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Gold prices steady above $1,500; Fed minutes in focus

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Gold prices held steady on Wednesday after recovering to above the key $1,500 an ounce level in the previous session, with investors waiting for the minutes of the Federal Reserve's July meeting for possible clues on further U.S. interest rate cuts.



Spot gold slipped 0.2% to $1,503.25 per ounce by 0344 GMT.
U.S. gold futures were down 0.2% at $1,513.30 an ounce.
Minutes from the Federal Open Market Committee's most recent meeting in July, when the U.S. central bank cut rates for the first time since the 2008 financial crisis, are due on Wednesday.
"The minutes are going to set up a foundation of what to expect, and then Jackson Hole will provide clarity as to whether the Fed is finally coming to the party with potential monetary policy support," said IG Markets analyst Kyle Rodda.
Traders are also waiting for the U.S. central bank's Jackson Hole seminar later this week and a Group of Seven summit this weekend for clues on what additional steps policymakers may take to…

ED lays bare IL&FS cabal modus operandi of Rs 7,400 cr loot and scoot

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The Enforcement Directorate charge sheet against IL&FS and the cabal which ran it gives the full scope and extent of the malfeasance and all-pervasive rot. 


Pertinently, it refers to the closed user group individually and by name and provides details on their conduct. The conclusion is that it was pretty much a circus with Ravi Parthasarthy as the ringmaster or even King as the rest of the crew played courtiers.
In what used to be a virtual command performance more or less every day, the courtiers used to play to the gallery and try and please the Emperor. The ED applying PMLA has indicted each and every member of the claque for contravention of the Money Laundering Act. 
The scathing denouement of the modus operandi states The accused named in connivance and collusion with each other, indulged in initially locating and identifying dubious companies which claimed to have been engaged in infrastructure development and later issuing fictitious purchase orders for non-existent works. Th…

Voda-Idea loss triggers Rs 21.5K cr m-cap loss in Birla firms

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The unabated losses at Vodafone-Idea are eroding the value of other Aditya Birla Group firms, whose combined m-cap declined by a whopping Rs 21,431 crore on August 20, days after the quarterly results of the telecom arm were announced on July 29.


On August 19, the company posted lackluster subscriber numbers having lost 41 lakh customers. Soon after, it was announced that the company CEO Balesh Sharma will be replaced by Ravinder Takkar. 
Vodafone-Idea shares fell 6 percent on the BSE in Tuesday's session, a day after Sharma resigned with immediate effect, less than a year into his job. On Wednesday, its shares were down 2.57 percent on the BSE. 
The mobile phone company share price is at an all-time low amid piling losses and a receding subscriber and revenue base. Analysts say further erosion is likely as Jio is racing past to overtake Vodafone in subscribers numbers in the next 4-5 months after edging out Airtel. 
In June, the telco had a market cap of about Rs 40,000 crore. Vodafo…

Dorimalai mine loss is a body blow for NMDC

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NMDC Ltd’s loss of the Dorimalai mine in Karnataka has cast a shadow over its business model and could further hurt the stock’s valuation. 


NMDC shares have already lost 12.7% of their value in the past two days due to the state government’s move.
The Karnataka government’s cancellation of the mine lease to NMDC will not only reduce the mining giant’s capacity but also increase its cost of acquiring a new lease. The state government is likely to offer the mine under e-auction again, which could raise its bidding cost.
Earlier, NMDC had halted production at the mine after the state government renewed the lease with a condition of payment of 80% of the sale value as lease rental. NMDC won an appeal in the high court and the order was set aside. Production at the mine was expected to resume soon. However, the state government has once again cancelled the allotment and put up the mine for e-auction.

The Donimalai mine contributes about 6mtpa capacity or around 17% to NMDC’s total capacity. Be…

Riga Sugar locked at lower circuit after CFO resigns

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There were pending sell orders of 499 shares, with no buyers available.



Shares of Riga Sugar Companylocked at 5 percent lower circuit after the resignation of its CFO.
Satya Ranjan Mallick has resigned from the post of chief financial officer (CFO) of the company with effect from August 16, 2019.
There were pending sell orders of 499 shares, with no buyers available. At 1129 hrs, Riga Sugar Company was quoting at Rs 6.88, down Rs 0.36, or 4.97 percent.


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Rupee trades higher at 71.55 per dollar

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We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, says ICICIdirect.


The Indian rupee erased soem of its morning gains but trading higher by 15 paise at 71.55 per dollar versus previous close 71.70.
The Indian rupee on August 20 furthered its loss by another 28 paise to close at a new six-month low of 71.71 against the US dollar as economic uncertainties continued to weigh, said PTI.
Investors remained risk averse considering a host of factors including fast-spreading economic slowdown, outlook on foreign fund outflows and weakness in most emerging market currencies, according to forex traders.
However, there are expectations that the government will soon come out with stimulus measures to arrest slowdown in consumer demand in various sectors, it added.
The dollar-rupee August contract on the NSE was at 71.75 in the previous session. Open interest declined 6.18% in the previous session, said ICICIdirect.
We expect the USD-INR to…

Here's how to trade Indiabulls Housing, Tata Motors & RIL in coming days

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By applying concepts like Time cycles, Channels and indicators like RSI or the Relative Strength Index, one can still derive amazing trades from these stocks.


Indiabulls Housing Finance, Tata Motors and Reliance Industries have been in news for different reasons in August. These stocks have been showing amazing trending moves in either direction.
By applying concepts like time cycles, channels and indicators like RSI or the relative strength index, one can still derive amazing trades from these stocks.

The most important thing to note is that long positions should be created on stocks that move from the bottom left corner to the top right, which means it is in an uptrend and short positions can be created in stocks that move from the top left corner to the bottom right which means it is in a downtrend. This is the most basic principle which I use for my proprietary trades.
Now, let’s look at the below hourly charts and try to apply the above method:
Indiabulls Housing Finance:
Indiabulls Ho…