NIFTY is having very strong RESISTANCE near 9390.85 which acting as crucial level . Breaking above the level create sentiment for investors for further new high
What to watch ? What will drive NIFTY ?
Crude oil is the major player of world global market and indian indices
Crude oil prices are being haunted by swelling supplies with the world running out of storage capacity. Demand is at multi-year lows due to most global economies under lockdown due to COVID-19 crisis
Crude oil futures slipped to Rs 863 per barrel on April 28 as participants increased their short positions. Oil prices deteriorated on concerns that global onshore storage capacity has reached 85 percent as the novel coronavirus pandemic impacted oil demand.
Crude oil prices are being haunted by swelling supplies with the world running out of storage capacity. Demand is at multi-year lows due to most global economies under lockdown due to COVID-19 crisis
Crude oil futures slipped to Rs 863 per barrel on April 28 as participants increased their short positions. Oil prices deteriorated on concerns that global onshore storage capacity has reached 85 percent as the novel coronavirus pandemic impacted oil demand.
Due to lockdown and falling crude oil prices, 2 companies in US filed bankruptacy
Diamond Offshore became the latest US company to file for bankruptcy protection on April 27 due to plunging oil prices and the fifth listed firm to file for insolvency in last 30 days after Whiting Petroleum, the biggest so far, filed for protection on April 1.
Industrial and Commercial Bank of China (ICBC) suspended entry for new investors to retail products linked to commodity futures due to extreme market volatility, including US oil futures crashing below zero.
Diamond Offshore became the latest US company to file for bankruptcy protection on April 27 due to plunging oil prices and the fifth listed firm to file for insolvency in last 30 days after Whiting Petroleum, the biggest so far, filed for protection on April 1.
Industrial and Commercial Bank of China (ICBC) suspended entry for new investors to retail products linked to commodity futures due to extreme market volatility, including US oil futures crashing below zero.
The bank has also barred retail investors holding commodity-linked product from adding new position from April 28 and allowed the existing position to be traded as normal, Reuters reported.
Oil prices declined for the second day of the week with Nymex WTI crude oil fell by nearly 20 percent to $10.30. MCX May crude oil futures reported their bigger fall (24 percent) by the noon trade, said Tapan Patel- Senior Analyst (Commodities) at HDFC Securities.
Crude oil prices are being haunted by swelling supplies with the world running out of storage capacity. Demand is at multi-year lows due to most global economies under lockdown due to COVID-19 crisis.
According to Ravindra Rao, VP- Head Commodity Research at Kotak Securities, NYMEX crude oil plunged for the second straight session as the global storage worries and fall in demand is impacting the prices. In today’s session NYMEX crude oil June contract registered a low of $10.07/bbl before recovering to $11.82/bbl as of this writing.
Although some countries are announcing the lifting of virus related restrictions demand for oil is expected to recover slowly. An interesting point to note is that the NYMEX July contract is trading in green today as the Crude oil ETF positions are getting rolled from June to July contract. Rolling over of the positions is being done much before the expiry in order to avoid the losses that was witnessed in the April contract last week.
Oil prices declined for the second day of the week with Nymex WTI crude oil fell by nearly 20 percent to $10.30. MCX May crude oil futures reported their bigger fall (24 percent) by the noon trade, said Tapan Patel- Senior Analyst (Commodities) at HDFC Securities.
Crude oil prices are being haunted by swelling supplies with the world running out of storage capacity. Demand is at multi-year lows due to most global economies under lockdown due to COVID-19 crisis.
According to Ravindra Rao, VP- Head Commodity Research at Kotak Securities, NYMEX crude oil plunged for the second straight session as the global storage worries and fall in demand is impacting the prices. In today’s session NYMEX crude oil June contract registered a low of $10.07/bbl before recovering to $11.82/bbl as of this writing.
Although some countries are announcing the lifting of virus related restrictions demand for oil is expected to recover slowly. An interesting point to note is that the NYMEX July contract is trading in green today as the Crude oil ETF positions are getting rolled from June to July contract. Rolling over of the positions is being done much before the expiry in order to avoid the losses that was witnessed in the April contract last week.
Further movements in CRUDE OIL and lockdown lifting decisions decide index movements