Citi upgrades Tata Power, sees 55% potential upside

Global brokerage house, Citi upgraded Tata Power, one of the largest power companies in private sector, to buy from neutral with a price target at Rs 76 per share, implying 18 percent potential upside from the current level.

In a bull case scenario, the target is Rs 100 that implies a whopping 55.4 percent potential upside from the current level, the brokerage said, adding the stock is now trading at a fair valuation.

According to Citi, Mundra UMPP resolution is likely in the next 3-6 months and non-core asset divestment-led deleveraging could lift numbers.

Overall, the stock has been an underperformer in last one year, falling 14 percent against BSE Power index that fell 3.4 percent and BSE Sensex that rallied 9.4 percent.

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Rupee opens higher at 69.56 per dollar

The Indian rupee opened higher by 14 paise at 69.56 per dollar on Wednesday versus Tuesday's close 69.70.

On June 18 the local currency rose 21 paise to end at 69.70 against the US currency on the lower crude oil prices and a weak dollar helped the Indian currency to snap the 3 days losing streak.

Rupee rose in the intraday session but broadly consolidated in a range as most market participants remained cautious ahead of the important FOMC policy statement that will be released later today. Expectation is that the Fed could take pause on rates but will provide cues for its stance for coming meetings. Fed governor commentary is expected to remain dovish and that could keep the greenback under pressure, said Motilal Oswal.

Today, USDINR pair is expected to open at 69.70(June) and quote in the range of 69.40 and 70.05-70.20, it added.

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Stocks in the news: Dabur, Can Fin Homes, Jain Irrigation, NLC India, Cochin Shipyard

Here are the stocks that are in news today:

Canara Bank: Board approves sale of part or full stake in Can Fin Homes.

HCL Technologies and Cricket Australia announce a multi-year partnership

Adani Ports: Fitch affirms BBB- issuer rating, outlook stable.

Jain Irrigation: India Ratings cut Long Term Issuer Rating to BBB with outlook at 'Watch Negative'.

Adlabs Entertainment: Meghna Ghai Puri, Non-Executive Independent Director tendered her resignation from the directorship.

PNB - India rating downgraded Basel Ill Compliant Tier I Bonds ratings to IND A/Negative from IND A+/Negative

Sundaram Multi Pap: Company has received BB+ (Stable) credit rating from Brickwork Ratings India Private Limited.

SEBI: Recognised bourses can launch futures on commodity indices.

NDTV: Securities Appellate Tribunal stays SEBI's order banning NDTV promoters from securities market.

Sundaram Multi Pap received BB+ (Stable) credit rating from Brickwork Ratings India

IIFL Holdings: Company to mull approval of conditions for raising funds via NCDs up to Rs 500 crore.

NMDC - Todal May productions of Iron Ore at 3.04MT and sales at 3.37 MT

HDFC Bank: RBI imposes penalty of Rs 1 crore on the bank for non-compliance with directions on KYC norms & on reporting of frauds.

Chambal Fertilisers & Chemicals: CRISIL and ICRA assigned the rating of A1+ to commercial paper programme of the company for an enhanced amount of Rs 3,500 crore.

NLC India: The 100 MW Solar PV power plant at Kamuthi & K. Nedunkulam village, Ramanathapuram District, Tamilnadu, out of 709 MW solar power projects awarded by TANGEDCO has been successfully commissioned.

Khadim India: Company appointed Amit Kumar Gope as Head - Marketing.

Ashiana Housing: ICRA reaffirmed rating on non-convertible debentures.

Dabur India: CRISIL reaffirmed rating on long term bank facilities, short term bank facilities, commercial paper, non-convertible debentures.

Cochin Shipyard: Company entered into a long term wage settlement with its workmen which will be valid for 10 years.

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Market Live: Nifty opens above 11,750, Sensex up 300 pts; Tata Steel gains 3%

Market Opens: It is a strong start for the Indian indices on June 19 with Nifty above 11,750 level.

At 09:18 hrs IST, the Sensex is up 267.07 points or 0.68% at 39,313.41, and the Nifty up 81.90 points or 0.70% at 11,773.40. About 523 shares have advanced, 288 shares declined, and 33 shares are unchanged 

Tata Steel, Tata Motors, Indiabulls Housing, NMDC, JSPL, SAIL, Bank of Baroda, Bank of India, SBI and Ashok Leyland are among major gainers on the indices, while losers are BPCL, IOC and Britannia. 

All the sectoral indices are trading higher led by PSU bank, metal, infra, auto, energy, IT and pharma.

Rupee Opens: The Indian rupee opened higher by 14 paise at 69.56 per dollar on Wednesday versus Tuesday's close 69.70.

Market at pre-open: Benchmark indices are trading positive in the pre-opening session with Nifty above 11,700 level.

At 09:02 hrs IST, the Sensex is up 65.01 points or 0.17% at 39111.35, and the Nifty up 49.80 points or 0.43% at 11741.30.

Technical Analyst, Prakash Gaba:

The Nifty has unfolded weak and has traded lower but has closed mildly in the green. Technically now 11,606 is a support to deal with and upside to 11,818 is not ruled out.

The Nifty Bank unfolded and traded weak but has closed flat for the day. Technically now 30,155 is a support and upside to 30,819 is not ruled out.

Crude Update: Oil prices climbed on Wednesday, extending sharp gains from the previous session on rekindled hopes for a US-China trade deal and on continued tensions in the Middle East after tanker attacks there last week.

Wall Street ends higher: Wall Street surged on Tuesday and the S&P 500 approached a record high after Washington rekindled trade talks with Beijing, boosting sentiment along with growing investor confidence that the Fed will cut interest rates this year.

SGX Nifty: Trends on SGX Nifty indicate a positive start for the broader indices in India, a gain of 44 points or 0.38 percent. Nifty futures were trading around 11,756-level on the Singaporean Exchange.

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चेन्नई जल संकट: IT कर्मचारियों की लाखों की नौकरी और पीने का पानी नहीं!

चेन्नई में भारी संकट खड़ा हो गया है। पानी के लिए वहां के लोग बूंद-बूंद के लिए तरस रहे हैं। सड़क किनारे छोटे-मोटे होटलों में पानी की कमी के कारण पूरा भोजन मिलना बंद हो गया है। साथ ही कई बड़ी कंपनियों ने भी अपने कर्मचारियों को पानी पिलाने से हाथ खड़े दर दिए हैं। लिहाजा उन्हें घर से काम करने की सलाह दी गई है।

होटलों में पानी का संकट

चेन्नई की सड़कों के किनारे हल्का फुल्का अगर आप कुछ खाना चाहते हों। तो अब यह सुविधा बंद हो गई है। भारी जल संकट के कारण कई छोटे रेस्टोरेंट और खाने पीने के अन्य ठिकानों पर पूरा भोजन मिलना बंद हो गया है। यह सब हुआ है चेन्नई होटल ऑनर्स एसोसिएशन के एक फैसले से। शहर के किनारे चलने वाले इस रेस्टोरेंट के मालिकों का कहना है कि, इडली, डोसा जैसा नाश्ता मिल सकता है। क्यों कि इसमें पानी जरूरत कम रहती है। लेकिन सांभर और रसम के साथ पूरा भोजन अब शायद नहीं परोसा जाएगा। क्योंकि पूरा भोजन बनाने में पानी की अधिक जरूरत होती है। इसके अलावा उन बर्तनों को धोने में भी पानी की भारी मात्रा में जरूरत पड़ती है। चेन्नई में 12,000 लीटर पानी की लॉरी जो इस महीने के शुरु में 1,800 रुपये की थी, वो पहले 2,500 रुपये की हुई। इसके बाद अब 5,000 रुपये की हो चुकी है। 

पानी बचाने की मुहिम के तहत राज्य सरकार ने छोटे और मझोले रेस्टोरेंट और होटल मालिकों को प्लेटों की जगह पत्तलों का इस्तेमाल करने के लिए कहा है। इससे बर्तन धोने का पानी बचाया जा सकेगा। 

IT  कंपनियों को वर्क फ्रॉम होम

तमिलनाडु के आईटी कॉरिडोरनाम से मशहूर पुराने महाबलीपुरम और सिरुसेरी आईटी पार्क की तमाम कंपनियां पानी की किल्लत से जूझ रही हैं। यहां की कंपनियां अपने कर्मचारियों को पानी की जरूरतें नहीं पूरी कर पाने के कारण उन्हें वर्क फ्रॉम होम ( घर से काम) करने के लिए कहा गया है। उन्हीं कर्मचारियों को बुलाया जा रहा है, जिनके बिना ऑफिस का काम नहीं हो सकता। हालांकि कंपनियों ने वर्क फ्रॉम होम के लिए कोई लिखित आदेश नहीं जारी किया, लेकिन मौखिक रूप से बोला गया है।

सिंगपेरुमल इलाके की कुछ आईटी कंपनियों ने वॉशरूम तक में ताला जड़ दिया है। अगर किसी कंपनी के ऑफिस में 10 वॉशरूम हैं तो 8 में ताला लगा दिया गया है। केवल दो ही चालू रखे गए हैं। कुल मिलाकर तमिलनाडु पानी की भारी किल्लत है।

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Nifty can extend fall towards 11,450-11,500; here's why Exide & India Cements are top sell ideas

At the start of the week, Nifty plunged 1.25 percent, breaking previous three week low of 11,769.

Nifty has confirmed lower bottom preceded by lower top on the daily charts. The next support zone for the Nifty is seen at 11,450-11,500. Nifty has breached 20 days EMA and now is on the verge of violating 50 days EMA support placed at 11,655.

On May 20, 2019, when exit polls were announced for the Lok Sabha elections, Nifty opened with a huge gap of 245 points between 11,426 and 11,591. This gap can act as a short term support for the Nifty.

Bank Nifty has breached crucial double bottom support of 31,600, which could result in to further selling in the index. Support for the Bank Nifty spot is seen in the range of 29,700-29,900.

Indicators and oscillators like MACD and RSI have turned bearish on the daily charts, strengthening the chance of markets going down from here. Nifty Midcap and Smallcap indices lost their shine and most of the stock reached their two months low.

Currently, the index hides more than it reveals. Advance decline ratio of the BSE stocks has been negative for the last 13 sessions. This indicates that the breadth of the market is extremely weak. The performance gap between largecap and smallcap has widened again.

From the derivative side, Maximum OI is seen in Nifty 11,500 Put, indicating strong support going forward. As far as resistance is concerned, it has shifted downwards to 11,800. Short term view on market would remain bearish unless Nifty closes above 11,800 resistance.

Considering the technical evidence, we believe that Nifty is in a short term downtrend and can extend the fall towards 11,450-11,500 zone. One should remain bearish in Nifty with the stop loss of 11,800 on closing basis.

Here are the top stock trading ideas which can give good returns:

Exide Industries: Sell | Target: Rs 187 | Stop loss: Rs 212 | Return: 7 percent

The stock has been forming lower tops and lower bottoms on the daily charts. It is trading below all important moving averages. Auto sector has also been passing from the bearish phase. It has closed below crucial support of Rs 203 and has closed at the lowest level since February 2018.

Considering the technical evidence discussed above, we recommend selling the stock at current market price, for the target of Rs 188, keeping a stop loss at Rs 212 on closing basis.

India Cements: Sell | Target: Rs 86 | Stop loss: Rs 98 | Return: 8 percent

The stock price has broken down from the bearish “Flag” pattern on the daily charts. It has violated the crucial support of its 200 DMA. Cement sector has remained under pressure in the month of June. Upward sloping trend line has also been breached on the daily charts.

Considering the technical evidence, we recommend selling the stock at current market price, for the target of Rs 86, keeping a stop loss at Rs 98 on closing basis.

Piramal Enterprises: Sell | Target: Rs 1850 | Stop loss: Rs 2126 | Return: 8 percent

The stock price has violated the multiple bottom support placed at around 2020 levels. Bearish head and shoulder pattern is seen on the daily charts. Stock is trading below all important moving averages. Lower tops and lower bottoms formation is there on the short to medium term charts.

Considering the technical evidence, we recommend selling the stock at the current market price for the target of Rs 1850, keeping stop loss at Rs 2126 on closing basis.

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Soybean prices are expected to trade sideways today: Angel Commodities

NCDEX Jul Soybean fell 1.5% on Monday on profit booking as there are chances of higher planting this season but monsoon rains will be very crucial. As per farm ministry, acreage under soybean was 37,000 ha so far, lower than 75,000 ha from a year ago. As per latest SOPA press release, soybean arrivals for the Oct-May period pegged at 84.75 lt, up by 19.4% on year. Until April, country crushed about 67.8 lt of soybean compared to 60.5 lt last year. In the 3rd advance estimates, government increased production forecast of soybean to 137.43 lt (Vs 109.33 last year). As per SEA, country export only export 40,000 tonnes of soy meal in May down 41.4% y/y. Moreover, for Apr-May period, India shipped out about 58,470 tonnes of soybean meal down 59% compared to last year. USDA in its monthly report forecast output at 109 lt in 2019/20, down 5% compared to last year. Lower crude soybean oil stocks at port may support soybean but lowering of tariff on edible oils and lower soyoil in international market pressurize soybean. CBOT Soybean surged to two-month high on forecasts for wet conditions in the U.S. Midwest which will further slow planting progress.

Outlook

Soybean futures expected to trade sideways due to reports of higher acreage this season. Moreover, increase edible oil imports will put extra pressure on Oilseeds as the sowing season approaching.

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Gold prices edge up as dollar stalls ahead of Fed meet

Gold prices edged higher on Tuesday as the dollar pulled back from multi-week highs ahead of the U.S. Federal Reserve's two-day monetary policy meeting.

Spot gold was up 0.2% at $1,341.38 as of 0344 GMT.

U.S. gold futures also rose 0.2% to $1,345.20 an ounce.

"The overall sentiment in the gold markets is positive. There are expectations that the Fed will cut interest rates, which has weakened the dollar and remains a main driver for prices," said Helen Lau, analyst, Argonaut Securities.

The dollar index against basket of major currencies was down 0.1% on Tuesday, making bullion cheaper for investors holding other currencies.

The dollar was slightly undermined by the New York Fed's business index showing a record fall this month to its weakest level in more than 2-1/2 years.

At the current level, there could be some fluctuations in gold prices as there are still some mixed views on the rate cut and some investors are cautious ahead of the Fed's decision, Lau said.

The Fed's two-day policy meeting starting later on Tuesday is the next major focus after markets have priced in more than two 25 basis-point rate cuts by year-end.

That marks a sharp contrast to the Fed's official forecast in March, which showed policymakers deemed the next move would be a hike.

The expectations of an interest cut has been gradually increasing amid the raging U.S.-China trade war, signs of the U.S. economy losing steam and pressure by President Donald Trump to ease policy.

All these factors boosted bullion's appeal, with the yellow metal gaining nearly 6% since touching its 2019 low of $1,265.85 in early May.

Meanwhile, the U.S. central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

"We think that the Fed will not raise rates in June and with regards to policy wording, we could see a slightly less accommodative tone than what the market is expecting," INTL FCStone analyst Edward Meir said in a note.

"In which case the dollar could firm up somewhat further and perhaps pressure gold lower into its trading range."

On the technical front, spot gold may break a support at $1,337 per ounce and fall to the next support at $1,324, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver eased 0.1% to $14.84 per ounce, while palladium gained 0.5% to $1,457.75.

Platinum edged 0.1% lower to $791.59 an ounce after falling to its lowest since May 31 at $786 earlier in the session.

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Oil prices hold steady amid Middle east tensions, weak economic data

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China.

Brent crude futures were up 4 cents at $60.98 a barrel by 0055 GMT. They fell 1.7% in the previous session on concerns about slowing global growth.

U.S. West Texas Intermediate (WTI) crude futures were 1 cent lower at $51.92. They dropped 1.1% on Monday.

The New York Federal Reserve said on Monday its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.

U.S. business sentiment has sagged as tensions over trade have escalated between China and the United States and on signs of softness in the labour market.

"The market is in a rut and desperately in need of some robust economic data to get it out of this funk," said Stephen Innes, managing partner at Vanguard Markets in Bangkok.

Oil prices have fallen around 20% since 2019 highs reached in April, in part due to concerns about the U.S.-China trade war and disappointing economic data.

U.S. President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan later this month. Trump has said he would meet Xi at the summit, although China has not confirmed the meeting.

Putting further pressure on oil, the U.S. energy department said on Monday that shale oil output is expected to reach a record in July.

But tensions in the Middle East are likely to keep prices supported, analysts said.

Acting U.S. Defense Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran.

Fears of a confrontation between Iran and the United States have mounted since last Thursday when two oil tankers were attacked, which Washington has blamed on Tehran.

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जानकारों के पसंदीदा शेयर, मिलेंगे अच्छे रिटर्न

आइए जानते हैं बाजार के जानकारों के कुछ ऐसे पसंदीदा शेयर जो देंगे आपको बेहतर कमाई के मौके।

LFS ब्रोकिंग के राजेश सातपुते की ट्रेडिंग टिप्स

डीसीबी (फ्यूचर): बेचें, स्टॉपलॉस-233 रुपये, लक्ष्य-221 रुपये

हिंडाल्को (फ्यूचर): बेचें, स्टॉपलॉस-198 रुपये, लक्ष्य-190 से 186 रुपये

चॉइस ब्रोकिंग के सुमीत बगडिया की ट्रेडिंग टिप्स

डाबर: खरीदें, स्टॉपलॉस-390 रुपये, लक्ष्य-410 से 415 रुपये

भारती एयरटेल: बेचें, स्टॉपलॉस-351 रुपये, लक्ष्य-335 से 330 रुपये

पीईएल: खरीदें, स्टॉपलॉस-35 रुपये, लक्ष्य-70 से 80 रुपये

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