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Tag Archive | economy

Bank Nifty forecast 15th january 2015

Bank Nifty forecast 15th january 2015

Bank Nifty forecast 15th january 2015

Banknifty closed in red , now if banknifty future click our resistance of 18830 and manage to sustain above our technical resistance then expect banknifty future to fire upto 18950 – 19080 .

If banknifty future click our support of 18550 and manage to sustain below our technical support then expect banknifty future to correct upto 18420 – 18280 .

Banknifty forecast conclusion : Banknifty looking weak

More will update to our subscribers

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daily gold price forecast for 06th january 2015

daily gold price forecast for 06th january 2015

daily gold price forecast for 06th january 2015

Gold prices trading a little higher today at 1207$ , if gold price click our support of 1190$ and manage to sustain below our technical support then expect gold to correct upto 1180$ – 1170$ .

If gold price click our resistance of 1221$ and manage to sustain above our technical resistance then expect gold to test upto 1230$ – 1240$

Gold forecast conclusion : Gold looking positive for now

More will update to our subscribers

Putin renounces right to send troops to Ukraine

Russian President Vladimir Putin

Russian President Vladimir Putin

President Vladimir Putin asked Russia’s upper house on Tuesday to revoke the right it had granted him to order a military intervention in Ukraine in defense of Russian-speakers there, the Kremlin said in a statement.

The step seemed certain to be welcomed by the West as a sign that Moscow was ready to help engineer a settlement in Ukraine’s largely Russian-speaking east, where a pro-Russian uprising against Kiev began in April.

Putin’s spokesman said the Kremlin leader’s move was aimed at assisting fledgling peace talks, which began on Monday, to end the conflict.

Ukrainian President Petro Poroshenko called it a “first practical step” following Putin’s statement of support last weekend for Poroshenko’s peace plan for eastern Ukraine.

Putin’s chief of staff, Sergei Ivanov, said Russia now expected Kiev to respond with measures of its own, without specifying what these should be. In the March 1 resolution, the Federation Council had granted Putin the right to “use the Russian Federation’s Armed Forces on the territory of Ukraine until the social and political situation in that country normalizes”.

Rupee rises on fed sentiments

Indian rupee

Indian rupee

The rupee strengthened to 60 per dollar on Thursday, its highest in almost a week, after the U.S. Federal Reserve signalled that interest rates will stay low for a while yet.

At 0336 GMT, the rupee trading at 60.0150/0300, after having hit 60.00, a level last seen on June 16. It had closed at 60.39/40 against the dollar on Wednesday.

However, traders expect the gains to be limited during the session as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer.

Modi takes steps to control inflation

Narendra Modi Prime Minister of india

Narendra Modi Prime Minister of india

The new government led by Narendra Modi on Tuesday imposed export restrictions on certain farm commodities and ordered a crackdown on hoarding to control rising food prices, a day after wholesale price inflation hit a five-month high.

A jump in prices of potatoes and onions last month drove inflation to 6.01 percent from 5.20 percent in April, contributing to a sell-off in financial markets.

Prime Minister Modi, who was elected last month amid widespread anger over rising prices, has made tackling inflation his top priority.

Forecasts of weak monsoon rains that irrigate much of India’s food production have added to inflation fears, and volatile vegetable prices have risen by double digits.

Finance Minister Arun Jaitley, who held a meeting on Tuesday to decide steps to control food inflation, said the government was keeping a close watch on the price movements of 22 commodities and would offload additional rice stocks in the market to prevent a build-up in inflationary expectations.

The government also imposed a minimum export price on onions of $300 per tonne from $150 per tonne to discourage overseas shipments and Jaitley said a similar curb would be imposed on exports of potatoes.

“Even though the increase (in food prices) has only been marginal, we don’t want anybody to exploit the situation,” he told reporters after the meeting. “And therefore, in anticipation of any further market reaction, a series of steps have been decided and they are being put into place.”

New highs in Indian rupee

INR new highs expecting modi policy

INR new highs expecting modi policy

The rupee strengthened to its highest level in about 10 months on Thursday, while also posting its biggest single-day gain in nearly three weeks on the back of sustained dollar inflows into domestic shares ahead of election results.

Hopes that the Bharatiya Janata Party and its allies will win an outright majority have helped fuel gains in shares, given the perceptions that the opposition party is more business and reform friendly.

But broader gains in the rupee have been capped in recent sessions as the Reserve Bank of India has been an active buyer of dollars, according to traders.

Counting of votes will start at 0800 India time, and traders estimate a national tally could be determined as early as 1130 India time, although there is no certainty on the timings.

“There have been very good (dollar) inflows, if the election outcome is in line with market expectations, we could see rupee in the 58 territory tomorrow,” said Uday Bhatt, a foreign exchange dealer with UCO Bank.

US Jobless claims tested 7 year old low

Jobless claims usa data

Jobless claims usa data

The number of Americans filing new claims for unemployment benefits fell last week to its lowest level in seven years, fresh evidence that the labor market was strengthening.

Initial claims for state unemployment benefits declined 24,000 to a seasonally adjusted 297,000 for the week ended May 10, the Labor Department said on Thursday.

That was the lowest reading since May 2007 and brought claims back to their pre-recession level. Claims for the week ended May 3 were revised to show 2,000 more applications received than previously reported.

Economists polled by Reuters had forecast first-time applications for jobless aid ticking up to 320,000 last week.

Claims had been volatile in recent weeks because of difficulties adjusting the data during the Easter and Passover holidays and school spring breaks, which fall on different calendar days every year.

A Labor Department analyst said there were no special factors influencing the state level data

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