Epic Research Special Stock Market Report 28 September 2017

Global markets at a glance
The Dow Jones Industrial Average fell 10.05 points, or 0.05 percent, to 22,286.04, the S&P 500 gained 0.23 points, or 0.01 percent, to 2,496.89 and the Nasdaq Composite added 9.57 points, or 0.15 percent, to 6,380.16. The S&P 500 ended flat on Tuesday and the Nasdaq posted modest gains as technology shares bounced from sharp losses in the prior session and comments from Fed Chair Janet Yellen boosted expectations of a December rate hike. Yellen said the Fed needs to continue gradual rate hikes and it would be imprudent to leave rates on hold until inflation reached the Fed’s 2-percent target.

MACRO NEW
The Nifty futures on Singaporean exchange were trading flat with a mild negative bias of about 4 points downwards at 9,852.
Foreign portfolio investors can participate in commodity derivatives trading on stock bourses located in the International Financial Services Centre (IFSC), Sebi said on Tuesday.
The permission for FPIs is subject to certain conditions,including that their participation would be “limited to the derivatives contracts in non-agricultural commodities only”.

STOCKS IN NEWS
Cadila Healthcare’s Zydus gets US FDA nod for Indomethacin capsules
NMDC to seek major investor in its first steel plant .

 

COMMODITY ROUNDUP
Gold and silver edged higher in morning trade on Tuesday ahead of a two-day Federal Reserve meeting that kicks off later in the day. Gold prices recovered by Rs 350 to Rs 30,850 per 10 grams at the bullion market today, taking positive cues from the global market amid rupee falling to five-month low and increased buying by local jewellers.

TRADING STRATEGY:
BUY GOLD OCT ABOVE 30050 TGT 30100 30200 SL BELOW 29950
SELL GOLD OCT BELOW 29700 TGT 29650 29550 SL ABOVE 29800

CURRENCY MARKET UPDATE
The dollar was hovering near three-week highs against other major currencies on Tuesday, amid fresh geopolitical tensions between the U.S. and North Korea and despite mixed messages by Federal Reserve officials. The greenback strengthened after New York Federal Reserve President William Dudley on Monday said the Fed is on track to gradually raise interest rates given factors depressing inflation are “fading” and the U.S. economy’s fundamentals are sound.

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