In the past weak, global stock markets witnessed volatile movements as a mixed bag of retail earnings and Federal Reserve minutes is partly to blame. The minutes revealed that the central bank foresees rates remaining high. The Fed opted to keep interest rates unchanged in a range of 5.25%-5.50% at the conclusion of its last meeting, marking a 22-year high. The latest Consumer Price Index (CPI) showed prices were flat over the last month and rose 3.2% over the prior year in October, decelerating from September's 0.4% monthly increase and 3.7% annual gain in prices. On the European Union front, the ECB's minutes confirmed the more cautious tone ECB President Christine Lagarde had already shown during the press conference in October. Risks to the growth outlook were clearly to the downside, and a disinflationary process had set in. Preliminary purchasing managers’index data from the Eurozone for November showed employment falling for the first time in nearly three years. Business activity continued to decline, although the rate of contraction slowed in output and new business. In Japan, core consumer price growth rose slightly in October, reinforcing views that the Bank of Japan (BOJ) may roll back monetary stimulus before long. The nationwide core Consumer Price Index (CPI) rose 2.9% year-on-year in October. Japan's factory activity shrank for a sixth straight month in November, while modest growth in the service sector remained little changed. Going forward much will depend on interest rate expectations, now that central banks are mostly done with a season of aggressive rate rises.
Back at home, the domestic stock market also witnessed volatile movements amid various global factors. India's crude oil imports rose in October, after falling in the previous four months, as the world's third-biggest oil importer and consumer shipped in more fuel to meet winter demand. In another development, the Indian government plans to ask state-run Oil and Natural Gas Corp to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp, an exercise that could raise about $1.9 billion. Going forward, declining oil prices and easing US bond yields are likely to support domestic stock market going forward.
On the commodity market front, the CRB has been displaying bearish signals, remaining in negative territory for the past three weeks. Gold experienced a second consecutive week of gains due to a weakening dollar index, while silver, despite the rise in gold prices, saw a decline. Energy markets showed mixed performance, with natural gas facing technical resistance around $3.6 and witnessing a sharp fall for the third consecutive week. Crude oil futures, after a continuous four-week decline from $88 to $72, saw some lower-level buying supported by positive news. The bullion counter is likely to gain further momentum. Gold and silver can oscillate between the range of 60,500-62,000 and 72,000-74,500, respectively. Crude oil can dance to the tune of the OPEC+ statement scheduled on November 30. Base metal prices can strengthen further if GDP data from many countries comes out positive. Consumer confidence, Core PCE Price Index and GDP Growth Rate of the US, Consumer confidence, Unemployment Rate, and Inflation rate of Germany, Manufacturing PMI of China, Inflation Rate of France, Core Inflation Rate of the Euro Area, GDP of India, and Canada, etc., are some crucial data scheduled this week that can give the next direction to commodity prices.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBIregistered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
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The bank reported improvement in its asset qualities along with healthy growth in advances and deposits. Its focus on digital banking would continue to support the business growth going forward. It is strategically expanding the business and major thrust would be on retail, agriculture, and MSME sectors, targeting 10-12% credit growth in FY24. Thus, it is expected that the stock will see a price target of Rs.515 in 8 to 10 months time frame on a current P/BV of 1.12x and FY25 (E) BVPS of Rs. 459.74.
According to the management of the company, the demand signals are positive across all product segments and it will continue to focus on cost optimization and work towards improving the operating margins. Moreover, it is expected to register a healthy revenue growth, supported by steady growth in automotive and telecom segments, as well as strong traction witnessed in new energy business with increasing demand for EV chargers and battery packs. Thus, it is expected that the stock will see a price target of Rs.801 in 8 to 10 months’ time frame on 1 yrs average P/BV of 2.05x and FY25 BVPS of Rs.390.93.
The stock closed at Rs.3629 on 24th November, 2023. It made a 52-week low of Rs.2691.50 on 23rd November, 2022 and a 52- week high of Rs.4068.85 on 31st July, 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.3475.
From last three months, stock has been trading under pressure and can be seen drifting with formation of lower high pattern on daily and weekly charts. However in a recent past stock has formed a Double Bottom pattern on weekly interval around 3250 levels and bounced back once again to regain a momentum above its 200 days exponential moving average on daily interval. At current juncture stock has formed an Inverted Head & Shoulder pattern on daily time interval, with prices seen giving a fresh breakout above the neckline of the pattern formation. Therefore, one can buy the stock in the range of 3610-3630 levels for the upside target of 3950-4000 levels with SL below 3350 levels.
The stock closed at Rs.3765 on 24th November, 2023. It made a 52-week low at Rs.2730 on 14th March, 2023 and a 52-week high of Rs.3934.70 on 08th August 2023. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs.3544.
A steep fall have been witnessed into the prices in recent past as stock seen a sharp correction from 3850 levels and tested 3300 levels over the period of weeks to form a Double Bottom pattern. However, a V shape recovery have seen into the prices since then as once again stock has manage to surpass above its 200 days exponential moving average on daily interval. At current juncture stock has given a breakout above the falling trend line of downward sloping channel with positive divergences seen on secondary oscillators. Therefore, one can buy the stock in the range of 3740-3760 levels for the upside target of 4080-4100 levels with SL below 3450 levels.
Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.
The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.
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In the week gone by, both Nifty and Banknifty indices managed to close with minor gains, indicating a market characterized by cautious optimism. The trading sessions witnessed a prevailing theme of narrow-range movements, reflecting a lack of decisive momentum. The subdued volatility suggests a cautious approach among investors, possibly awaiting clearer signals for a sustained trend. Last week we saw the PSU banks sector facing headwinds, emerging as a major laggard. On the positive side, realty, metal and oil & gas sectors displayed notable strength. Nifty maximum call open interest concentrated is at strikes 19,800 and 19,900 whereas on put side, the highest open interest is at strikes of 19,800 and 19,500. In banknifty, the highest call open interest noted at strikes of 44,000 and 44,500 whereas the highest put open interest concentrated at strikes of 43,500 and 43,000. Implied volatility (IV) for Nifty's call options settled at 9.48%, while put options concluded at 10.65%. The India VIX, a key indicator of market volatility, concluded the week at 11.32%. The Put-Call Ratio Open Interest (PCR OI) stood at 0.99 for the week. Nifty is continuously trading around 19800 level, which is now a key level. Given the prevailing narrow-range trading, investors may exercise caution and remain adaptable to changing market. In the upcoming week, Nifty may test 19,600 level on the downside, while on the upside, it may test the 20,000 level.
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**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
Turmeric prices traded mixed and remained downside for most part of the week due to surging selling pressure at futures as well as in the physical market. Reports of sluggish export in Sep’24 amid improved crop condition weighed on the market sentiments. Indian turmeric exports tumbled in Sep’24 by 35% Y-o-Y to 9.0 thousand tonnes with fall in imports in Bangladesh. Bangladesh has been largest importer of Indian turmeric but cut its imports by 70% Y-o-Y to 1083 tonnes. Overall production is likely to remain down as compared to current year (2023-24) year production of 10.45 lakh tonnes. In the wake of lower acreages under turmeric, it seems overall production for year 2024-25 is likely to drop at least by 8%-10% Y-o-Y. With recent fall in turmeric prices, turmeric export is expected to increase in coming months as per export seasonality that will cap the major downfall in turmeric prices. Turmeric prices are likely to trade in range of 11400 -13800 in coming weeks.
Jeera prices moved up on short covering triggered with emerging buying in local market. Supplies have been tighter that prompting stockists to go for aggressive buying on recent fall in prices. Impact of lower supplies is being seen on total export as Jeera export dropped again in Sep’24 by 65% Y-o-Y to 5.9 thousand tonnes as compared to 17.15 thousand tonnes of previous year. Total Jeera exports have slumped 32% Y-o-Y during Apr’23-Sep’23. Prices will track ongoing sowing activities which have picked up in Gujarat as 88696 Ha was sown under jeera as on 20th Nov’23 in Gujarat as compared to 77037 Ha of previous year. Better return over cost of cultivation and conducive sowing prospects will weigh on the market sentiments. Jeera Prices are expected to trade in the range of 40500- 51500 in near term.
Dhaniya prices traded mixed to down due to profit booking. Losses in dhaniya is likely to be limited as reports of surging exports and bleak global supplies will support fresh buying in dhaniya. Sowing activities are slower so far in year 2023 due to delayed sowing in Gujarat as only 35754 Ha was sown under dhaniya in Gujarat as on 20th Nov as compared to 95633 Ha of previous year. India exported about 4 thousand tonnes of dhaniya in Sep’23 against the 2.5 thousand tonnes of last year whereas overall export was reported at 66.2 thousand tonnes during Apr’23-Sep’23 higher by 297% Y-o-Y. Dhaniya prices are likely to trade in range of 7400-8480.
Gold prices marked their second consecutive weekly gain, buoyed by a weakening U.S. dollar and growing confidence in the Federal Reserve's conclusion of interest rate hikes. The dollar index was poised for a second consecutive weekly decline, rendering gold more affordable for holders of other currencies. Market optimism regarding the Federal Reserve's stance on interest rates increased as expectations for rate cuts in 2024 diminished, following data indicating a larger-than-anticipated drop in new claims for unemployment benefits in the previous week. Despite robust jobs data, concerns lingered about a slowing U.S. labor market amid elevated interest rates. Earlier in the week, the release of Fed minutes indicated a cautious approach, stating that the central bank would proceed "carefully," with unanimous agreement among participants to maintain the current rate setting. Market traders widely anticipate the Fed to keep rates unchanged in December, with approximately a 26% probability of a rate cut as early as March, according to CME's Fed Watch Tool. A notable discrepancy exists between market expectations for rates and the information presented in the Fed minutes, introducing some uncertainty into the gold price. The reduction in interest rates diminishes the opportunity cost associated with holding gold. In the spot gold market, a potential retest of resistance at $1,999 per ounce is anticipated, with a breakthrough possibly leading to further gains in the $2,009-$2,016 range. Looking ahead, prices on the MCX are expected to maintain a range of 59000-62000 levels, with a recommended strategy of buying on dips. Conversely, silver prices are likely to sustain a positive bias, finding support in the range of 70500-74500 levels.
Crude oil prices experienced a week of sideways movement amid mixed sentiments, potentially facing downward pressure due to a larger-than-expected increase in U.S. crude oil stockpiles. According to EIAdata, inventories rose by 8.7 million barrels for the week ending Nov. 17, significantly surpassing analysts' expectations of a 100,000-barrel increase. The postponement of the OPEC+ meeting to Nov. 30 added to the downward pressure, causing Brent futures to drop by up to 4%, and WTI by up to 5% during Wednesday's intraday trading. Trading activity remained subdued during the week, influenced by the Thanksgiving holiday in the U.S. Despite these challenges, the near-term outlook for the Chinese market offered support. Recent Chinese data and additional assistance to debt-ridden properties could positively impact the oil market's short-term trend. Chinese stocks saw an increase on Thursday amid expectations that the country would direct more stimulus toward the struggling property sector. However, potential gains might be limited by higher U.S. crude stockpiles and unfavourable refining margins, leading to diminished crude demand from U.S. refineries. The longer-term outlook for China remains tepid, with analysts suggesting that oil demand growth could weaken to around 4% in the first half of 2024, following robust post-COVID growth levels in 2023. The property sector's challenges in China are anticipated to impact diesel use negatively. Looking ahead, oil prices may continue to exhibit both upward and downward movements. Support is projected near 6100, while resistance could be encountered around 6600. In the natural gas market, prices settled at their lowest levels since early October as the market awaits colder weather that could stimulate demand. Predictions for the upcoming week suggest a broader trading range of 225-260 levels, with expectations of varying price movements.
Base metals may trade sideways with bullish bias as China's efforts to boost its economy and property sector sparked demand optimism in the world's top metal consumer. The country may allow banks to offer unsecured short-term loans to qualified property developers for the first time. Demand concern may continue to weigh on counter as the downturn in euro zone business activity eased in November but remained broad based, suggesting the bloc's economy will contract again this quarter as consumers continued to rein in spending, a survey showed. Copper may trade in the range of 705-735 levels. Stronger performance of yuan made it cheaper to buy the greenback-priced commodity, boosting import demand as reflected in a rally in Yangshan copper premium. A major Panama copper mine run by Canada's First Quantum Minerals is not operating at commercial levels, a spokesman said, following blockades by protesters at a key port that prevented the miner from receiving shipments of coal that power the site and other supplies. Zinc may trade in range of 218-238 levels. The global zinc market swung to a deficit of 15,400 metric tons in September from a surplus of 28,000 tons in August, data from the International Lead and Zinc Study Group showed. Lead can move in the range of 184-193 levels. The global lead market saw a deficit of 8,500 metric tons in September compared with a surplus of 63,000 tons in August, data from the International Lead and Zinc Study Group showed. Aluminium can trade in the range of 198-212 levels. Steel long (Dec) is likely to trade in the range of 42900-45300 levels and buy on dip should be the strategy.
Cotton prices extended its losses with surging arrival pressure as harvesting activities picked up at major producing states. Weather condition is favorable for harvesting that will boost supplies of new crop in the market. Daily arrivals have surged up and reported at 1.24 lakh bales as on 23rd Nov whereas cumulative arrivals of cotton in year 2023-24 has reached at 39.46 lakh bales as on 23rd Nov.The Committee on Cotton Production and Consumption estimated cotton production in the current season (October 2023 to September 2024) to be 316.57 lakh bales (170 kg each) as against 336.60 lakh bales in 2022-2023. Lower production estimated of cotton will cap the excessive losses in prices. Cotton Corporation of India is expected to commence its procurement of cotton at MSP across India that will support firmness in prices. The total consumption by textile mills is expected to be 294 lakh bales compared with 295 lakh bales last season. Exports are likely to be 25 lakh bales and imports 12 lakh bales. Cotton MCX prices are likely to trade in the range of 55500-59000 levels. Similarly, Kapas Apr’24 futures are likely to trade in range of 1530-1620 level. Similarly, cotton seed oil cake (Cocud) will trade down with increased availability of alternative meals in the market. Improved supply prospects will weigh on prices. Cocud prices are expected to trade in range of 2850-3100.
Guar seed futures dropped on surging selling pressure in the market due to bleak export demand of gum. Fading export prospects of gum in line with fall in crude oil prices is likely to put pressure on prices. Persistent weakness in crude oil prices has hampered the export opportunities of gum that will exert pressure on guar seed prices as well. However, overall production of guar has been down as compared to last year that will cap the losses. Guar gum export dropped by 16% M-o-M in Aug’23 to near 17 thousand tonnes due to limited buying by USA. Guar seed prices may find support soon near 5450 whereas resistance is seen at 6080. Similarly, Guar gum prices are likely to honor support of 10800 with resistance of 12700.
Mentha oil prices are likely to trade on positive bias with improved buying interest against limited availability in the market. Supplies have dropped with fall in production in year 2023 and that will support firmness in prices ahead. However, sluggish export of mentha oil is still major concerns for exporters that will cap the gains. India exported about 692 tonnes of mentha oil during Apr23- Aug’23 as compared to 886 tonnes of previous year down by 21% Y-o-Y. Mentha oil prices are likely to find support near 885 levels and resistance can be seen at 955 levels.
Castor Seed prices surged up because of lowering supplies in the market. Yield impacted a lot due to adverse weather condition in Oct and overall production is likely to be lower in year 2023-24. Castor seed production is estimated at 16.69 lakh tonnes in year 2023-24 as compared to 19.80 lakh tonnes of previous year, down by 16% Y-o-Y. Castor seed is likely to honor the support of 5900 and expected to move towards the resistance of 6300 in near term.
It closed at Rs. 721.30 on 23rd Nov 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs.717.22. On the daily chart, the commodity has Relative Strength Index (14-day) value of 59.272. Based on both indicators, it is giving a buy signal.
One can buy near Rs.717 for a target of Rs. 735 with the stop loss of 708.
It closed at Rs. 6374.00 on 23rd Nov 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs.6470.07. On the daily chart, the commodity has Relative Strength Index (14-day) value of 44.381. Based on both indicators, it is giving a sell signal.
One can sell near Rs.6400 for a target of Rs.5800 with the stop loss of 6650.
It closed at Rs.5623.00 on 23rd Nov 2023. The 18-day Exponential Moving Average of the commodity is currently at Rs. 5721.91. On the daily chart, the commodity has Relative Strength Index (14-day) value of 38.666. Based on both indicators, it is giving a buy signal.
One can buy near Rs. 5600 for a target of Rs. 5900 with the stop loss of 5450.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
“The CRB has been displaying bearish signals, remaining in negative territory for the past three weeks. Gold experienced a second consecutive week of gains due to a weakening dollar index, as an overall weaker dollar and lower U.S. Treasury yields buoyed demand for bullion. Data showed orders for long-lasting U.S. manufactured goods fell by a more-than-expected 5.4% in October, signaling an economy cooling considerably after hot third-quarter growth. The number of Americans filing new claims for unemployment benefits fell more than expected last week, while silver, despite the rise in gold prices, saw a decline. Energy markets showed mixed performance, with natural gas facing technical resistance around $3.6 and witnessing a sharp fall for the third consecutive week. Crude oil futures, after a continuous four-week decline from $88 to $72, saw some lower-level buying supported by positive news. Oil prices gained more than 6% over the past two sessions amid growing expectations that OPEC+ will reduce supply further to bolster prices ahead of its meeting on Nov. 26. In a surprise move, the Organization of the Petroleum Exporting Countries and allies, including Russia, delayed the ministerial meeting to Nov. 30, where they were expected to discuss oil output cuts. Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+. Among the base metals, only copper showed strength, while the others exhibited a bearish trend. Steel prices gained momentum on the upside. Limited supply and healthy demand in top metal consumer China underpinned imports, reflected by a recent rally in the Yangshan copper premium, which hit a one-year high this week. China's aluminum imports rose for the fifth straight month in October, according to customs data, as buying appetite improved amid solid demand and expectations of reduced supply in the domestic market.
In agricultural markets, castor seed couldn't sustain higher levels and ended the week in the red. It saw some recovery in the past due to lowering supplies in the market. Yield was impacted a lot due to adverse weather conditions in October, and overall production is likely to be lower in the year 2023-24. Castor seed production is estimated at 16.69 lakh tonnes in the year 2023-24, compared to 19.80 lakh tonnes in the previous year, down by 16% YoY. Cotton candy futures traded lower, but kapas and cotton oil seeds cake futures showed strength. Guar markets were range-bound with a bearish bias. In the spices segment, jeera recovered from lows, but turmeric, part of the yellow spices, slipped for the third consecutive week. Dhaniya futures gained further strength, and sunflower oil futures rose for the second consecutive week.”
Sunflower oil is used in a variety of food and industrial applications. Apart from commercial uses, it has numerous health benefits, as it is high in vitamin E and other antioxidants. Sunflower is the third largest produced oilseed in the world. Sunflower oil is the world's fourth most consumed vegetable oil.
India's National Commodity and Derivatives Exchange (NCDEX) has launched sunflower oil futures contracts on Nov 12, to provide importers with a hedging tool amid volatile prices.
Sunflower Production in India
Sunflower oil is the fourth most consumed edible oil in India, following mustard, soybean, and palm oil. India imports a substantial amount of sunflower oil due to limited domestic production. India fulfils 90% of its import demand from top producing countries of sunflower oil Based on last five years’ data (2018-23), Ukraine, Russia and Argentina jointly account for around 95% share of total imports into India with Ukraine having the highest share i.e. around 70%. Usually India imports around 200,000 tons of sunflower oil per month, but in the last few months it is making purchases of more than 300,000 tonnes. India could import a record 3.2 million tons of sunflower oil in the new marketing year starting from Nov. 1. Karnataka is highest producer in India with 50% share followed by Orissa, Telangana and Maharashtra.
Global sunflower production
Global sunflower production in 2022-23 is estimated to be 49.2 million metric tons (MMT), down 14% from the previous year's record crop of 57.5 MMT. This decline is primarily due to reduced production in Ukraine, Russia, and Moldova, the world's top three sunflower producers. Ukraine and Russia account for about 75% of global exports. The war has disrupted agricultural production in Ukraine, causing a significant reduction in sunflower acreage and yields while Russia experienced drought conditions in 2022, which reduced sunflower yields. The rising cost of fertilizers and other inputs has also made sunflower production more expensive, discouraging some growers from planting the crop. The decline in global sunflower production is expected to have a significant impact on the global sunflower oil market.
Global sunflower demand in 2022-23 is projected to be around 49.9 million metric tons (MMT) approximately 2% lower from the previous year's demand of 50.9 MMT due to higher sunflower oil prices, Ukraine-Russia conflict and increased competition from other vegetable oils. With reduced supplies from these two countries, sunflower oil prices are expected to remain high in the near term.
Due to the rising volatility in the prices of vegetable oil in recent years, the need of hedging is becoming important for the traders. With NCDEX Crude Sunflower Oil Future contract value chain participants can manage their price risk.
The Indian Rupee was largely stable in the past week with a limited range seen between 83.26 to 83.34, lacking any significant global triggers. However there might be a potential for a relief rally in the rupee, possibly reaching 83.10 by next week, driven by anticipated dollar sales from exporters at month-end. Additionally, attention should be directed towards oil prices, with the OPEC+ meeting rescheduled for November 30, as any substantial production cuts lift oil prices higher and eventually push rupee to fall further. On the global front, Dollar Index is set to weaken its worst month in year nearing its three months low of 103.17 made earlier this week. Euro and Pound both ended the week on a positive note after upbeat October PMIs. Key to watch 103.00 DXY handle which can be a pivotal in coming days. The big attraction in this week was the rise of yen on speculation of BOJ policy adjustments. The yen strengthened to 149.55 per dollar, up 1.5% for the month. Going forward markets now await key U.S. data on Thursday. October's core Personal Consumption Expenditure (PCE) inflation, a closely watched inflation gauge, is expected to moderate to 0.2% month-on-month, from 0.3% in September. A lower than anticipated print could reinforce views that the Federal Reserve won't tighten policy rates further. However, any upside surprise will quickly help the dollar to rebound against a basket of currencies.
USDINR (OCT) pair is currently in an Mild Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 83.29. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 56.4 on the daily chart. Major support is seen around 82.8 levels, while resistance is expected near 83.7 levels.
One can buy near 83.1 for the target of 83.7 with the stop loss of 82.8
GBPINR (OCT) pair is currently in an Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 103.05. However, the pair is in overbought territory with a Relative Strength Index (14- day) value of 67 on the daily chart. Major support is seen around 103 levels, while resistance is expected near 105.5 levels.
One can sell near 104.75 for the target of 103.5 with the stop loss of 105.25
EURINR (OCT) pair is currently in an Bullish trend as trading above its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 89.78. However, the pair is in Overbought territory with a Relative Strength Index (14- day) value of 70 on the daily chart. Major support is seen around 91.5 levels, while resistance is expected near 91.8 levels.
One can sell near 91.25 for the target of 90.25 with the stop loss of 91.75
JPYINR (OCT) pair is currently in an Mild Bearish trend as trading between its major Exponential Moving Average where, the 21-day Exponential Moving Average is around 55.81. However, the pair is in Neutral territory with a Relative Strength Index (14-day) value of 51.15 on the daily chart. Major support is seen around 55.2 levels, while resistance is expected near 57 levels.
One can buy near 55.75 for the target of 56.75 with the stop loss of 55.25
After a slow start, Fedbank Financial Services IPO was fully subscribed 1.02 times on November 24 morning, the final day of subscription. Investors had bid for 5.68 crore shares against an issue size of 5.6 crore. Retail investors bought 1.42 times their allotted quota of shares, non-institutional investors (NIIs) picked up 66 percent, while qualified institutional buyers (QIBs) subscribed 56 percent of the shares set aside for them. The firm has reserved Rs 10 crore worth of shares for its employees who will get them at a discount of Rs 10 to the final offer price. Employees have bought 91 percent of their allotted quota. Fedbank aims to raise Rs 1,092.26 crore through the IPO, which comprises a fresh issuance of 4.29 crore shares worth Rs 600.77 crore and an offer-for-sale (OFS) of 3.51 crore shares worth Rs 492.26 crore at the upper end of the Rs 133-140 price band. Fedbank Financial Services raised Rs 324.68 crore through the anchor book on November 21. A total of 22 investors participated in the anchor book, including Societe Generale, Integrated Core Strategies, Marshall Wace Investment Strategies, Goldman Sachs, Segantii India Mauritius, Copthall Mauritius Investment, and Citigroup Global Markets, the company told the exchanges. ICICI Securities, BNP Paribas, Equirus Capital Private and JM Financial are the book-running managers for the issue, while Link Intime India is the registrar.
Gandhar Oil Refinery IPO has been subscribed 19.98 times so far on November 24, the final day of bidding, with bids coming in for 42.44 crore shares against 2.12 crore shares on the block. Non-institutional investors (NIIs) took the lead, booking 37.56 times their quota of shares. The portion set aside for retail investors was booked 21.3 times and that of qualified institutional buyers 3.96 times. The company has reserved 50 percent of the net issue for QIBs, 15 percent for NIIs and the remaining 35 percent for retail investors. The white oil manufacturer plans to raise Rs 500.69 crore via the public offer, which is a fresh issue of 1.78 crore shares worth Rs 302 crore and an offer-for-sale of 1.17 crore shares worth Rs 198.69 crore. The price band has been set at Rs 160-169 a share. The lot size is 88 shares, which means the minimum investment required by retail investors is Rs 14,872. Gandhar Oil Refinery mobilised Rs 150.2 crore through its anchor book on November 21 ahead of the opening of its public issue. As per the filing to exchanges, Gandhar Oil Refinery allocated shares to a total of 16 anchor investors, including Morgan Stanley, Societe Generale, Copthall Mauritius Investment, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Whiteoak Capital, Ashoka India Equity Investment Trust, Turnaround Opportunities Fund, Aditya Birla Sun Life Insurance Company, and SBI General Insurance Company.
The Tata Technologies IPO, as expected, turned out to be a strong success for the Tata Group as the Rs 3,042.51-crore offer saw 19.25 times subscription with bids coming in for 86.69crore equity shares against an issue size of 4.5 crore on November 24, the final day of bidding. The first public issue from Tata Group since the Tata Consultancy Services IPO in 2004, was fully subscribed in the first hours of opening and ended the debut day with 6.54 times buying and Day 2 with 14.85 times subscription. On Day 3, of the last day of bidding, qualified institutional buyers and high net-worth individuals (non-institutional investors), who have 50 percent and 15 percent reservation in the net issue, bought 14 times and 41 times their allotted portions. Even retail investors, Tata Technologies employees and Tata Motors shareholders also looked aggressive in the offer, subscribing 13.14 times, 2.79 times and 23.74 times the portion set aside for them, which is 35 percent of the net issue, 20.28 lakh shares and 60.85 lakh shares reserved in the issue.
Rajkot-based ethnic snack company Gopal Snacks has filed its draft red herring prospectus (DRHP) with capital market regulator Sebi to raise funds through an IPO. The IPO is entirely an offer for sale (OFS) of equity shares worth up to Rs 650 crore by promoters and other selling shareholders. Under the OFS, Bipinbhai Vithalbhai Hadvani, Gopal Agriproducts, Harsh Sureshkumar Shah will participate. The offer is being made through the book-building process, wherein 50% will be available for allocation on a proportionate basis to qualified institutional buyers, 15% to non-institutional investors, and 35% to retail individual investors. The IPO also includes a reservation for subscription by eligible employees. Under the "Gopal" brand, the company sells an average of 8.01 million packets per day, which has a wide range of savouries products, including fast-moving consumer goods like papad, spices, gram flour or besan, noodles, rusk, and soan papdi, as well as ethnic snacks like namkeen and gathiya and western snacks like wafers, extruded snacks, and snack pellets. Its product portfolio comprises 84 products with 276 SKUs. As on September 30, 2023, the namkeen makers’ products were sold in 10 states and 2 Union Territories and has a network of 3 depots and 617 distributors.
Mukka Proteins, which manufactures fish meal, fish oil, and fish soluble paste, has received capital markets regulator Sebi's go-ahead to raise funds through an initial public offering (IPO). The IPO is an entirely fresh issue of up to 8 crore equity shares, according to the draft red herring prospectus (DRHP). The company, which had refiled its draft IPO papers with the regulator in June, obtained an observation letter from it on October 30, an update with the Securities and Exchange Board of India (Sebi). Going by the draft papers, the company proposes to utilize up to Rs 120 crore towards working capital requirements, up to Rs 10 crore for investment in its associate, Ento Proteins Pvt Ltd, for funding its working capital requirements besides a portion will be used for general corporate purposes. According to market sources, the IPO size could be anywhere between Rs 175 crore and Rs 200 crore. The Mangaluru-based company manufactures fish meal, fish oil, and fish soluble paste, an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer), and pet food (dog and cat food). It has six manufacturing facilities, of which two are held through its foreign subsidiary, Ocean Aquatic Proteins LLC, which is based in Oman and four are located in India. Additionally, the company runs five storage facilities and three blending facilities in India.
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Mahindra Manulife Mutual Fund has filed a draft document for a multi asset allocation fund. Mahindra Manulife Multi Asset Allocation Fund is an open-ended scheme investing in equity, debt, gold/silver/ Commodity Exchange Traded Funds (ETFs) and Exchange Traded Commodity Derivatives. The scheme will be benchmarked against 45% NIFTY 500 TRI + 40% CRISIL Composite Bond Index + 10% Domestic Price of Physical Gold + 5% Domestic Price of Silver (First Tier Benchmark). It will be managed by Renjith Sivaram Radhakrishnan (equity investments), Rahul Pal (debt investments), Kush Sonigara (overseas investments). The investment objective of the scheme is to generate long-term capital appreciation and income by investing in equity and equity related securities, debt and money market instruments, Gold/Silver/Commodity ETFs and Exchange Traded Commodity Derivatives (ETCDs) as permitted by SEBI from time to time. The minimum application amount will be Rs 1,000 and in multiples of Re 1 thereafter. The scheme will offer two plans - regular and direct - both with growth and IDCW options.
Aditya Birla Sun Life Mutual Fund has filed draft documents for two new target maturity schemes: Aditya Birla Sun Life Crisil IBX Gilt June 2027 Index Fund and Aditya Birla Sun Life Crisil IBX Gilt April 2033 Index Fund. Aditya Birla Sun Life Crisil IBX Gilt June 2027 Index Fund is an open-ended target maturity index fund tracking the CRISIL IBX Gilt Index – June 2027 with a relatively high interest rate risk and relatively low credit risk. The scheme will be benchmarked against Crisil IBX Gilt Index – June 2027. The investment objective of the scheme is to generate returns corresponding to the total returns of the securities as represented by the CRISIL IBX Gilt Index – June 2027 before expenses, subject to tracking errors. In line with the maturity profile of the underlying Index, the maturity of the scheme will be June 30, 2027. Aditya Birla Sun Life Crisil IBX Gilt April 2033 Index Fund is an open-ended target maturity index fund tracking the CRISIL IBX Gilt Index – April 2033 with a relatively high interest rate risk and relatively low credit risk. The scheme will be benchmarked against CRISIL IBX Gilt Index – April 2033 . The investment objective of the scheme is to generate returns corresponding to the total returns of the securities as represented by the CRISIL IBX Gilt Index – April 2033 before expenses, subject to tracking errors. In line with the maturity profile of the underlying Index, the maturity of the scheme will be April 29, 2033.
Bajaj Finserv Mutual Fund has announced the launch of Bajaj Finserv Balanced Advantage Fund, an open-ended dynamic asset allocation fund suitable for investors wanting to invest in equity and equity-related instruments including derivatives, and fixed income instruments. The scheme will open for subscription on November 24, and close on December 8. The minimum application amount is Rs 500 in multiples of Re 1 and the minimum additional application amount is Rs 100 in multiples of Re 1. Bajaj Finserv BAF says it uses a unique investment model which combines an approach of behavioural sciences and financial insights. Rather than using only quantitative models to decide allocation, the Bajaj Finserv AMC investment team analyses behavioural aspects as well, which may help investors earn better returns over the long term, the press release said. The fund’s balanced advantage fund or BAF model estimates the fair market value based on future earnings per share, growth expectations, and interest rates, guiding the core investment strategy. The fund's behavioural indicator helps navigate market volatility and optimize returns by fine-tuning entry and exit points. It also guides equity allocation, increasing it when the market is undervalued and reducing it when it's overvalued.
Portfolio Management company, Unifi Capital Pvt. Ltd, has received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a mutual fund business in India. As per the status of mutual fund applications on SEBI’s website as on September 30, 2023, Unifi had applied for the mutual fund license on December 31, 2020. Unifi Capital is long-only India centric fund manager, specialising in event-oriented top-down themes and a bottom-up focus on “growth with value”. Established in 2001, Chennai-based Unifi Capital has assets under management (AUM) of Rs 20,400 crore on behalf of about 10,000 Portfolio Management Services (PMS) and Alternative Investment Funds (AIF) clients across 22 states in India. “We will play to our well-established strengths in deep bottom-up research and deliver a high standard of excellence that puts client experience manifestly front-and-centre. Within the regulatory framework, we have more than enough space to offer differentiated investment strategies that mutual fund investors are yet to be served,” said K Sarath Reddy, Founder of Unifi Capital. Reddy is also the managing director and chief investment officer (CIO).
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