Epic Research Special Stock Market Report 10 November 2017

Global markets at a glance
Wall Street stocks dropped on Thursday, weighed down by losses in Microsoft and other technology issues. The Dow Jones Industrial Average lost 0.43 percent to end at 23,461.94, while the S&P 500 declined 0.38 percent to 2,584.62. The Nasdaq Composite dropped 0.58 percent to 6,750.05, Reuters reported.Asian shares slipped on Friday on uncertainty about U.S. tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives’
version in several key areas, including a delay in the timing of a corporate tax cut.

MACRO NEW
The Nifty50 futures on the Singapore Stock Exchange were trading 51 points lower at 10326 indicating a negative opening for the domestic market.

The GST Council is likely to announce relief for consumers and big and small businesses at its meeting in Guwahati on Friday. Small businesses and eateries
will also get major relief as the flat GST rate they can pay under a special window called the composition scheme is likely to be cut, Livemint reported.

State Bank of India is expected to post profit at Rs 2,507.6 crore for the quarter ended September 2017,compared with net loss of Rs 560 crore in year-ago.

STOCKS IN NEWS
IRB Infrastructure’s Q2 FY18 financial performance was impacted because of GST, muted growth in construction revenues, and monsoons.
Zydus faces probe over drug with no approval .
NTPC alters plans of taking over stressed power plants, offers fee based management services.

COMMODITY ROUNDUP
India’s gold imports in the last quarter of 2017 could drop by a fourth from a year ago due to weak demand during key festivals and as investors seek better returns from riskier assets like equities, industry officials and analysts said.Lower gold purchases by India, the world’s second-biggest consumer after China, could drag global prices XAU= that have already fallen nearly 6 percent from this year’s peak.

TRADING STRATEGY:
SELL GOLD DEC BELOW 29300 TGT 29200 29000 SL ABOVE 29450
BUY GOLD DEC ABOVE 29500 TGT 29600 29800 SL BELOW 29350

CURRENCY MARKET UPDATE
The euro slipped on Tuesday but stayed within recent trading ranges, as recent economic data surpassed market expectations, making investors wary of pushing the single currency lower.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up -% at 94.55 by 05:15 a.m. ET (09:15 GMT).

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