WEEKLY REPORT

WEEKLY REPORT

Gold Busts Above $1,350 as Iran Tension, Fed Outlook Spur Demand

Gold smashed above $1,350 an ounce to a 14-month high as rising geopolitical tensions bolster haven demand ahead of next week’s Federal Reserve meeting, when policy makers may move closer to cutting rates. Bullion for immediate delivery rose as much as 1.2% to $1,358.26 an ounce. Prices are set for a fourth weekly gain, the longest run since January. Investors are also pouring into gold-backed exchange-traded funds, with holdings rising to the highest since late February. Gold has surged in June, shaking off a lackluster few months, as investors brace for more uncertainty around global trade and on expectations the Federal Reserve is set to lay the groundwork for looser monetary policy at its meeting next week.

Bullion may reach $1,400 this year as investors hedge risk, according to Rhona O’Connell, head of market analysis for EMEA and Asia regions at INTL FCStone Inc. Billionaire trader Paul Tudor Jones said earlier this week gold is his favorite pick in the next 24 months and, if prices hit $1,400, they will quickly move to $1,700.

 Govt May Consider Reintroduction Of Estate Duty To Tax Inherited Assets

Estate Duty May Be Reintroduced Via Amendment To I-T Act, 1961 In Budget 2019-20

Estate Duty Will Tax The Transfer Of Assets Received By Way Of Inheritance

 India firm on decision to impose retaliatory tariff on 29 US items (Tariff War)

After extending the deadline for several times, India will now go ahead with its decision to impose retaliatory import duties on 29 US products, including almond, walnut and pulses, sources said Friday. Finance ministry will issue a notification to this effect soon, they added.

In May last year, the ministry had extended the deadline for imposing higher tariffs on these US products till June 16.

These deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium products.

As part of the imposition of higher import duties, India has notified higher tariffs on several products. While import duty on walnut has been hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent currently. Levy on lentils will be increased to 40 per cent.

India's exports to the US in 2017-18 stood at USD 47.9 billion, while imports were at USD 26.7 billion. The trade balance is in favour of India.

Because of a few negative news for the market this week, nifty has closed at 11823 by a 47.35 points decrease by 0.40 %. This week Nifty opened at 11934 made high of 12000, made low of 11797 and closed at 11823.  NIFTY didn’t made a new high this week and didn’t trade above 12000. Moreover nifty has traded above 12000 for the last three week but it never closed above 12000, which shows us that Bears are in the power in the market currently. Moreover, because of these negatives news the coming week might be more volatile. So keep SL in every trade.

On weekly bases resistance is 12103 and 12210 and support is 11591 and 11426.

Looking to our call performance on weekly basis we end up with Profit of RS. 29700/- following are the details of our calls.

Calls Brought Forward from the previous weeks 15

Calls given 10

In profit closed 4

In loss closed 2

And Total call running for next week 19

BATAINDIA Profit = ₹ 6800

INFRATEL Profit = ₹ 1100

INDIANB futures 27-6-19 Profit = ₹ 8000

IBULHSGFIN FUTURES 27-6-19 Profit = ₹ 20400

IBULHSGFIN EQ Loss = ₹ 3900

BIOCON Loss = ₹ 2700