Rupee slips 18 paise vs USD in early trade

The rupee traded lower by 18 paise at 66.90 against the US dollar in early trade on Thursday. (Representative image)

MUMBAI: The rupee was trading lower by 18 paise at 66.90 against the US dollar in early trade on Thursday on higher demand for the American currency from importers and banks amid a lower opening in the domestic equity market.

Dealers attributed the rupee's fall to increased demand for the US currency, but dollar's weakness against some currencies overseas restricted the losses.

The rupee had ended higher by 12 paise at 66.72 against the US currency in Wednesday's trade on dollar selling by banks and exporters on the back of persistent foreign capital inflows.

Meanwhile, the benchmark BSE Sensex fell 73.70 points or 0.27 per cent to 27,701.18 in early deals.

Top 5 stocks buzzing on Dalal Street today

The S&P BSE Sensex on Tuesday fell over 150 points to slip below its crucial 28,000 level, while the broader Nifty50 went below its key 8,650 mark.
The headline indices declined tracking muted trend seen in Asian markets after the US worker productivity fell for the third straight quarter in June.

Here are the top 5 buzzing stocks for the day:

Aptech
The shares of Aptech Ltd jumped 4.7 per cent amid news reports that ace investor Rakesh Jhunjhunwala bought 7,00,000 shares in Aptech on Tuesday.

Adani Ports
The shares of Adani Ports and Special Economic Zone Ltd rose 5.40 per cent at Rs 252.60 after it declared a 31 per cent jump in net profit in the June quarter.
UCO Bank
The state-run bank recorded the third quarterly loss at Rs 440 crore because of a rise in sticky loans. The shares of UCO fell 5.9 per cent to Rs 40.20
Jubliant Life Sciences Ltd
The shares of Jubliant Life Sciences surged 11.3 per cent as the company's quarterly results posted a 22 per cent jump in net profit.

Godrej Industries
Godrej Industries is planning to launch 12 projects, including phases of the exsisting ones, by March-end. However, the shares of Godrej slipped over 2 per cent hitting an intra-day low of Rs 388.95 

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Sensex trades flat in early trade, down 31 points

The benchmark BSE Sensex shed over 31 points in early trade today on selling in banking and IT stocks by investors after recent gains amid mixed Asian trends.Investors were cautious ahead of July series expiry in the derivatives segment on Thursday, brokers said.The 30-share barometer, which had gained 384.82 points in the previous two sessions, fell by 31.39 points or 0.11 per cent to 28,063.95.
Among major losers on BSE were Lupin, HDFC Ltd, Axis Bank, Dr Reddy's, Hero MotoCorp, Infosys, HDFC Bank and ICICI Bank, which fell up to 0.78 per cent in early trade.
Stocks of Maruti Suzuki too fell 0.61 per cent to Rs 4,582.80, ahead of its quarterly earnings to be released l+ater in the day.
Brokers said trimming of positions by participants to book profits amid a mixed trend at the other Asian markets taking negative lead from US markets and another fall in oil prices ahead of closely watched US and Japanese central bank meetings, influenced sentiments.
In Asian markets, Hong Kong's Hang Seng was up by 0.81 per cent, while Japan's Nikkei fell by 1.55 per cent in early trade today. Shanghai Composite index rose 0.40 per cent.
The Dow Jones Industrial Average ended 0.42 per cent lower in yesterday's trade.
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Among major losers on BSE were Lupin, HDFC Ltd, Axis Bank, Dr Reddy's, Hero MotoCorp, Infosys, HDFC Bank and ICICI Bank, which fell up to 0.78 per cent in early trade.
Stocks of Maruti Suzuki too fell 0.61 per cent to Rs 4,582.80, ahead of its quarterly earnings to be released l+ater in the day.                                                                                                                                        In Asian markets, Hong Kong's Hang Seng was up by 0.81 per cent, while Japan's Nikkei fell by 1.55 per cent in early trade today. Shanghai Composite index rose 0.40 per cent.The Dow Jones Industrial Average ended 0.42 per cent lower in yesterday's trade.

Gold loses sheen, dips below Rs 31,000 on global cues

Gold prices slumped by Rs 170 to trade at Rs 30,930 per ten grams at the bullion market today in tandem with a weak trend overseas amid muted demand from jewellers at spot market                                           Silver also plunged by Rs 900 to Rs 46,300 per kg on reduced offtake by industrial units and coin makers.

Rupee recovers 8 paise to end at 66.91 against dollar

The rupee on Thursday recovered by 8 paise to close at 66.91 a dollar on foreign capital inflows and selling of the US currency by banks and exporters.

http://www.aceinvestmentadvisory.com/

Fresh bout of dollar selling by exporters and persistent foreign capital inflows largely aided the recovery despite high volatility in domestic equities, a forex dealer said.

Daily Indian Stock Market Report For 02.08.2016

 
L&T, ICICI Bank drag Sensex marginally lower, Nifty below 8700:-Nifty down
0.02 percent to 8636.55, while the BSE Sensex up 0.17 percent to 28003.12. Indian shares
edged lower on Monday, retreating from earlier gains as
investors booked profits and as ICICI Bank (ICBK.NS) slumped after posting
disappointing results. ICICI Bank lost 5.1 percent as its results fell short of estimates
late on Friday. Other lenders also fell, with State Bank of India (SBI.NS) ending down
0.9 percent.Read More

GOLDEN RULES FROM THE BOOK - THE ART OF TRADING

GOLDEN RULES FOR TRADING
Divide your Risk Capital in 10 Equal Parts.

As part of the Successful money management, it is always advised to divide your Risk Capital (which you can afford to lose) into 10 equal Parts and at any given time none of your Single Trade should have more than 3 parts of your capital in it even if you are in a winning position. At the same time always keep some spare money for any Buying Opportunity, which may come any time.

Trade ONLY in active & high Volume Stocks/ Futures. 

Many Traders get stuck with stocks for want of liquidity. Always rely upon Stocks which have reasonably high volume over a period of time. High Volume are always advised for easy Entry, Exit and Stop Loss. In low volume stocks the spread is too high and chance of Stop Loss limit getting failed is too high as there would be no Buyer or seller at your Stop Loss Level.

Come Prepared with a Trading Plan

Successful traders always keep their Trading Plans ready before entering into any transactions. One must prepare a Watch List or Probable candidates for Day's trading and remain focused on the movement of those stocks only. For example a Stock 'X' is on verge of a Bullish Breakout from any pattern or stock 'Y' has declined substantially after an initial sharp up move or stock 'Z' is close to an important support level. Successful trader would concentrate on the movement of those stocks only and enter the trade as soon as stock 'X' gives the anticipated breakout or stock 'Y' starts an upmove or stock 'Z' breaks the support level to initiate a trade for quick gains.

Never Over Trade

This is the most common mistake committed by Traders, particularly after a Streak of winning Trades. This mistake Generally not only wipes off all the profits, but puts traders in heavy losses. In order to remain in market while making consistent Profits, under no circumstances, traders should go beyond their Risk Capital.

Trade in 2 to 4 Stocks at a time with strict Stop Loss. 

In a Bull move, most of the stocks move up and similarly in any Bear Move, most of the stock moves southwards. As a Trader you know this fact but can you Buy 20 Stocks and try to make profit in all the 20 stocks just because all are moving up or vice versa in a Down trend? What will happen if market reverses without any indication on any bad news? Would you be able to monitor all your trades in such situation? Smart and Successful trader would trade in 2 to 4 stocks with strict Stop Loss and keep a strict vigil to avoid any misfortune in case of any eventuality.

Sell Short as often as you go Long. 

More than 90% of common investors/ Traders are 'Bulls' by nature. Because they love to see prices going up only. Stocks are bought by anybody/ corporate/ financial institutions/ Mutual Funds to make profit on rise. They have large holdings and mentally they wish and pray for the market to rise only. But facts are different. History shows that Bull Phases have shorter duration that Bear phases. So every stock that moves up will retrace back to 38%-50%-66%. Since 90% investors are Bulls by heart they normally do not book profit at higher levels to re-enter later at lower levels instead they prefer to increase their portfolio at lower levels. Successful Traders know how to capitalize such correction. They are always prepared to go 'Short' as often as they trade on 'Long' side.

Don't Trade if you are not Clear. 

Many Traders, because of their daily habits trade even when there are no signals to buy or short. Normally such situation arrives after a sharp rise or decline when stocks are adjusting their values. While some stocks attempt to move up, few may be taking breather before next move. Such situation are often confusing. There is no harm in taking rest for a day or two or short period if the trend is choppy, unclear or doubtful, instead of putting your money at higher risk.

Don't expect Profit on Every Trade. 

If you consider you are a smart trader who can make profit on every trade, you are 100% wrong. Always be flexible and accept the fact as soon as you realize that you are on wrong side of the trade. Simply get out of the trade without changing your strategy during the market; it may cause you double losses.

Withdraw portion of your profits.

The business of Trading is excellent as long as you are making profits. Unlike other business your losses can be unlimited and rapid if market does not move as per your expectations. While in other businesses you may have other remedial measures available but in trading it is you only who has to control it. Traders have large egos particularly after series of successful trades and their tendency to enlarge commitments in overconfidence may cause major financial set back. There fore it is must that trader must take a portion of the profit and put it in separate account. This is absolutely must for long term stability in the market. Read More about Stock Cash Tips.....