Exclusive Report On Crude Oil

Excusive Report On Crude OilTechnical View on Crude Oil (MCX)

Crude Oil again a primary concern for some countries like Venezuela, whose economy is operated on oil exports, as the prices dropped to its 5 months low. Technically Crude oil is consolidating in a channel line since April 2016 majorly trading in a range 2900 to 3700. It registered a free fall after breaking crucial support of 3450. It is now consolidating just below the lower trend line of the long term channel line and holding support at 3100. A bounce back is expected in prices if sustains above 3100, it may correct sharply up to 3350-3450 levels at the end of the April Contract. But the primary trend remains bearish.  A break down below 3100 may further extend bearish trend up to 2880. If it breaks 2900 with heavy volume, then 2600 should not be ruled out.


Resistance N Support


Crude Oil

Technical View on Crude (NYMEX)

On U.S. commodity exchange (NYMEX) Crude Oil turned bearish after breaking consolidation range below $52 as U.S. crude oil inventories reached record high at 533 million barrels set a bigger than expected 5 million barrel jump. Crude oil is now trading below $50 mark and settled at long-term trend line starting from lows made in April 2016. Primary trend is bearish but a bounce back up to $52-53 is form this trend line support.  A break below $47 will extend the bearish trend up to $42-41. COT (Commitments of Traders) Report also suggest that Commercial traders and hedgers are still bearish on Oil. A bounce in prices will give selling opportunity in crude oil as primary trend remains bearish.


Crude Oil 2

F a c t s & F I g u r e s

Crude oil is the highest consumed commodity in the world. Countries are dependent on its import and export. Gulf country economies are majorly dependent on crude export but in recent years U.S. shale oil (a substitute of crude oil) supply puts pressure on crude oil prices because of major U.S. Shale oil supply demand of crude decreased. Crude oil exporting countries supply was affected by U.S. Shale oil and with lower demand and higher supply crude oil prices touched the lows of 2008 crises. In recent months major exporting countries of crude oil have decided to cut the supply so they can support the falling prices of crude. Major exporting countries of crude are listed below.


  • Oil prices last week broke below $50 a barrel for the first time since December as rising U.S. shale oil supply muted the impact of reductions in output from members of the Organization of Petroleum Exporting Countries and 11 other nations that started on Jan. 1.
  • Several weeks of rising crude inventories had put pressure on oil prices. U.S. crude inventory levels remain near record highs. This comes at a time when U.S. producers are taking advantage of rising prices to crank up production. EIA data show in the latest week, U.S. output hit a 13-month high at 9.1 million barrels a day.Capture 111
  • China’s crude-oil production declined by 8% in the months of January and February of this year, while crude oil imports increased by 12.5%.
     OPEC, which pumps about 40 percent of the world’s oil, and several non-OPEC countries including Russia agreed in December to reduce production for six months in an effort to bring supply and demand into balance. At the time, the producers said they could extend the deal for an extra six months.
  • Saudi Energy Minister Khalid Al-Falih said that OPEC would extend the cuts after they expire in June if oil stockpiles were “still above the five-year average.” Because oil stocks are so far above that level, the target will probably still be out of reach.


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CH Stock Market Opening Bell for 23-March-2017

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SENSEX UP 67 @ 29235

INR 65.39


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International Market Update by Money CapitalHeight



GOLD $ 1246

SILVER $ 17.54

COPPER $ 2.63

CRUDE $ 48.38

INR 65.40


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CH Bank Nifty Market Trend for 23-March-2017




SUPP 1: 20640

SUPP 2: 20350

RES 1:21150

RES 2: 21380


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CH Nifty Market Trend for 23-March-2017

Nifty Trends Today




SUPP 1: 8975

SUPP 2: 8910

RES 1: 9085

RES 2: 9150


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Reliance Jio Prime Membership: New Plans & How to Avail Them

jio_prime_benefits_1487678505608.pngReliance Jio is all set to enroll its customers on its Jio Prime membership plan starting today, which can be availed at Rs 99. The plan is an extension of the company’s ‘Happy New Year’ offer and new as well existing customers can become Jio Prime subscribers before March 31 to enjoy the Prime Jio plan

The company is also providing its customers with booster packages in case people run out of data in middle of the month. Plans starting from Rs 11 going up to Rs 301 can help users to continue using uninterrupted high speed internet.

Jio Prime membership

To ensure best quality of services to all users, the company has decided to continue with FUP (fair usage policy) limits of 1GB data per day. However, these limits are not applicable to plans starting from Rs 999 to Rs 9,999. The Jio Prime plan starts from Rs 149 and it includes 2 GB data at 4G speed with unlimited voice calls and free messages valid for 28 days. The fare uasage policy limit varies from plan to plan. For Rs 499 plan, the FUP limit is 2GB data per day.

Jio’s Happy New Year plan will also be included in the Prime membership programme. This will cover free data, voice calling, national roaming and more. Reliance Jio plans come bundled with free access to Jio apps, including MyJio, JioChat, JioMoney, JioMusic etc. Content on these apps can only be accessed via the Jio network.

Jio prepaid plans

The company is providing its customers with two options for prepaid recharges. They can opt for Jio prime plan starting from Rs 19 giving 200 MB data for 1 day and the non-prime plan gives 100 MB data for 1 day. For both plans, voice calls, SMS, roaming remain free.

Jio recharge portal and how to get enrolled

In order to get on to the Prime programme, you need to download MyJio app. Users have to open the app and click on the menu tab present at the left corner and click on ‘Jio Prime’, which is listed as the first option in the menu. This will take the user to a page where they will see ‘Get Jio Prime’ and ‘Gift Jio Prime’ options at the bottom. Go to ‘Get Jio Prime’ to enroll yourself to the programme.

After this users get to see a whole list of plans both under prime and non-prime plans. There is a ISD combo pack for Rs 501 valid for 28 days and can be used for making ISD calls while in India. There’s a SMS pack for Rs 201.

Customer support

In case of doubt, users can ask for assistance on this number- 1800-889-9999 if you are not using a Jio number. If you are calling via a Jio number then users can dial 198 or 199.

(Disclosure: Reliance Jio is part of Reliance Industries which also owns Network18 and Moneycontrol.com.)


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Private banks to levy up to Rs 150 for cash transactions

Top-three-Private-sector-banks-in-IndiaMajor private banks have begun reintroducing transaction charges for cash deposits and withdrawals at their branches in a move that is being seen as one aimed at discouraging cash transactions and furthering the Prime Minister Narendra Modi and his government’s digital payments drive.

Banks including HDFC Bank   , ICICI Bank   and Axis Bank    on Wednesday began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

ATM intercharge charges have also been re-introduced.

The charges would apply to savings as well as salary accounts effective from Wednesday, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective on Wednesday, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

In his Budget speech last month, Finance Minister Arun Jaitley had imposed a cap on cash transactions above Rs 3 lakh, taking forward the agenda to move towards a cashless economy.

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

In case of ICICI Bank, the charges are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others.

According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month.

The third party limit would be Rs 50,000 per day.

For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.

For anywhere cash deposit, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.

At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

It could not be ascertained whether the public sector banks have also begun imposing such charges.

When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.


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Market opens at new 52-wk high; Sensex up 150 pts, Nifty eyes 9K


9:37 am Buzzing: Wockhardt tanked nearly 7 percent intraday as investors turned bearish after the company’s US arm received a warning letter from the US drug regulator.

The US Food and Drug Administration issued a warning letter to Morton Grove Pharmaceuticals, a stepdown subsidiary of the company in Illinois, US. “This would mean that current portfolio of the company will continue to be made available in the market. However, new approvals will be withheld till resolution,” it told the exchanges in a notification on Wednesday.

The warning letter comes as a blow to the company, which was struggling with issues of regulatory non-compliance. Three plants of Wockhardt in India are already under an import ban in the US. Its formulations units at Chikalthana and Waluj in Maharashtra have been under the USFDA’s import alert since 2013, while its bulk drug plant at Ankleshwar in Gujarat was issued an import alert in August.

9:27 am FII view: The employment data in the US does not show any spectacular progress, but remains steady, Willem Buiter, Chief Economist at Citi told CNBC-TV18. This may result in the US Federal Reserve hiking key rates when it meets in March, he added.

However, he said emerging markets are unlikely to falter as the momentum in the emerging markets steadily pick up pace in 2017. He said, for instance, the worst performers of last year, Russia and Brazil, are showing various positive signs.

The dollar’s movement will largely depend on the fiscal package that is proposed to the US Congress, according to the economist, who sees a slight uptick in the dollar in 2017.

9:15 am Market Check:

Equity benchmarks started off session at fresh 52-week high on Thursday, with the Nifty March futures hitting 9000 level, backed by banks, auto, technology and metals stocks.

The 30-share BSE Sensex was up 148.09 points at 29132.58 and the 50-share NSE Nifty gained 41.90 points at 8987.70. About 673 shares advanced against 106 declining shares on the BSE.

Tata Motors, ICICI Bank, Wipro, Bajaj Auto, GAIL, Hindalco and Tata Motors (DVR) were early gainers while Dr Reddy’s Labs and Coal India were under pressure.

The Indian rupee gained by 8 paise at 66.75 per dollar versus 66.83 Wednesday.

Tirthankar Patnaik of Mizuho Bank says he expects the USD-INR to range between 66.50-67.50/dollar in the near term with the State election results on March 11 crucial for its continued strength.

The dollar hit a seven-week high after hawkish comments from two Federal Reserve officials increased expectations that the US Central Bank is closer to raising interest rates. Futures traders are now pricing in a 69 percent chance of a Fed hike in March, up from 35 percent on Tuesday.

Asia markets traded mostly higher, tracking gains in the US where the Dow Jones industrial average closed above 21,000 on the back of President Donald Trump’s speech to lawmakers.


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