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Wednesday, 17 May 2017

Stock and Commodity Market Tips for 17th May

Stock Market News 
Benchmark indices continued to trade flat with a positive bias, while the Nifty hovered around 9500-mark. The Sensex was up 18.73 points at 30601.33, while the Nifty was down 3.20 points at 9509.05. The market breadth was very narrow as 1,185 shares advanced against a decline of 1,111 shares, while 118 shares were unchanged. Tata Steel, ICICI Bank and Indiabulls Housing Finance continued to gain, while Wipro, Adani Ports, Tech Mahindra and Yes Bank lost the most. Metals outperformed on the Nifty, with the sector’s index gaining over 2 percent.

Commodity Market News
Crude Oil prices retreated on Wednesday, weighed by renewed concerns that U.S. production is undercutting the global oil cartel’s efforts to put the market back to balance.

Copper trading range for the day is 357.5-365.5. Copper recovered from lows on short covering after prices dropped amid worries about China's slowing economic growth and tighter capital markets in China. China's growth took a step back in April after a surprisingly strong start to the year. The chief executive of Freeport-McMoRan said demand for copper remains strong, with Europe and North America showing steady improvement.

SELL COPPER JUN 2017 @ 364.00 StopLoss 367.50 Target 361.50-358.00.