000
15000
20000
25000
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
10
20
30
40
50
60
70
80
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
0
10
20
30
40
50
60
70
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
-1600
-1400
-1200
-1000
-800
-600
-400
-200
0
200
400
250
255
260
265
270
275
30-Apr 1-May 2-May 3-May
Thou
sand
s
Index Fut. OI Index Fut. Net Buy
0
100
200
300
400
500
600
1370
1380
1390
1400
1410
1420
1430
30-Apr 1-May 2-May 3-May
Thou
sand
s
Stock Fut. OI Stock Fut. Net Buy
0
5
10
15
20
25
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
5000
10000
15000
20000
25000
1110
0
1120
0
1130
0
1140
0
1150
0
1160
0
1170
0
1180
0
1190
0
120
00
1210
0
Call Put
0
10
20
30
40
50
60
70
80
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0Call Put
0
10
20
30
40
50
60
70
2950
0
2960
0
2970
0
2980
0
2990
0
300
00
3010
0
3020
0
3030
0
3040
0
3050
0
Call Put
-1600
-1400
-1200
-1000
-800
-600
-400
-200
0
200
400
250
255
260
265
270
275
30-Apr 1-May 2-May 3-May
Thou
sand
s
Index Fut. OI Index Fut. Net Buy
0
100
200
300
400
500
600
1370
1380
1390
1400
1410
1420
1430
30-Apr 1-May 2-May 3-May
Thou
sand
s
Stock Fut. OI Stock Fut. Net Buy
8KSTREET - 04TH MAY 2019
COMMODITIES
BASE METALSMetals started the week on a positive note and started to fall by the week ending given the fall in demand as Chinese markets were going on Labour Day holiday. As part of aluminium fundamentals are concerned during Q1-2019, China’s imports of bauxite stood at 25.8 million tons which was up about 26.5% on a yearly basis. During March 2019 China imported about 9.03 million tons of bauxite, up about 1.6% m/m and 24.2% y/y. Guinea was China’s largest source of bauxite with a supply of about 4.65 million tons, up 4.5% on a monthly basis. During March 2019, a set of 459 manufacturers in China exported 354 million aluminum alloy wheels, down by 1.7% compared to March 2018. The export quantity was estimated to be 7.79 million, up 5.8% on a yearly basis. Treatment Charges (TC) for imported copper concentrate showed their declines in the previous week, as supplies slightly recovered after Las Bambas mine in Peru resumed transports after the local community ended the two-month blockade of a key highway. Spot lead is expected to rise about 150 yuan/ton at SHFE lead representing a bullish trend as only two trading days exists this week due to the May Day holiday. China’s export of steel products increased in Q12019 to 17.03 million tons of steel products, up 12.6% y/y and imported 2.9 million tons, down 16.1% y/y. Exports of refined tin for Q12019 in China reached a 11-year high, as LME tin firmed up and arbitrage opportunities emerged after trade restriction deterred Indonesian exports and lowered inventories across LME-approved warehouses to record lows. China exported 2,961 tons of refined tin in the said period which is double from Q42018 and up 51% from the same period last year. The quarterly exports were the highest since the third quarter of 2007. Tesla Inc expects global shortages of nickel, copper and other electric-vehicle battery minerals down the road due to underinvestment in the mining sector and the same shall give support to the prices in the immediate future.
BULLIONGold futures on international bourses plunged to their four month low during the week ended on 3rd May, 2019 after the US central bank policy meeting. During its third monetary policy meeting held on 30th April and 1st May, US Federal Reserve maintained status quo on its interest and lowered the possibility on near term rate cut as expected by the market. During the week, major economic releases were US consumer confidence which came at 129.2 against previous reading of 124.2 and market expectation of 126.2. US factory orders have expanded by 1.9% in April against contraction of -0.3% in March. The World Gold Council has released global gold supply demand estimates for Q1, 2019. According to WGC, world gold supply from all sources increased by 4.66% Y/Y while demand was surged by 7.37% Y/Y. Among demand segment, ETF investment has seen stupendous growth of 48.67% Y/Y while central bank buying also witnessed robust growth of 56.64% Y/Y. During the week, gold spot made four month low of $1267.45 per troy ounce. On domestic front, MCX gold futures made a low of Rs. 31240 per 10 grams tracking weakness in international market as well as appreciation of Indian rupee against US dollar.
CRUDE OILCrude oil prices slipped during the week over the concerns of surging US output and an expected supply increase from producer club OPEC putting crude on track for a second week of decline. The prices lowered after the US crude stocks surged massively as reported by EIA that US commercial crude oil inventories increased by 9.9 million barrels from the previous week. At 470.6 million barrels, US crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories increased by 0.9 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 1.3 million barrels last week and are about 6% below the five year average for this time of year. Separately, US has demanded that buyers of Iranian oil stop purchases by the start of May or face sanctions, ending six months of waivers that had allowed OPEC member Iran’s eight top customers, most of them in Asia to import limited volumes. On the other hand, Venezuela’s state-run PDVSA exported 1.06 million barrels per day (bpd) of crude and refined products last month, an 8% increase from March as the sanctioned company managed to boost shipments to China. As per Reuters, OPEC pumped 30.23 million bpd this month down 90,000 bpd from March and the lowest OPEC total since 2015. The market currently awaits the decisions from OPEC to increase production to compensate for lower output in Iran and Venezuela but the market also expects that the production cuts could be further extended till the end of current year. The United States has been pressuring OPEC to increase output to compensate for reduced supply by the likes of Iran and Venezuela and is likely to increase its own production. Over the last 10 weeks, hedge funds have been furiously accumulating oil futures contracts counting on OPEC exceeding its planned production cuts, Venezuela’s production drying up, Libya’s supply continuing to deteriorate and global oil demand growth continuously increasing.
GAUR COMPLEXGuar seed and gum futures traded downside during the week ended on April 26th 2019 due to selling pressure in the market tracking bearish fundamental outlook such as muted demand and restricted supply in major belts in Rajasthan that put pressure on gum prices. Spot markets have witnessed muted demand amid restricted arrivals in major trading centres have put pressure on guar prices. The Indian Meteorological Department (IMD) expects normal rainfall for the April-September monsoon season. Daily arrivals in Rajasthan are hovering near to 15000 - 20000 bags and expected to fall further which may cap the excessive losses. Gum export for the month of February 2019 was around 33906 MT lower by 18.8 % from the previous month. Guar seed most active March expiry slightly down by 0.12% and closed the week at Rs. 4317 per quintal whereas gum futures most active Mar delivery fell by 0.56% and settled the week at Rs. 8651 per quintal. In Rajasthan, arrivals were recorded around 16101 quintals from 22nd April to 27th April 2019 higher by 94 quintals from the last week.
COTTONCotton futures traded down for most part of the week ended on 3rd May on account of profit booking at higher levels. Sluggish export outlook resulting with strengthening of Indian currency sparked fresh selling at futures platform. Moreover, expected rise in export supply and better production outlook for upcoming season also weighed down on market sentiments during the week. Similarly, ICE cotton futures extended its losses on bearish weekly export sales data released by USDA on Thursday. Furthermore, forecast of favourable weather condition for ongoing planting activities across US and expectation of improvement in sowing activities weighed on the prices during yesterday’s session. Apart from that, market sentiments were weighed down by looming uncertainty over the trade talk between US and China that sparked long liquidation at futures platform. China is going to sell its cotton reserve in coming weeks. China will sell 1 million tonnes of cotton from its state reserves as part of a scheme to replace old stocks, marking the biggest reserve auction in at least 13 months. About 10,000 tonnes of cotton will be auctioned on every workday between May 5 and Sept. 30. USDA weekly export sales reports showed net sales of upland cotton for the week ending 25th April at 144,800 RB that were down by 39% from the previous week and 46% from the prior 4-week average. However, increases were reported for Turkey (42,600 RB), India (32,800 RB), Vietnam (18,200 RB), Indonesia (13,100 RB), and China (9,900 RB). Exports were primarily to Vietnam (80,000 RB), China (41,200 RB), Turkey (32,400 RB), Pakistan (29,700 RB) and India (16,000 RB). As per USDA crop progress report, about 11% of cotton planting was completed till 28th April in US against the 12% of prior year for corresponding period and 13% on 5 year average.
OIL & OILSEEDSOilseeds futures at domestic exchanges traded on a weaker note due to surging selling pressure at futures platform. Sluggish demand outlook and tumbling prices of meals weighed down the market sentiments during the week. Soymeal prices ruled lower in line with increased supply from southern America which kept supply higher across the globe. Meanwhile, reports of increased import of veg oil during months of March also added pressure to the oilseeds prices during the week ending on 3rd May. India imported about 9.88 lakh tones of soybean oil till March, 19 during marketing year 2018-19 (Nov 18-Oct 19) compared to 8.26 lakh tonnes of prior year, higher by 20% on yearly basis. India imported about 292925 tonnes of soybean oil in month of March against 220376 tonnes of prior month up by 33% on monthly basis. India imported about 8.02 lakh tonnes of palm oil of all categories during month of March compared to 7.51 lakh tonnes of prior months, higher by 7% on monthly basis. Total import of palm oil during 2018-19 ( Nov 18-Oct 19) were reported at 38.72 lakh tonnes against the 37.95 lakh tonnes of prior year for corresponding period higher by 2% y/y. Solvent Extractor Association of India (SEA) had released its meal export data for the month of March that showed soy meal export from India for month of March 2019 at 193920 MT against the 132375 MT of prior month, higher by 46.5% m/m. India exported about 1337215 MT of soybean during the time period of Apr 2018 – March 2019 wherein 1187818 MT was exported for corresponding period during last year, higher by 13% on yearly basis.
9KSTREET - 04TH MAY 2019
GOLD
COMMODITIES
TRENDSHEET
Commodities 18-Apr 26-Apr % Change 52 Week High% Change from 52
Week High52 Week Low
% Change from 52 Week Low
MCX Gold (Rs/10 gms) 31463.0 31885.0 1.3% 34031.00 -6.31% 29268.00 8.94%
MCX Silver (Rs/Kg) 37230.0 37533.0 0.8% 41698.00 -9.99% 34981.00 7.30%
MCX Crude Oil (Rs/bbl) 4439.0 4507.0 1.5% 5669.00 -20.50% 2993.00 50.58%
MCX Natural Gas (Rs/mmBtu) 173.6 179.3 3.3% 358.70 -50.01% 170.70 5.04%
MCX Copper (Rs/kg) 448.0 445.2 -0.6% 493.25 -9.75% 397.40 12.02%
MCX Lead (Rs/kg) 134.3 135.3 0.8% 171.80 -21.25% 132.00 2.50%
MCX Zinc (Rs/kg) 225.5 231.8 2.8% 233.65 -0.79% 163.80 41.51%
MCX Nickel (Rs/kg) 876.3 858.5 -2.0% 1063.50 -19.28% 735.00 16.80%
MCX Aluminium (Rs/kg) 149.5 151.3 1.2% 167.80 -9.86% 124.75 21.24%
NCDEX Soybean (Rs/Quintal) 3700.0 3703.0 0.1% 3915.00 -5.42% 3149.00 17.59%
NCDEX Refined Soy Oil (Rs/10 kg) 726.8 740.5 1.9% 786.75 -5.88% 713.60 3.77%
NCDEX RM Seed (Rs/Quintal) 3748.0 3768.0 0.5% 4244.00 -11.22% 3711.00 1.54%
MCX CPO (Rs/10 kg) 543.2 533.6 -1.8% 673.00 -20.71% 483.40 10.38%
NCDEX Castor Seed (Rs/Quintal) 5756.0 5640.0 -2.0% 6300.00 -10.48% 3831.00 47.22%
NCDEX Turmeric (Rs/Quintal) 6402.0 6472.0 1.1% 7702.00 -15.97% 5958.00 8.63%
NCDEX Jeera (Rs/Quintal) 16840.0 17220.0 2.3% 21000.00 -18.00% 15140.00 13.74%
NCDEX Dhaniya (Rs/Quintal) 7203.0 7298.0 1.3% 7579.00 -3.71% 4186.00 74.34%
MCX Cardamom (Rs/kg) 1707.5 1887.7 10.6% 1887.70 0.00% 818.50 130.63%
NCDEX Wheat (Rs/Quintal) 1852.0 1882.0 1.6% 2162.00 -12.95% 1680.00 12.02%
NCDEX Guar Seed (Rs/Quintal) 4321.5 4317.0 -0.1% 4869.50 -11.35% 3494.50 23.54%
NCDEX Guar Gum (Rs/Quintal) 8700.0 8639.0 -0.7% 10510.00 -17.80% 7200.00 19.99%
MCX Cotton (Rs/Bale) 22150.0 22160.0 0.0% 24280.00 -8.73% 19970.00 10.97%
NCDEX Cocud (Rs/Quintal) 2380.0 2470.0 3.8% 2504.00 -1.36% 1166.00 111.84%
NCDEX Kapas (Rs/20 kg) 868.0 868.0 0.0% 871.00 -0.34% 854.00 1.64%
MCX Mentha Oil (Rs/kg) 1508.0 1587.2 5.3% 1846.10 -14.02% 1106.00 43.51%
TECHNICAL RECOMMENDATIONS
ZINC
COPPER
COMEX Gold June contract delivery futures at $1289/Ounce made low of $1267 and trading around $1273 as on 3rd May, 2019. Prices are trading low on the daily EMA support levels 8, 13 ($1282-1286). The weekly momentum indicator is trading around 35, not yet oversold. Prices are witnessing a formation of MULTIPLE HEAD AND SHOULDERS PATTERN which is considered as a bearish pattern. Overall commodity is expected to move lower. However, lower period chart indicators have approached the oversold zone thus we might see mere pullbacks.Strategy: Gold June COMEX: Sell at $1280-1282 TP 1260 SL 1292Gold June MCX: Sell at 31450-31500 TP 31000 SL 31850
Zinc Cash settled prices at $28960 down by 1.3% as on 31st April, 2019 whereas 3M zinc forwards have settled around $2825 down by 3%. The spread between the cash and forward contract has increased by $50 from -86 to -135 during month of April 2019.
1)In the mentioned price chart, it is visible that prices are trading below the 8, 13 EMA support levels ($2830, 2820).
2)Prices have breached the consolidation phase support levels around $2745 and since then prices are moving higher long with rising trend channel supports and resistances.
3)The Fibonacci 61.8% is witnessing a resistance around $3120 levels of the range $3636-2284. The same is matching with the rising trend channel resistance levels.
4)The Monthly MACD is witnessing a signal line bullish crossover and also the same is trading above the Zero line.
5)The Monthly stochastic had recovered from oversold to normal zone and expected to extend fall.
Strategy: Zinc May MCX: Sell at 222.50-223 TP 215 SL 226
LME Copper 3M forward has settled marginally lower around $6432/Mt, down by 0.8% from the March 2019 closing price of $6473. Since last several months’ prices are moving higher after making a low of $6163 in the month of January 2019.
1)At present, prices are trading below the weekly and monthly EMA support levels ($6370-6400). In addition to this, prices are witnessing moving averages bearish crossover.
2)Weekly Stochastic has given bearish crossover.
3)Long term trend line is providing supports at $5900-5880 levels.
4)The weekly MACD is trading below the zero line showing weakness in the prices.
Strategy: Copper June MCX: Sell at 435-438 TP 420 SL 446
10KSTREET - 04TH MAY 2019
COMMODITIES
MCX CRUDE MCX NATURAL GAS
MCX CRUDE- PRICE, VOLUME & OPEN INTEREST MCX NATURAL GAS – PRICE, VOLUME & OPEN INTEREST
NEWS DIGEST
• Crude oil futures fell by Rs. 9 to Rs. 4,268 per barrel on Friday as speculators off-loaded
their bets amid a weak trend overseas. Trading sentiment was dampened in futures
trade after oil prices retreated in the international market on deepening sense of global
economic gloom and oversupply.
• On the Multi Commodity Exchange, crude for delivery in May contracts was trading down
by Rs. 9 or 0.21% at Rs. 4,268 per barrel in 20,606 lots.
• Copper prices and other industrial metals rebounded slightly on Friday on thin Labour Day
holiday trade with electric vehicle maker Tesla Inc expecting a global shortage for nickel
and copper. Tesla, a major minerals consumer saw shortages of nickel, copper and other
electric-vehicle battery minerals down the road due to under-investment in the mining
sector, its global supply manager for battery metals told a conference on Thursday.
• India’s cotton imports are likely to rise by 80% this crop year (October 2018 to September
2019) due to short supply of quality material for textile mills. Data compiled by apex
industry body, Cotton Association of India (CAI), forecasts raw cotton import at 2.7 million
bales (one bale equals 170 kg) for the season compared to 1.5 million bales the previous
year. Another industry body, Confederation of Indian Textile Industry (CITI) has estimated
a total import at 2.4 million bales.
• Gold and silver prices were trading lower in morning trade on Friday due to subdued
demand of precious metals from jewellers and retailers. Crude oil extended its fall after
surging US output and an expected supply increase from producer club OPEC and putting
crude on track for the second week of decline. MCX Gold futures were down 0.17% at Rs.
31,298 per 10 gram at around 11.45 am while MCX Silver futures were down 1.12% at 36,263
per 1 kg at around the same time.
WEEKLY COMMENTARY
• Crude oil fell to one-month low on Thursday as traders continued to react to rising US crude stockpiles and their potential impact on the OPEC-led attempt to trim the global supply and stabilize prices. The intense selling pressure which began last week materialized despite escalating political turmoil in Venezuela and the expanded sanctions against Iran that are designed to drive the nation’s exports to zero.
• The positive sentiments prevailing in the spot markets may lift the counter towards Rs. 6550-6600 levels. Cardamom on the national bourse is trading at two year high owing to anticipation of severe supply shortages in the ongoing season. Going ahead, we may see more upside of Rs. 2050-2100 levels. Cardamom price reached an all-time record of Rs. 3,000 a kg at the Spices Board of India’s auction centre at Puttady on Friday.
• Cotton futures (May) will possibly witness correction towards Rs. 22,200. Chana futures (May) is expected to crash further towards 4270 levels on estimates of higher pulses output in the upcoming Kharif season. For pulses in 2019-20, the government has set Kharif output target of 10.1 MT, higher than 9.01 MT production pegged in 2018-19.
• Gold and silver may trade on sideways bias with gold steady near a four-month low as comments from US Federal Reserve Chairman Jerome Powell reduced expectations of a near-term rate cut putting bullion on track for a weekly fall. The dollar looked set to end the week with a firmer tone on Friday as markets scaled back bets on a US rate cut though much depends on what jobs data due later in the session says about the health of the economy and wages.
-0.2
-0.15
-0.1
-0.05
0
0.05
0.1
0.15
22-Apr 24-Apr 26-Apr 28-Apr 30-Apr 2-May
$/B
BL
0
0.01
0.02
0.03
0.04
0.05
0.06
18-Apr 20-Apr 22-Apr 24-Apr 26-Apr 28-Apr 30-Apr 2-May
$/M
MB
tu
150
650
1150
1650
2150
2650
3150
3650
4150
4650
5150
0
50000
100000
150000
200000
250000
300000
350000
17-Apr 22-Apr 24-Apr 26-Apr 1-May 25-Apr
Open Interest Volume Price (INR/MMBTU)
3500
3700
3900
4100
4300
4500
4700
4900
0
50000
100000
150000
200000
250000
300000
350000
18-Apr 22-Apr 23-Apr 24-Apr 25-Apr 26-Apr 30-Apr 1-May 2-May 25-Apr
Volume Open Interest Price (INR/Bbl)
11KSTREET - 04TH MAY 2019
COMMODITIES
PRICES OF METALS IN LME/ COMEX/ NYMEX (IN US $)
Commodity Exchange Contract 26-Apr 03-May % change
Aluminium LME 3M 1846.50 1818.00 -1.54%
Copper LME 3M 6401.00 6175.00 -3.53%
Lead LME 3M 1949.00 1878.50 -3.62%
Nickel LME 3M 12435.00 12165.00 -2.17%
Zinc LME 3M 2763.50 2739.00 -0.89%
Gold CME June 1288.40 1271.70 -1.30%
Silver CME May 15.04 14.58 -3.09%
WTI Crude oil CME June 62.80 61.54 -2.01%
Natural Gas CME May 2.53 2.59 2.21%
INTERNATIONAL COMMODITY PRICES
Commodity Exchange Contract 26-Apr 03-May % change
Soybean CBOT July 873.00 848.50 -2.81%
Soy oil CBOT July 27.85 27.44 -1.47%
CPO BMD June 2119.00 2007.00 -5.29%
Cotton ICE July 77.69 75.42 -2.92%
FUTURE PRICES (% CHANGE)
LME WAREHOUSE STOCKS (IN TONS)
Commodity Previous week This week Change % Change
Copper 232225 228275 -3950 -1.70%
Zinc 81325 87775 6450 7.93%
Aluminium 1069075 1250250 181175 16.95%
Lead 74700 74400 -300 -0.40%
Nickel 173634 172902 -732 -0.42%
SHANGHAI WAREHOUSE STOCKS (IN TONS)*
Commodity Previous week This week Change % Change
Copper 219679 211630 -8049 -3.66%
Zinc 79399 72090 -7309 -9.21%
Aluminium 638030 621907 -16123 -2.53%
*Until Wednesday
WEEKLY STOCK POSITION IN LME (IN TONS)
COMEX WAREHOUSE STOCKS (IN TONS)
Commodity Previous week This week Change % Change
Copper 34731 33466 -1265 -3.64%
GLOBAL GOLD SUPPLY DEMAND FOR Q12019
Non-Commercial 14-04-2019 21-04-2019
Supply
Mine production 852.4 8.20%
Net producer hedging 10.0 -72.27%
Recycled gold 287.6 4.61%
Total supply 1150.0 4.66%
Demand
Fabrication
Jewellery 536.8 2.46%
Technology 79.3 -3.05%
Sub-total above fabrication 616.2 1.71%
Total bar & coin demand 257.8 -1.34%
ETFs & similar products 40.3 48.67%
Central bank & other inst. 145.5 56.64%
Gold demand 1059.7 7.37%
Surplus/Deficit 90.3 -19.25%
Total demand 1150.0 4.66%
LBMA Gold Price (US$/oz) 1303.8 -1.92%-13.74%
-3.87%
-3.72%
-3.40%
-3.18%
-2.79%
-2.51%
-2.35%
-2.43%
-2.20%
-1.84%
-1.89%
-1.57%
-1.52%
-1.04%
-0.92%
-0.45%
-0.31%
0.59%
0.85%
1.21%
1.30%
1.46%
1.90%
12.34%
-20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00%
Mentha Oil
Aluminum
Zinc
Dhaniya
Lead
CPO
Copper
Natural Gas
Soybean
Crude Oil
Nickel
Jeera
Silver
Gold
RM Seed
Castor Seed
Soy Oil
Turmeric
Cotton
Wheat
Barley
Cotton Seed Oil Cake
Guar Seed
Guar Gum
Cardamom
12KSTREET - 04TH MAY 2019
USD/INR
USDINR is currently trading at 69.21. During the week, it made a high of 69.89 and low of 69.20. The RSI is at 42.77. Moving average of 32 is at 70.91 and 55 is at 70.00. The trend is looking negative for the week. Hence, recommend selling at 69.60-69.70 TP 68.50 SL 70.00.
EUR/INR
EURINR is currently trading at 77.16. During the week, it made a high of 78.25 and low of 77.13. The RSI is trading at 34.71. Moving average of 32 is at 80.58 and 55 is at 80.54. The trend is looking negative for the week. Hence, recommend selling at 77.60-77.70 TP 76.30 SL 78.00.
GBP/INR
GBPINR is currently trading at 89.98. During the week, it made a high of 91.01 and low of 89.95. The RSI is trading at 43.77. Moving average of 32 is at 91.86 and 55 is at 91.46. The trend is looking negative for the week. Hence, recommend selling at 90.80-91.00 TP 89.50 SL 91.50.
JPY/INR
JPYINR is currently trading at 62.65. During the week, it made a high of 62.90 and low of 62.09. The RSI is at 46.73. Moving average of 32 is at 63.58 and 55 is at 62.98. The trend is looking sideways for the week. Hence, recommend selling at 62.80-62.90 TP 61.65 SL 63.30.
TECHNICAL RECOMMENDATIONMARKET STANCE
The rupee extended gains for third consecutive session rising by almost 21-paise vs. US$. It is expected to open mildly lower today while slump in oil prices would help limit depreciation. Dollar index extended gains against major currencies ahead of April employment data today. Fed has maintained “patient approach” and as such it has reduced the expectations of a rate cut. Today’s April employment data would be keenly watched as further strong data would support US$ in the backdrop of weak data from other major economies.
NEWS FLOWS OF LAST WEEK
• New orders for US made capital goods increased by the most in eight months in March.
• Dollar traded strong against majors as markets scaled back on a US rate cut. A lot will depend on what jobs data due later in the session says about the health of the economy and wages. Dollar index recovered from lows to trade at 97.81. It has managed not to fall below 97 mark.
• Pound failed to extend a four day rally after the Bank of England Governor said that policy makers were ready to raise borrowing costs by more than the market curve implied assuming the U.K. makes an orderly exit from the European Union.
• No surprises from BOE keeping the interest rates unchanged at 0.75%. Carney acknowledged that Brexit was creating a lot of uncertainty and the bank reiterated that the issue was the biggest factor determining the outlook for the U.K..
• Oil fell sharply with US crude dropping almost 3% as the market grappled with oversupply of fears as increased US sanctions on Iran had more gradual impact than expected and US crude oil inventories rose sharply.
• A surprisingly sharp retreat in the ISM index of manufacturing to 52.8 overshadowed a strong ADP report on hiring. Dollar traded near a 2 yr high against majors after strong US housing data further eased concerns of a slowdown in the US.
CURRENCY
CURRENCY TABLE
Currency Pair Open High Low Close
USDINR 69.82 69.89 69.20 69.21
EURINR 78.13 78.25 77.13 77.15
GBPINR 90.36 91.01 89.95 89.98
JPYINR 62.57 62.79 62.04 62.06
13KSTREET - 04TH MAY 2019
ECONOMIC GAUGE FOR THE NEXT WEEK
Local Start Date Local Time Country Relevance Indicator Name Period Reuters Poll Actual Unit Prior
4 May 2019 02:30 United States Not Rated All Car Sales Apr 4.790M Units 5.030M
4 May 2019 02:30 United States Not Rated All Truck Sales Apr 11.640M Units 12.410M
6 May 2019 07:15 China (Mainland) Low Caixin Services PMI Apr Index (diffusion) 54.4
6 May 2019 10:30 India Low Nikkei Markit Svcs PMI Apr Index (diffusion) 52.0
6 May 2019 19:30 United States Low Employment Trends Apr Index 111.0
6 May 2019 20:30 United States Not Rated Export Wheat Inspected 2 May, w/e Tonne 630.402k
6 May 2019 20:30 United States Not Rated Export Corn Inspected 2 May, w/e Tonne 1,366.230k
6 May 2019 20:30 United States Not Rated Exp Soybean Inspected 2 May, w/e Tonne 491.600k
7 May 2019 13:00 United Kingdom High Halifax House Prices MM Apr 0.2% Percent -1.6%
7 May 2019 13:00 United Kingdom Low HalifaxHousePrice 3M/YY Apr 4.5% Percent 2.6%
7 May 2019 13:30 China (Mainland) Low FX Reserves (Monthly) Apr 3.100T USD 3.099T
7 May 2019 13:30 United Kingdom Not Rated New Passenger cars Registration Apr Number of 4,58,054
7 May 2019 16:30 United Kingdom Low BBA Mortgage Rate Apr Percent 4.27%
7 May 2019 18:25 United States Low Redbook MM 4 May, w/e Percent 1.2%
7 May 2019 18:25 United States Low Redbook YY 4 May, w/e Percent 5.5%
7 May 2019 19:30 United States Medium JOLTS Job Openings Mar 7.230M Person 7.087M
8 May 2019 00:30 United States Medium Consumer Credit Mar 17.00B USD 15.19B
8 May 2019 03:00 United States Not Rated API weekly crude stocks 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 03:00 United States Not Rated API weekly gasoline stk 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 03:00 United States Not Rated API weekly dist. stocks 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 03:00 United States Not Rated API weekly heating oil 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 03:00 United States Not Rated API weekly crude imports 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 03:00 United States Not Rated API weekly product imports 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 03:00 United States Not Rated API weekly crude runs 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 03:00 United States Not Rated API Cushing number 29 Apr, w/e #N/P #N/P Number of #N/P
8 May 2019 04:31 United Kingdom Low BRC Retail Sales YY Apr Percent -1.10%
8 May 2019 16:30 United States Low MBA Mortgage Applications 3 May, w/e Percent -4.3%
8 May 2019 16:30 United States Low Mortgage Market Index 3 May, w/e Index 407.2
8 May 2019 16:30 United States Low MBA Purchase Index 3 May, w/e Index 259.4
8 May 2019 16:30 United States Low Mortgage Refinance Index 3 May, w/e Index 1,228.3
8 May 2019 16:30 United States Low MBA 30-Yr Mortgage Rate 3 May, w/e Percent 4.42%
8 May 2019 17:00 India Low M3 Money Supply 26 Apr, w/e Percent 10.9%
8 May 2019 20:00 United States Not Rated EIA Weekly Crude Stocks 3 May, w/e Barrel 9.934M
8 May 2019 20:00 United States Not Rated EIA Weekly Dist. Stocks 3 May, w/e Barrel -1.307M
8 May 2019 20:00 United States Not Rated EIA Weekly Gasoline Stk 3 May, w/e Barrel 0.917M
8 May 2019 20:00 United States Not Rated EIA Weekly Crude Imports 3 May, w/e Barrel 0.335M
8 May 2019 20:00 United States Not Rated EIA Weekly Rfg Stocks 3 May, w/e Barrel 0.000M
8 May 2019 20:00 United States Not Rated EIA Weekly Heatoil Stock 3 May, w/e Barrel -0.691M
8 May 2019 20:00 United States Not Rated EIA Weekly Prods Imports 3 May, w/e Barrel/Day -0.597M
8 May 2019 20:00 United States Not Rated EIA Weekly Dist Output 3 May, w/e Barrel/Day 0.064M
8 May 2019 20:00 United States Not Rated EIA Weekly Crude Runs 3 May, w/e Barrel/Day -0.137M
8 May 2019 20:00 United States Not Rated EIA Weekly Refining Util 3 May, w/e Percent -0.9%
8 May 2019 20:00 United States Not Rated EIA Wkly Crude Cushing 3 May, w/e Barrel 0.265M
8 May 2019 20:00 United States Not Rated EIA Weekly Gasoline O/P 3 May, w/e Barrel/Day 0.146M
8 May 2019 20:30 United States Low TR IPSOS PCSI May Index (diffusion) 60.71
8 May 2019 23:00 United States Not Rated EIA Ethanol Ref Stk 3 May, w/e Barrel 22,695k
8 May 2019 23:00 United States Not Rated EIA Ethanol Fuel Total 3 May, w/e Barrel/Day 1,024k
8 May 2019 China (Mainland) High Exports YY Apr 2.3% Percent 14.2%
8 May 2019 China (Mainland) High Imports YY Apr -3.6% Percent -7.6%
8 May 2019 China (Mainland) High Trade Balance USD Apr 35.00B USD 32.65B
8 May 2019 China (Mainland) Not Rated Yuan-Denominated Exports Apr Percent 21.3%
8 May 2019 China (Mainland) Not Rated Yuan-Denominated Imports Apr Percent -1.8%
8 May 2019 China (Mainland) Not Rated Yuan-Denominated Trade Ba Apr CNY 221.23B
9 May 2019 04:31 United Kingdom Medium RICS Housing Survey Apr -22 Net balance -24
9 May 2019 07:00 China (Mainland) High PPI YY Apr 0.6% Percent 0.4%
9 May 2019 07:00 China (Mainland) High CPI YY Apr 2.5% Percent 2.3%
CURRENCY
14KSTREET - 04TH MAY 2019
9 May 2019 07:00 China (Mainland) Medium CPI MM Apr 0.1% Percent -0.4%
9 May 2019 15:30 United Kingdom Low TR IPSOS PCSI May Index (diffusion) 49.63
9 May 2019 18:00 United States Not Rated Corn Export Sales New 2 May, w/e Tonne 668.20k
9 May 2019 18:00 United States Not Rated Corn Export Sales Net 2 May, w/e Tonne 586.500k
9 May 2019 18:00 United States Not Rated Corn Exp Sale Next Yr Net 2 May, w/e Tonne 209.50k
9 May 2019 18:00 United States Not Rated Corn Exp Sales Net Total 2 May, w/e Tonne 796.00k
9 May 2019 18:00 United States Not Rated Soybean Export Sales New 2 May, w/e Tonne 329.100k
9 May 2019 18:00 United States Not Rated Soybean Export Sales Net 2 May, w/e Tonne 313.400k
9 May 2019 18:00 United States Not Rated Soybean Exp Sale Next Yr Net 2 May, w/e Tonne 23.50k
9 May 2019 18:00 United States Not Rated Soybean Exp Sale Net Total 2 May, w/e Tonne 336.90k
9 May 2019 18:00 United States Not Rated Soybeanmeal Exp Sale Net 2 May, w/e Tonne 79.20k
9 May 2019 18:00 United States Not Rated Soymeal Exp Sls Next Yr Net 2 May, w/e Tonne 16.50k
9 May 2019 18:00 United States Not Rated Soybn Meal Exp Sls Net Total 2 May, w/e Tonne 95.70k
9 May 2019 18:00 United States Not Rated Soybeanoil Exp Sales Net 2 May, w/e Tonne 7.20k
9 May 2019 18:00 United States Not Rated Soybn Oil Exp Sls Nxt Yr Net 2 May, w/e Tonne 0.00k
9 May 2019 18:00 United States Not Rated Soybn Oil Exp Sls Net Total 2 May, w/e Tonne 7.20k
9 May 2019 18:00 United States Not Rated Wheat Export Sales New 2 May, w/e Tonne 194.000k
9 May 2019 18:00 United States Not Rated Wheat Export Sales Net 2 May, w/e Tonne 122.000k
9 May 2019 18:00 United States Not Rated Wheat Exp Sale Next Yr Net 2 May, w/e Tonne 297.40k
9 May 2019 18:00 United States Not Rated Wheat Exp Sale Net Total 2 May, w/e Tonne 419.40k
9 May 2019 18:00 United States Not Rated Beef Export Sales New 2 May, w/e Tonne 11.700k
9 May 2019 18:00 United States Not Rated Beef Export Sales Net 2 May, w/e Tonne 10.600k
9 May 2019 18:00 United States Not Rated Up Cotton Exp Sales New 2 May, w/e Number of 148.500k
9 May 2019 18:00 United States Not Rated Up Cotton Exp Sales Net 2 May, w/e Number of 144.700k
9 May 2019 18:00 United States Not Rated US Pork Export Sales New 2 May, w/e Tonne 18.200k
9 May 2019 18:00 United States Not Rated US Pork Export Sales Net 2 May, w/e Tonne 16.100k
9 May 2019 18:00 United States High International Trade $ Mar -51.8B USD -49.4B
9 May 2019 18:00 United States Not Rated Goods Trade Balance (R) Mar USD -71.45B
9 May 2019 18:00 United States High Initial Jobless Claims 4 May, w/e Person 230k
9 May 2019 18:00 United States Low Jobless Claims 4-Wk Avg 4 May, w/e Person 212.50k
9 May 2019 18:00 United States Medium Continued Jobless Claims 27 Apr, w/e Person 1.671M
9 May 2019 18:00 United States Medium PPI Final Demand YY Apr 2.3% Percent 2.2%
9 May 2019 18:00 United States Medium PPI Final Demand MM Apr 0.2% Percent 0.6%
9 May 2019 18:00 United States Medium PPI exFood/Energy YY Apr 2.5% Percent 2.4%
9 May 2019 18:00 United States Medium PPI exFood/Energy MM Apr 0.2% Percent 0.3%
9 May 2019 18:00 United States Low PPI ex Food/Energy/Tr YY Apr Percent 2.0%
9 May 2019 18:00 United States Low PPI ex Food/Energy/Tr MM Apr Percent 0.0%
9 May 2019 19:30 United States Medium Wholesale Invt(y), R MM Mar 0.5% Percent 0.0%
9 May 2019 19:30 United States Low Wholesale Sales MM Mar 0.2% Percent 0.3%
9 May 2019 20:00 United States Not Rated EIA- Nat Gas, Change Bcf 3 May, w/e Cubic foot 123B
9 May 2019 20:00 United States Not Rated Nat Gas-EIA Implied Flow 3 May, w/e Cubic foot 123B
10 May 2019 07:30 China (Mainland) Low TR IPSOS PCSI May Index (diffusion) 68.46
10 May 2019 07:30 China (Mainland) High Total Social Financing Apr 1,700.00B CNY 2,860.00B
10 May 2019 07:30 India Low TR IPSOS PCSI May Index (diffusion) 66.51
10 May 2019 14:00 United Kingdom Medium Business Invest QQ Prelim Q1 -0.6% Percent -0.9%
10 May 2019 14:00 United Kingdom Medium Business Invest YY Prelim Q1 Percent -2.5%
10 May 2019 14:00 United Kingdom High GDP Est 3M/3M Mar 0.5% Percent 0.3%
10 May 2019 14:00 United Kingdom High GDP Estimate MM Mar 0.0% Percent 0.2%
10 May 2019 14:00 United Kingdom High GDP Estimate YY Mar 2.0% Percent 2.0%
10 May 2019 14:00 United Kingdom Not Rated Services MM Mar Percent 0.1%
10 May 2019 14:00 United Kingdom Not Rated Services YY Mar Percent 2.3%
10 May 2019 14:00 United Kingdom Medium Industrial Output MM Mar 0.2% Percent 0.6%
10 May 2019 14:00 United Kingdom Medium Industrial Output YY Mar 0.6% Percent 0.1%
10 May 2019 14:00 United Kingdom High Manufacturing Output MM Mar 0.2% Percent 0.9%
10 May 2019 14:00 United Kingdom Medium Manufacturing Output YY Mar 1.3% Percent 0.6%
10 May 2019 14:00 United Kingdom Low Construction O/P Vol MM Mar -0.9% Percent 0.4%
10 May 2019 14:00 United Kingdom Low Construction O/P Vol YY Mar 4.4% Percent 3.3%
10 May 2019 14:00 United Kingdom Medium Goods Trade Balance GBP Mar -13.65B GBP -14.11B
10 May 2019 14:00 United Kingdom Low Goods Trade Bal. Non-EU Mar -5.400B GBP -5.841B
CURRENCY
15KSTREET - 04TH MAY 2019
CURRENCY
10 May 2019 14:00 United Kingdom High GDP Prelim QQ Q1 0.5% Percent 0.2%
10 May 2019 14:00 United Kingdom High GDP Prelim YY Q1 1.8% Percent 1.4%
10 May 2019 17:00 India Low Bank Loan Growth 22 Apr, w/e Percent
10 May 2019 17:00 India Low Deposit Growth 22 Apr, w/e Percent
10 May 2019 17:00 India Low FX Reserves, USD 29 Apr, w/e USD 418.52B
10 May 2019 17:30 India High Industrial Output YY Mar Percent 0.1%
10 May 2019 17:30 India Low Cumulative Ind. Output Mar Percent 4.0%
10 May 2019 17:30 India Low Manufacturing Output Mar Percent -0.3%
10 May 2019 18:00 United States Low Core CPI MM, SA Apr 0.2% Percent 0.1%
10 May 2019 18:00 United States Medium Core CPI YY, NSA Apr 2.1% Percent 2.0%
10 May 2019 18:00 United States Low CPI Index, NSA Apr 255.833 Index 254.202
10 May 2019 18:00 United States Low Core CPI Index, SA Apr Index 261.37
10 May 2019 18:00 United States High CPI MM, SA Apr 0.4% Percent 0.4%
10 May 2019 18:00 United States Medium CPI YY, NSA Apr 2.1% Percent 1.9%
10 May 2019 18:00 United States Low Real Weekly Earnings MM Apr 0.2% Percent 0.0%
10 May 2019 18:00 United States Not Rated CPI MM NSA Apr Percent 0.560%
10 May 2019 18:00 United States Not Rated CPI Index SA Apr Index 254.150
10 May 2019 20:30 United States Low Cleveland Fed CPI Apr Percent 0.3%
10 May 2019 21:30 United States Not Rated Fla Orange Output 18/19 May Number of 77M
10 May 2019 21:30 United States Not Rated WSD-Wheat Output 18/19 May Bushel (56lb) 1.884B
10 May 2019 21:30 United States Not Rated WSD-Wheat Endstocks19/20 May Bushel (56lb) 1.087B
10 May 2019 21:30 United States Not Rated WSD-Corn Output 19/20 May Bushel (56lb) 14.420B
10 May 2019 21:30 United States Not Rated WSD-Corn Endstocks 19/20 May Bushel (56lb) 2.035B
10 May 2019 21:30 United States Not Rated WSD-Soybean Output 19/20 May Bushel (56lb) 4.544B
10 May 2019 21:30 United States Not Rated WSD-Soybn Endstocks19/20 May Bushel (56lb) 895.000M
10 May 2019 21:30 United States Not Rated WSD-Cotton Output 19/20 May480 Pound
Bale18.390M
10 May 2019 21:30 United States Not Rated WSD-Cottn Endstocks19/20 May480 Pound
Bale4.400M
10 May 2019 21:30 United States Not Rated WSD-Beef Output 2020 May Pound 27.343B
10 May 2019 21:30 United States Not Rated WSD-Pork Output 2020 May Pound 27.339B
10 May 2019 21:30 United States Not Rated WSD-Poultry Output 2020 May Pound 48.951B
10 May 2019 21:30 United States Not Rated WSD-Corn Yield 19/20 May Bushel (56lb) 176.4
10 May 2019 21:30 United States Not Rated WSD-Corn Exports 19/20 May Bushel (56lb) 2.30B
10 May 2019 21:30 United States Not Rated World Corn E/S 19/20 May Tonne 314.01M
10 May 2019 21:30 United States Not Rated WSD-Corn Endstock 18/19 May Bushel (56lb) 2.140B
10 May 2019 21:30 United States Not Rated WSD-Soybean Yield 19/20 May Bushel (56lb) 51.6
10 May 2019 21:30 United States Not Rated WSD-Soybean Exp 19/20 May Bushel (56lb) 1.88B
10 May 2019 21:30 United States Not Rated World Soy E/S 19/20 May Tonne 107.36M
10 May 2019 21:30 United States Not Rated WSD-Soybean E/S 18/19 May Bushel (56lb) 438.00M
10 May 2019 21:30 United States Not Rated World Wheat E/S 19/20 May Tonne 275.61M
10 May 2019 21:30 United States Not Rated WSD-Wheat Endstocks18/19 May Bushel (56lb) 1.099B
10 May 2019 23:30 United States Low Federal Budget,$ Apr -154.00B USD -147.00B
10 May 2019 China (Mainland) High M2 Money Supply YY Apr 8.5% Percent 8.6%
10 May 2019 China (Mainland) High New Yuan Loans Apr 1,200.0B CNY 1,690.0B
10 May 2019 China (Mainland) Medium Outstanding Loan Growth Apr 13.6% Percent 13.7%
10 May 2019 India Low Trade Deficit Govt -USD Apr USD 10.89B
10 May 2019 India Low Imports - USD Apr USD 43.44B
10 May 2019 India Low Exports - USD Apr USD 32.55B
16KSTREET - 04TH MAY 2019