Epic Research Special Stock Market Report 30 August 2017

Global markets at a glance
U.S. stocks opened sharply lower on Tuesday, with the Dow losing more than 100 points, as North Korea’s missile test over Japan escalated tensions with the United States, and President Donald Trump warned that “all options are on the table”. The Dow Jones Industrial Average fell 123.16 points, or 0.56 percent, to 21,685.24. The S&P 500 lost 15.85 points, or 0.648463 percent, to 2,428.39. The Nasdaq Composite dropped 53.68 points, or 0.85 percent, to 6,229.34. Gold prices edged up 0.4 percent in early US trade. European markets were trading sharply lower on Tuesday as geopolitical concerns surrounding North Korea raised fresh jitters across global markets.

MACRO NEW
North Korea missile launch: US market stablises; Dow,Nasdaq go green
Mumbai Rains: CM advises Mumbaikars to stay home on Wednesday
Rs 200 notes could be available in ATMs by September-end
Andhra Pradesh gets largest share of affordable houses sanctioned by govt
Kesar Terminal has started dispatching first lot of export cargo through 45 container of 40 FEU each, from the Powarkheda (PRKD) station
First 500 MVA Autotransformer successfully installed by SPML Infra
Indian hotels: Puneet Chhatwal, CEO of Steigenberger hotels AG appointed MD and CEO. He is 53 and has over 3 decades experience, having worked in Europe,North America and India
NTPC’s institutional portion of the OFS over subscribed
1.4 times
Aurobindo Pharma Gets US FDA Nod For Cholesterol Drug, Ezetimibe Tablet

STOCKS IN NEWS
Norwest Venture Partners sell 60 lakh shares of RBL Bank
Satidham Industries buy 60 lakh shares of Sarla Performance Fibers

COMMODITY ROUNDUP
Gold futures closed higher in the domestic market on Tuesday as a North Korean missile launch over Japan’s airspace rekindled geopolitical tensions in the region and sparked a flight to haven assets. Tensions between Pyongyang and the U.S. and its allies—including Japan—have been running high most of the summer stoking fears of a potential nuclear clash. At the MCX gold futures for October 2017 contract ended at Rs 29644 per 10 grams up by 0.48 per cent after opening at Rs 29550 against a previous close of Rs 29503. It touched the intra-day high of Rs 29937.Silver Futures soared on COMEX following a strong momentum in precious metals on weak US dollar.

TRADING STRATEGY:
BUY GOLD ABOVE 29900 TGT 29950 30050 SL BELOW 29850
SELL GOLD BELOW 29600 TGT 29550 28450 SL ABOVE 29700

 

CURRENCY MARKET UPDATE
The Indian rupee dropped lower against the dollar in early hours on Tuesday, 29 August 2017 owing to month-end dollar demand from importers and banks. Besides, a lower opening in the domestic equity market put pressure on the
rupee. However, a weak dollar overseas limited losses in the domestic currency.The domestic currency opened at Rs 63.9550 against the dollar and registered an intra-day high and low of 63.93 and 63.9650 so far during the day.

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