Stock Market News: The yellow metal succumbed to losses, in the domestic and overseas market, on Thursday as investors remained unsure of when the US Federal Reserve will start raising interest rates for the first time since 2006. A mixed batch of US economic data cast uncertainty over the timing of the Fed’s planned rate lift-off. While weekly jobless claims numbers edged higher, the four-week average, a less volatile figure, fell to a 15-year low at 266,250 in the period ended May 16 from 271,750, a sign that the labour market recovery in the US remains on track. Meanwhile, gains in a US leading index accelerated in April but existing home sales fell last month and manufacturing expansion slowed in May. While minutes from the Fed’s April meet signaled little likelihood of rate tightening in June, policymakers kept the door open for rate hikes over the subsequent meetings. Gold tends to benefit from loose monetary policies, which increases the metal’s appeal as a store of value. A weaker dollar, though, boosted the demand for gold as an alternative asset, curbing losses in the precious metal. A weaker greenback makes gold cheaper for those holding other currencies, thus bolstering desired.
Gold may trade on a cautious note today as traders eye Fed Chair Janet Yellen’s speech later on Friday who may offer further cues over the timing of a US rate hike. At the MCX, Gold futures for June 2015 contract closed at Rs 27,108 per 10 gram, down by 0.65 per cent after opening at Rs 27,278, against the last closing price of Rs 27,284. It touched the intra-day low of Rs 27,089 till the closing.
Jeera prices closed higher by 0.29 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. At NCDEX, jeera futures for June 2015 contract closed at Rs. 18,710 per quintal, up by 2.44 per cent, after opening at Rs. 18,425 against the previous closing price of Rs. 18,455. It touched the intra-day maximum of Rs. 18,740.
22 MAY 2015 TRADING CALLS
INTERNATIONAL FOREX PACK
I FOREX: BUY GBP/USD ABOVE 1.5682 TGTS 1.5702/1.5732 SL 1.5662
STOCK FUTURES
FUTURE: BUY ADANI ENTERPRISE ABOVE 785 TGTS 788/793/800 SL 781
STOCK FUTURES
FUTURE: STBT APOLLO TYRE MADE A LOW OF 183.20 NEAR TO OUR 1ST TGT 182.75 AS REC TO SELL YESTERDAY @ 184 BOOK PARTIAL PROFIT AND EXIT
ULTRA FUTURES
ULTRA FUTURE: BUY TECH MAHINDRA ABOVE 660 TGTS 665/672 SL 655
STOCK FUTURES
FUTURE: BUY AXIS BANK ABOVE 574 TGTS 577/582/589 SL 570
NIFTY FUTURES
NIFTY: BUY BANK NIFTY ABOVE 18545 TGTS 18585/18645/18745 SL 18485
ULTRA EQUITY
ULTRA CASH: BUY CIPLA IN THE RANGE 674-674.50 TGTS 680/692 SL 666
EQUITY HNI
EQUITY HNI: BUY WHEELS INDIA ABOVE 1270 TGTS 1285/1305 SL 1245
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