Stock market news: Oil traders pressed the sell-off button on Tuesday as the energy commodity tanked over 2.7 per cent in the domestic market as a stronger dollar cut the demand for the fuel as an alternative asset. Stronger greenback makes oil more expensive for those holding other currencies, thus dimming demand. The dollar rallied as better than expected US economic data and comments from Fed officials boosted the case for a rise in US interest rates in the near-term. A gauge for capital spending in the US surged 1 per cent in April from the last month, while sales of new homes climbed 6.8 % to a 517,000 annualized pace in April 2015 and the index measuring consumer sentiment increased to 95.4 in May from a 4-month low of 94.3 in April. Meanwhile, private sector output grew at a strong clip in May as a combined gauge of manufacturing and services stood at 56.1, just shy of April’s 57, but well above the neutral 50-mark. Speculation that the Organisation for Petroleum Exporting Countries (OPEC), which accounts for about 40 per cent of global crude supplies, will keep its production target unchanged at 30 million barrels per day at its meet on June 5, 2015 despite a recent slump in prices owing to oversupply fears also weighed on sentiment. Oil may rebound today as the sharp losses in the previous session offer a good opportunity for bargain buying. At the MCX, Crude oil futures, for the June 2015 contract, closed at Rs 3,725 per barrel, down by 2.74 per cent, after opening at Rs 3,826, against the last close price of Rs 3,830. It touched an intraday low lying of Rs 3,710 till the closing.
Market Calls for 27 May 2015
STOCK FUTURES
FUTURE: BUY BHARAT FORGE ABOVE 1267 TGTS 1273/1283/1297 SL 1259
FUTURE BONANZA
FUTURE BONANZA: BTST BOOK PROFIT IN BPCL BUY CALL AT CMP 790 NEAR TO OUR 1ST TGT 792 AND REVISE SL AT COST
ULTRA EQUITY
ULTRA CASH: BUY ADANIENT ABOVE 788 TGTS 794/803 SL 774
EQUITY HNI
OPTION HNI: BUY ASHOKLEY 70 CALL ABOVE 0.75 TGTS 1.50/2.50 SL 0.10
EQUITY HNI
EQUITY HNI: SELL ABB BELOW 1350 TGTS 1337/1322 SL 1365
ULTRA OPTIONS
ULTRA OPTION: BUY UPL 550 PUT ABOVE 8 TGTS 11/16 SL 4
ULTRA FUTURES
ULTRA FUTURE: SELL DLF BELOW 115.50 TGTS 114.25/112.50 SL 116.75
OPTIONS HNI
OPTION HNI: BUY ASHOKLEY 70 CALL ABOVE 0.75 TGTS 1.50/2.50 SL 0.10
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