Epic Research Special Stock Market Report 27 December 2017

Global markets at a glance
US stocks declined on Tuesday as Apple and shares of its parts suppliers weakened on a report of soft iPhone X demand, which pulled technology shares lower.According to Taiwan’s Economic Daily, citing unidentified sources, Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units.The Dow
Jones Industrial Average fell 7.85 points, or 0.03 percent, to 24,746.21, the S&P 500 lost 2.84 points, or 0.11 percent, to 2,680.5 and the Nasdaq Composite dropped 23.71 points, or 0.34 percent, to 6,936.25.

MACRO NEW
Nifty futures on the Singaporean exchange were trading at 10,524, three points lower, hinting at a flat start on the markets.

Revenue collection from Goods and Services Tax (GST) for the month of November slipped further to Rs 80,808 crore, lowest since the implementation of the indirect tax system from July 1.

The revenue numbers for November indicate tax collection as on December 25. Till now, 99.01 lakh taxpayers have been registered under the new indirect
tax system, out of which 53.06 lakh returns have been filed for November, while 16.60 lakh are composition dealers who file returns every quarter.

STOCKS IN NEWS
Sun Pharmaceutical Industries said the USFDA has accepted a new drug application (NDA), filed by its wholly owned subsidiary, for OTX-101 (cyclosporine A, ophthalmic solution) 0.09 percent, a novel nanomicellar formulation of cyclosporine A 0.09 percent in a clear, preservative-free aqueous
solution.
State-owned IDBI Bank on Tuesday said it has disengaged Moody’s Investors Services (Moody’s) torate its bond programmes.

COMMODITY ROUNDUP
Gold prices were nearly unchanged early on Wednesday as the dollar held steady on expectations of a US tax overhaul.Spot gold was steady at $1,261.79 an ounce at 0051 GMT.US gold futures were little changed at $1,264.80 an ounce.The dollar was supported on Wednesday after the House of representatives approved the biggest US tax overhaul in 30 years on Tuesday, though Congressional Republicans will likely need to hold another vote later on Wednesday due to procedural issues.

TRADING STRATEGY:
BUY GOLD DEC ABOVE 28850 TGT 28900 29000 SL BELOW 28780
SELL GOLD DEC BELOW 28700 TGT 28650 28550 SL ABOVE 28780

CURRENCY MARKET UPDATE
The dollar held steady in Tuesday’s holiday-thinned trade, participants pondered about next year’s potential shrugging off upbeat Japanese economic data as market catalysts.Markets in Australia and Hong Kong remained closed after Monday’s Christmas holiday, and many financial centres in Europe will also be shut on Tuesday.

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