Stock Market News : Starting the week on a rather gloomy note, crude oil prices retreated more than 1 per cent in the domestic market on Monday as trader’s exited positions in the energy commodity as heightened fears over a supply glut plaguing the global oil market marred sentiment. OPEC members Saudi Arabia, Iraq and the UAE, are all pumping oil at record rates, overshadowing a drilling slowdown in the US amid the twenty-seventh straight weekly drop in US oil drilling rig count. A surprise drop in US industrial output in May signaled weakness in the world’s biggest economy that succumbed to a contraction earlier in the year, darkening the demand outlook for the fuel. US industrial production fell 0.2 per cent in May 2015 from the previous month, when it shrank a revised 0.5 per cent. Moreover, manufacturing activity in the New York region shrank in June, adding to investor jitters. The gauge measuring manufacturing activity in the New York region fell to -2 in June from 3 in May, with a reading below zero signaling contraction. Oil may rebound today as the sharp losses in the fuel in recent sessions offer investors, a good bargain buying opportunity, at existing levels.
At the MCX, Crude oil futures, for the June 2015 contract, closed at Rs 3,818 per barrel, down by 1.04 per cent, after opening at Rs 3,852, against the last close price of Rs 3,858. It touched an intraday low of Rs 3,770.
Morning Calls For Trading:
STOCK FUTURES
FUTURE: SELL DLF BELOW 107.80 TGTS 107.05/105.90/104.05 SL 108.80
ULTRA FUTURES
ULTRA FUTURE: BUY JUBILANT FOOD ABOVE 1765 TGTS 1785/1799 SL 1755
EQUITY TIPS
CASH: SELL RELCAPITAL BELOW 346.60 TGT 343.20/338.20/331.20 SL 349.40
ULTRA FUTURES
FUTURE: SELL IRB INFRA BELOW 222.65 TGTS 221.15/218.35/214.85 SL 224.65
STOCK FUTURES
FUTURE: DLF HIT 1ST TGT 107.05 LOW OF 106.50 BOOK PART PROFIT
STOCK FUTURES
FUTURE: SELL JSWENERGY BELOW 99 TGTS 98.25/97.25/96 SL 100
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