ISSUE: 066

07TH DECEMBER, 2019

RULE THE MARKET

From The Desk Of Research Head

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The auto sector may need to alter to new business dynamics to sustain the current slowdown

The recent slump in the auto sector sales to the lowest had made the government take certain measures to boost the demand for auto sales. The centre has announced a few measures, such as deferring the revised registration charges, replacement of the previous fleet of vehicles by the government ministers and departments and an accelerated rate of depreciation for the automobiles bought in the current fiscal year. However, the above measures may barely address some of the main factors behind the auto sector slowdown. The external factors like congested traffic, operating costs of a vehicle, scarcity of parking spaces and mainly the squeeze in household incomes may not boost up auto sales. On a moderate level, ride offering services by the cab companies might also reduce the retail demand in the metro cities. A GST cut may help the sector a bit, but the current crisis may also turn out to be an opportunity to restructure the business models of the auto companies for their businesses to sustain in the long term. The solution may not lie in just transitioning to the EV segment but also addressing the issue of slowing down demand in the private personal vehicles which may continue to persist in the future which implies to alter the business models by the auto manufacturing leaders. CAGR of passenger vehicles sales which was noted as 8% in FY-09 many not continue in the current scenario, the growth rate has already slipped to 6.17% during the last five years.

In the current scenario, it might be right for the auto companies to turn into integrated mobility-services providers which are currently being followed by many renowned global companies such as BMW, Renault and Peugeot. Renault offers a range of shared and environmentally responsible solutions, re-inventing itself beyond a vehicle manufacturer. The company has subsidiaries providing services such as ride-hailing, vehicle sharing, short term rental and vehicle pooling. Peugeot was among the first auto manufacturers to venture into car-sharing in 2009 and had now merged its sharing operations with a similar operation of its competitor BMW to form a new JV, ShareNow. Recently, M&M’s decision to buy over 55% stake in Meru Cabs, a ride-hailing and radio cab service provider implies a change in their business model. Prior to it, M&M also invested in a car-sharing service provider called zoom cars. The Korean company Hyundai which has Indian presence is also considering to buy a stake in Ola and is transitioning to manufacture EVs for the ride-hailing class.

From the above discussion so far, it is evident about the financial and ecological effects in regards to owning personal vehicles. As the NITI Aayog report observes, 80% of the fuel for transport needs are imported, only 18% is used for commercial energy use which is of 70% diesel. However, 99.6% of imported petrol is consumed by passenger vehicles. The future is of renewable and eco-friendly transportation. Hence, if the current automobile companies don’t rejig themselves, they may get disrupted by more innovative rivals.

CONTENTSEquity 1-6

Derivatives 7-8

Commodity 8-10

Currency 11-14

TeamDr. Ravi Singh

Syed Hasan Jafar

M V Narasinga Rao

Srinivas Krishnan Bobba

Amit Samar

Osho Krishan

Sundeep Sarda

Vivek Ranjan Misra

Thomas V Abraham

Sarat Kumar Jutur

Rahul Sharma

Akshaya Shinde

Veeresh Hiremath

Siddhesh Ghare

Arpit Chandna

Ravi Pandey

Bharat Sunnam

Ramesh Chenchala

Kushal Asthana

Vinod. J

Amit Kumar

Karvy Head Office

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Analyst CertificationThe following Karvy Research Desk, who is (are) primarily responsible for this report and whose name(s) is/ are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

- DR. RAVI SINGHHead-Technical & Derivatives Research

EQUITY

Economy• India’s consumer confidence drops to lowest in past five years. According to a survey by RBI,

India’s consumer confidence fell to 85.7 in November from 89.4 in September lowest in atleast past five years.

• The Goods and Services Tax (GST) collection in November crossed Rs. 1 lakh crore, after dropping below the Rs. 1 lakh crore level for three consecutive months amid a deceleration of economic growth. November’s GST collection stood at Rs. 1, 03,492 crore, of which CGST was Rs. 19,592 crore, SGST was Rs. 27,144.

• The Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday maintained status quo on policy rates in its fifth bi-monthly monetary policy review of the financial year. This halt came after five consecutive cuts. The short-term lending rate or repo rate was unchanged at 5.15%. All six committee members voted against the rate cut.

Agriculture• Retail onion prices touch Rs. 140/KG in some cities. Onion prices have been ruling high for past

few weeks due to fall in production of the Kharif crop following unseasonal rainfall in key growing states, including Maharashtra. The price of onion was ruling at around Rs. 120/kg in Mumbai, Chennai and Kolkata while it was around Rs. 100/kg in Delhi on Friday, as per the latest data.

• India’s Finance Minister recently asked states to scrap APMCs and join eNAM to help farmers get better price realization of their produce. APMC is a marketing board meant to moderate prices and prevent big traders from exploiting farmers. Officials said business transactions are growing and more than 150 commodities are being traded on the electronic platform.

Banking & Finance• DHFL became the first financial services company on December 2 to be admitted to the

bankruptcy courts after the rules were changed last month. The RBI has already superseded the board and appointed an administrator. Meanwhile DHFL promoters gave personal guarantees to loans worth Rs. 80000 Cr.

• Government on December 5 said that close to 3% of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans. Scheduled Commercial Banks (SCBs) and Regional Rural Banks (RRBs) have reported that as of March 2019, against a total amount of Rs 6.04 lakh crore disbursed by them under PMMY since inception of the scheme, an amount of

• Rs. 17,251.52 crore had turned into Non-Performing Assets (NPAs), which is 2.86% of the total disbursed amount.

• The government raised Rs. 2,79,622 crore from the disinvestment of public sector undertakings (PSUs) during 2014-19 compared to Rs. 1,07,833 crore during the 10-year UPA rule from 2004-14, Union Minister Anurag Singh Thakur said on Tuesday.

Auto • Car makers to hike prices from January to absorb input costs. Maruti Suzuki, Mahindra &

Mahindra, Ford, Toyota, Mercedes Benz and Audi plan to raise prices from January 2020.

• British motorcycle marque Triumph has registered a 10% year-on-year growth in retail sales in India during the September to November period, even as its wholesale numbers fell marginally. Shoeb Farooq, General Manager at Triumph Motorcycles India told ET that the company expects to close its July-June fiscal cycle with a marginal growth over last year, with retail sales of 1,000-1100 units. Automakers in India have been struggling with sales of two-wheelers and four-wheelers for some time now.

Power & Oil• Singapore’s Sambcorp to buyout balance stake in India JV with Gayatri Projects for Rs. 40+6

crore. The proposed acquisition will allow Sembcorp to have the flexibility as sole owner to evaluate and pursue a full range of growth opportunities in the renewables segment, while at the same time seeking the right equity window to list its India business or to pursue other capital recycling options.

• The government is working on a scheme to salvage 24,000 MW of stressed gas-based power plants, built at an investment of over Rs. 1 lakh crore, by importing natural gas and bundling the output with cheaper solar energy. The power and petroleum ministries are working on the new proposal. The earlier scheme entailing subsidy has been shelved. The proposed new scheme will offer no subsidy and hopes to help operate the power stations at 90% capacity by selling the bundled power.

• Oil Minister Dharmendra Pradhan on December 6 hoped that Finance Minister Nirmala Sitharaman will signal the inclusion of jet fuel and natural gas under the ambit of GST to reduce multiplicity of taxes and improve the business climate.

Steel• India has been consistently increasing domestic production of steel and is a net exporter in the

current financial year, Union Minister Dharmendra Pradhan said. He also said the total number of steel plants in the country stood at 977. The import of steel has increased marginally in the last three years from 7.23 million tonnes in 2016-17 to 7.83 million tonnes in 2018-19 and in the current year it has become a net exporter.

• JSW Steel to supply 1.5 lakh tonne of TMT Rebars to metro rail projects In FY20. JSW Steel is supplying to metro rail projects in Mumbai, Nagpur, Pune, Bangalore, Chennai, Kolkata, Indore, Bhopal, Lucknow & Ahmedabad. The ongoing supplies, as well as those already completed during the current fiscal will boost JSW Steel’s supplies to Metro rail projects by more than Rs. 600 crore following successful completion of these deliveries.

• Steel tycoon Lakshmi Mittal’s ArcelorMittal has approached the government seeking immunity from likely future investigations pertaining to Essar Steel and its erstwhile promoters, the Ruia family, four people familiar with the matter told ET. Mittal wants to avoid a recurrence of any controversy akin to the one involving Bhushan Power and Steel (BPSL), when the Enforcement Directorate attached the firm’s assets after it was acquired by JSW Steel from the National Company Law Tribunal.

NEWS

INTERNATIONAL NEWS

• Japan unveils $120 Bn stimulus package. The package is aimed at helping alleviate the impact of a recent tax hike and survive a potential economic slowdown after a spending boom for the 2020 Tokyo Olympics.

• Huawei moves to overturn ‘unlawful ‘US subsidy ban. Huawei’s petition said the ban -- imposed last month against the company and its Chinese rival ZTE on national security grounds -- failed to substantiate claims that Huawei was a threat and was a violation of due process, and thus “unlawful”.

• Google’s founders Larry Page and Sergey Brin stepped down from day-to-day executive roles at Alphabet. The founders named Pichai as the chief of both Google and Alphabet while they will remain on Alphabet’s board of directors. Page and Brin still hold 51% of Alphabet’s voting shares, giving them effective control over the company.

TRENDSHEETSYMBOL CMP S2 S1 R1 R2 TREND

SENSEX 40445.15 39869 40157 40914 41382 Down

NIFTY 11921.50 11734 11828 12076 12231 Down

NIFTYBANK 31341.55 30697 31019 31895 32449 Down

YESBANK 56.00 46 51 65 74 Down

RELIANCE 1554.90 1487 1521 1602 1648 Up

ICICIBANK 524.80 489 507 540 555 Up

BHARTIARTL 444.85 415 430 473 501 Up

SBIN 320.00 301 310 337 354 Down

ZEEL 287.70 253 270 306 325 Down

INFRATEL 259.70 205 232 292 324 Up

TCS 2123.60 1969 2046 2164 2205 Up

HDFC 2264.65 2193 2229 2318 2371 Up

LT 1290.80 1245 1268 1328 1366 Down

FORTHCOMING EVENTSCOMPANY NAME EVENT EX-DATE

Evans Electric Ltd Interim Dividend - Rs. - 1.00 10 Dec 2019

Nestle India Ltd Dividend – Rs. 55 10 Dec 2019

Piramal Phytocare Ltd Amalgamation 11 Dec 2019

Indian Economy IIP for October 2019 12 Dec 2019

Indian Economy Inflation rate for Nov 2019 12 Dec 2019

Trident Ltd Stock split from Rs. 10 to Rs.1 13 Dec 2019

Indian Economy WPI Inflation for November 2019 13 Dec 2019

KSTREET - 07TH DECEMBER, 2019 1

INDIAN INDICES (% CHANGE)

GLOBAL INDICES (% CHANGE)

NIFTY MIDCAP100TOP GAINERS & LOSERS (1W)

SECTORAL INDICES (% CHANGE)

FII/FPI & DII TRADING (IN RS. CRORES)

NSE NIFTY TOP GAINERS & LOSERS (1W)

EQUITY

Source: Bloomberg

-3.00

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Nov-19 Dec-19 Dec-19 Dec-19 Dec-19 Dec-19

FII/FPI DII

KSTREET - 07TH DECEMBER, 2019 2

RELATIVE PERFORMANCE

% OF SHARE HOLDING

in Rs.Mn ACTUAL ESTIMATE

YE Mar FY19 FY20E FY21

REVENUE 131,656 142,084 153,970

EBITDA 29,731 27,470 29,747

EBITDA(%) 22.6 19.3 19.3

PAT 18,488 14,693 16,486

EPS (Rs.) 18.1 14.3 16.1

RoE (%) 17.2 11.8 12.2

PE (x) 13.0 16.3 14.5

BEAT THE STREET - FUNDAMENTAL ANALYSIS

Cadila Healthcare Ltd CMP Rs.255Target Price Rs.274Upside 7%

VALUE PARAMETERSFace Value (Rs.) 1.0

52 Week High/Low (Rs.) 359/206

M.Cap (Rs. Bn/US $mn) 261 /3671

EPS (Rs.) 16.1

P/E Ratio (times) (FY20E) 14.5

Dividend Yield (%) -

Stock Exchange BSE, NSE

EQUITY

Investment Rationale

• In US market, we expect sales to increase on the back of market share gain

in existing products. Opportunities do exist on account of shortages in the

market. Price erosion was 1.8% for the company’s product basket in the US

market in the recent quarter. The company has shown increase in volume

and value growth. Company expects to grow in high single digit excluding

the one-time AG business on the back of 15 new product launches in

H2FY20E and 31 product launches in FY20E.

• Company has undertaken restructuring and reorganization of its Domestic

formulations (DF) business. This will improve growth proapects and

profitability of this business. The DF market has grown by 10%, whereas

the branded portfolio grew at faster pace of 11.5% for the Q2FY20.

Gyanecology, Derma and Hormone therapy are better performers in

the market. Company has started revamping its business systems for

remaining regions and also started to stabilise and showed improvement

in sales. The brands with annual sales in excess of Rs 500 mn grew by 12%

YoY and brands between Rs 250 -500 mn witnessed a growth over 20%

during the quarter.

• Moraiya facility is under WL and its remediation work expected to be

completed by June 2020. Cadila has initiated site transfer of its injectables

products from Moraiya plant to Liva facility.

Valuation

We downgrade our Revenues by 0.8%/0.8% in FY20E/FY21E due

to downgrade in EM business. We downgrade our EBDITAM by

140bps/120 bps to 19.3%/19.3% for FY20E /FY21E due to higher staff,

overheads and R & D cost. We downgrade our EPS by 4.9%/4.1% to

Rs 14.3/Rs 16.1 for FY 20E/FY21E. We downgrade our price target to

Rs 274 based on 17x FY 21E, but maintain our BUY rating on the stock.

Triggers : Margin improvement and Moraiya plant positive newflow 50

60

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100

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120

Dec

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Dec

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Jan-

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Cadila Healthcare Ltd. Sensex

75%

9%

4%

12%

Promoter

FIIs

DIIs

Other

KSTREET - 07TH DECEMBER, 2019 3

EQUITY

BEAT THE STREET - TECHNICAL ANALYSIS

Aurobindo Pharma Ltd

AUROPHARMA has lost 4.80% in the previous month and formed bottom around 390 on 14 Nov 2019, which also ended the short-term downtrend in the stock from the six month high of 650 indicating reversal on weekly charts. The stock is making higher highs on weekly time frame indicating reversal in medium term. We expect the stock to continue its sharp reversal from the recent lows in the coming weeks and move much higher towards 500-520 levels. On daily charts, price has moved above its 9 day EMA and 21 day EMA, indicating positive bias in near term. The stock is making double bottom formation on daily charts and a breakout above its neckline around 490 levels will open much higher targets of 550-600 levels. On daily charts, the stock has broken out of its falling wedge pattern around 440-445 levels indicating that the downtrend has reversed in short term. RSI (14) on weekly charts is forming higher highs and higher lows and is showing divergence with price and it has also moved above 30 levels, indicating reversal from its downward trend. Hence, we are suggesting buy in the stock keeping stop loss of 390 levels for the target of 510 and 525 levels.

SBI Life Insurance

SBILIFE is one of the consistent performers from the universe of BSE-100 since its inception. The stock is in cycle of making higher highs and higher lows in all timeframes suggesting inherent strength in the counter. Also, the stock is heading strongly from past few months towards its all time high suggesting aggressive buying in the counter. On weekly chart, according to the formation which the counter has made it is indicating bulls to remain intact near the support zone of 925-900 levels which is the recent swing low in the counter. On technical front, the 14 period RSI is better placed above its 9 period with readings of 53 and 52 levels on daily charts and on weekly charts RSI is well placed above the levels of 60 indicating strength in the counter. On the daily chart, the stock is in the cycle of higher highs and higher lows placed well above all its EMA indicating bullishness is intact and the stock is still in the current trend which is expected to carry the stock price higher. Similarly, on weekly charts, the stock is well placed above its EMA of 50, 100 and 200 days indicating the inherent strength in the stock. On the other hand, recently the stock has taken strong support around 925 levels after sharp profit booking which was witnessed in the stock from the levels of 1030. At current juncture, stock is witnessing bounce back after the recent profit booking which has dragged the stock to sub 920 levels. Hence, we are suggesting buy in the stock around 955 levels keeping stop loss of 900 levels for the target of 1040 levels and above that is 1070 levels.

STOCK AUROPHARMA

ENTRY 440

AVERAGE 435

STOP LOSS 390

TARGET 1 510

TARGET 2 525

TIME FRAME 2-3 MONTHS

STOCK SBILIFE

ENTRY 955

AVERAGE 940

STOP LOSS 900

TARGET 1 570

TARGET 2 585

TIME FRAME 2-3 MONTHS

KSTREET - 07TH DECEMBER, 2019 4

EQUITY

Entry 400

Stop Loss 375

Target 1 430

Target 2 435

Average 388

Time Frame 15 days

SECTORAL SNIPPETS

NIFTY IT has managed to close the last week on a positive note and outperformed Nifty 50 index and has gained more than 1.90% during the same period. On the broader time frame, the index is struggling in the range of 14500 to 16000 over last two months and now the index is on its journey to test the lower end of the said range. The index is trading well below its major gap down zone created last week which indicates weakness in the index. Range bound moves in major stocks has helped the index to stay on neutral zone over last few trading sessions. Technically, the index has now formed lower highs & lower lows for last few sessions which indicate lack of interest in the sector. The index is hovering near to the cluster of its major moving averages which adds the subdued view. Among the gainers, midcap IT stocks have managed to outperform the index while index majors have slipped during the same period. Technically, the index has witnessed sharp fall from the mean of the Bollinger (20, 2) to the lower band and has currently bounced from the same towards the mean, at the same time the band is witnessing contraction indicating a higher probability of index to continue the consolidation movement in near future, this is further being supported by the 14 period RSI which is placed around 47-52 levels and bounced from the signal line on weekly chart suggesting further consolidation in the index. For now, supports may be assumed at 15000 and below at 14800 while resistance may be at assumed at 15500 and above it at 15600 levels.

NIFTY AUTO has underperformed to the Nifty 50 index on week to week basis and ended the week on negative note of around 3.50%. After taking a breather from its continuous fall, the stock again witnessed a sharp fall in the last week and the plunge was being supported by increase in average traded volumes indicating weakness in the overall counter. Consolidation and fall in major heavyweights contributed to the halt for the previous week. On weekly chart, the index has retraced over 31.80% from the swing low of 6744 to the highs of 8500 levels and has headed towards its 50% retracement. On charts, the immediate support for the index is pegged around 7750-7700 level breaching below which the next support could be seen around 7600-7650 levels. While on the contrary, the resistance is pegged around 8000-8050 levels which is the recent swing high, followed by 8150-8200 zone which is the next crucial resistance levels for the index. On oscillator front, the index has witnessed sharp fall from the mean of the Bollinger (20, 2) to the lower band and is currently hovering near the same, at the same time the band is getting narrower indicating a higher probability of index to continue the consolidation movement in near future, this is further being supported by the 14 period RSI which is placed around 48-51 levels and closed below the signal line on weekly chart suggesting further consolidation in the counter. Going forward for the coming week, it is advisable to trade cautiously in the counter as stock specific action could be seen ahead of monthly sales data.

NIFTY FMCG has closed on a negative note with loss of 1.42% underperforming the benchmark index Nifty 50 which has closed with losses of around 1.12% in the past week. Gains in the initial days of the weeks got eroded by the closing end of the trading week. Though for now the index is placed well above all its long term moving averages on all time frames (daily, weekly as well as monthly chart) which indicates the overall trend in the index is uptrend. On the momentum oscillator front, the 14-period RSI has slipped below its 9-period signal line on the daily as well as weekly chart, indicating selling pressure to continue in the coming trading sessions. Out of 15 stocks, 11 stocks have closed on a negative note, on the other hand, only 4 stocks closed on a negative note in the previous week. On oscillator front, the stock has witnessed plunge from the mean of the Bollinger band (20, 2) and has headed towards the lower band suggesting inherent weakness in the counter. Going ahead, the index is expected to test the levels of 30450 and may regain its up move. The support for the NIFTY FMCG index may be assumed around 30400-30380 levels, followed by 30180-30020 levels. While on the higher side, the index may face resistance around 31110-31150, followed by 31320 levels.

NIFTY BANK has underperformed the Nifty with a loss of 1.89% during the week passed by while the broader index Nifty lost 1.12%. The index has hit an all time high of 32157 during the week and witnessed correction from the same indicating the index to top out. Technically, the index has now formed higher highs & higher lows for seven consecutive weeks on weekly charts which indicate strong buying momentum in the sector. The index is moving in a rising channel pattern on daily charts and also trading above all its major moving averages indicating bullish momentum. However, the index currently may witness resistance around 32200 levels above which it may navigate towards levels of 31000. As indicated by the derivatives data, Bank Nifty may face resistance at 32200 followed by 32000 levels. For the week ahead, support for the index can be pegged at 31000 followed by 30800 levels. Short term traders may adopt stock specific approach on the index for the coming sessions and may approach the sell on rise and buy on dip strategy for the time being.

PETRONET LNG LIMITED: PETRNOET SECTOR: ENERGY

PETRONET has ended on a flat note in the month passed by. After forming bottom around 221 made on 8th August 2019, the stock rallied towards 294 levels in the month of October 2019 clocking its life time high, indicating that the stock is in long-term secular uptrend. Forming life time high of 294 levels, the stock went into consolidation mode and has corrected near to its previous resistance zone around 264-265 levels and reversed from there. On weekly charts, the stock has come out from consolidation within the range of 210-245 levels while giving a breakdown on the upside. From the lows of 210, the stock is in short to medium term uptrend forming higher highs and higher lows on the price charts. On the daily as well as weekly charts, the stock is trading above most of its major moving averages namely 21/50/100/200 –DEMA, indicating inherent strength in the counter and the counter is likely to head northward towards 300- 320 levels in the medium term. Bollinger Band (20, 2, S) set up on the weekly chart has started to expand and currently, the stock is trading above to its mean of weekly BB indicating the volatility expansion on the higher side. RSI on the weekly chart is pegged at sub 62.0 levels, indicating the stock has not yet been overbought. Even the MACD line on weekly charts is in buy mode, indicating bullish momentum is likely to continue which supports to our bullish view on the stock.

Entry 265

Stop Loss 250

Target 1 310

Target 2 325

Average 260

Time Frame 1 month

TATA STEEL LIMITED: TATASTEEL SECTOR: METALS

Over last four months, the stock has broken its long term downtrend cycle and has moved into the cycle of higher highs and higher lows by confirming the double bottom and is sustaining well above the pattern which indicates downtrend has stopped. It is one of the few stocks in Nifty 50 which has seen a very sharp rally and has moved nearly 35% from the recent lows of 320, indicating a probable shift of money into this sector. The price magnitude, trading volumes, delivery volumes over last couple of weeks are higher on the up moves, when compared to down moves, which also adds to our bullish view. Its derivative activity for the month of October and November is very strong and has seen good rollovers into December series indicating that stock may trade with bullish bias in the near term. Currently, stock price is trading consistently above its all major short and medium term moving averages and the volumes on each up day are higher than on the down days, at the same time, every minor dip is being bought with good volumes, indicating strong hands are accumulating it.

KSTREET - 07TH DECEMBER, 2019 5

WEEKLY VIEW OF THE MARKET

Nifty witnessed the first round of weakness and drifted below 11950 levels in the last session after consolidating around the psychological mark of 12000 levels on the daily charts for a few sessions. Technically, the immediate support for the index is pegged around 11870-11900 followed by 11800-11820 levels. On the flip side, resistance is placed at 11980-12000 levels. Bank Nifty has been the major culprit in the recent market fall and is currently trading below the major support levels of 31500 levels. The immediate support for the index is around 31200 and 31000 while resistance is placed at 31700 and 31800 levels on the daily charts. We expect the market to remain highly volatile in the near term and may revolve in the range of 11800 and 12000 levels and breach of the same may trigger 50-100 levels in the same direction.

DERIVATIVE STRATEGIES

DERIVATIVES

TYPE: BUY CALL IN NIFTY

FIRST LEG "Buy one lot of NIFTY 12 DEC 12000 CE @ 39"

BEP 12039.00

MAX PROFIT Unlimited

MAX LOSS 2,925.00

RATIONALE The index is expected to find support around 11950 levels and edge higher in the near term.

TYPE: BUY CALL IN BANKNIFTY

FIRST LEG "Buy one lot of BANK NIFTY 12 DEC 31400 CE @ 244"

BEP 31644.00

MAX PROFIT Unlimited

MAX LOSS 4,880

RATIONALE The index is expected to find support around 31000 levels and edge higher in the near term.

TYPE: BUY CALL IN TCS

FIRST LEG "Buy one lot of TCS 26 DEC 2140 CE @ 35"

BEP 2175.00

MAX PROFIT Unlimited Behond BEP

MAX LOSS 8,750.00

RATIONALE The stock has witnissed three white soliders pattern on candelstick and has seen a reversal of downtrend from the lows of 2010 levels and expected to edge higehr twords 2200, 2225 levels in the near term.

TYPE: BUY PUT IN GAIL

FIRST LEG "Buy one lot of GAIL 26 DEC 115 PE @ 2.70"

BEP 117.70

MAX PROFIT Unlimited Behond BEP

MAX LOSS 14,402.00

RATIONALE The stock has broken down supports around 120 levels and is expected to edge lower towards 110.

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6KSTREET - 07TH DECEMBER, 2019

DERIVATIVES

FII ACTIVITY IN INDEX FUTURES FII ACTIVITY IN STOCK FUTURES

TOP 6 LONG BUILD UP

Stock Name LTP % Price Change Open Int % OI Change

EQUITAS 112.9 6.31 23156000 121.89

TATAELXSI 853.7 5.23 1104600 21.60

BIOCON 288.6 2.29 10326600 16.82

UJJIVAN 353.75 4.17 7396800 14.74

KOTAKBANK 1673 3.50 8589600 14.02

MFSL 518.75 2.38 7856400 13.66

BANKNIFTY OPTION OI CONCENTRATION CHANGE IN BANKNIFTY OPTION OI

TOP 6 SHORT CLOSURE

Stock Name LTP % Price Change Open Int % OI Change

MINDTREE 743.25 5.82 916200 -24.52

NMDC 110.55 7.59 16632000 -19.95

BATAINDIA 1706.05 4.25 1753950 -15.43

CADILAHC 255.7 0.04 7515200 -13.00

COLPAL 1481.2 0.32 2149700 -10.10

IDEA 6.95 0.72 492436000 -8.53

TOP 6 SHORT BUILD UP

Stock Name LTP % Price Change Open Int % OI Change

BHEL 46.8 -12.52 51540000 30.70

IGL 401.95 -3.16 6696250 30.42

RBLBANK 336.55 -9.24 17308800 20.29

LT 1292.3 -3.33 18787125 19.83

ESCORTS 605 -4.96 161700 16.17

HEXAWARE 335.15 -1.38 1347000 16.10

TOP 6 LONG CLOSURE

Stock Name LTP % Price Change Open Int % OI Change

JINDALSTEL 140.1 -13.36 30361600 -15.42

CANBK 208.4 -8.48 10260000 -10.42

GLENMARK 325.3 -3.89 6081000 -10.10

CUMMINSIND 522.1 -3.87 1671600 -9.65

PFC 109.5 -4.37 21724800 -9.48

TATAGLOBAL 313.75 -3.09 9085500 -9.25

NIFTY OPTION OI CONCENTRATION CHANGE IN NIFTY OPTION OI

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7KSTREET - 07TH DECEMBER, 2019

COMMODITIES

BULLIONDuring the week ended on 6th December, the global bullion market had witnessed roller coaster ride wherein it was on a positive note at the beginning of the week following comments from US President on trade deal. He said that he is not having any deadline to sign trade deal with China and the same would be extended beyod US Presidential election in November 2020. This comment had resulted into rise in equity, bond and currencies market and weighed on the commodity market especially gold and silver. However, the gain made at the beginning of the week were eroded on last trading day of the week after release on non-farm payroll and unemployment rate. The US non-farm payroll surprised the market by addition of 266,000 jobs in non-farm sector in the month of November against market expectation of addition of 180,000 and October month reading of 128,000. Unemployment rate fell to 3.5% in November against 3.6% in October. The non-farm payroll was considered for guiding for the US Federal Reserve to take decision on its future course of monetary policy. However, better than expected data is likely to put the Fed to adopt wait and watch approach when they will meet on 10-11 December 2019. Apart from these data, other data during the week were ISM manufacuting and non-manufacturing data, which came at 48.1 vs. 48.3 and 53.9 vs. 54.7 respectively.

ENERGYAfter remaining choppy during first two trading sessions of the week that ended on 6th December, the global crude oil market had witnessed a sharp rally reacting to the OPEC meeting. It was expected that the OPEC+ are likely to do deeper oil cut by another 500,000 barrels per day to the existing cut and extend the production cut till mid of 2020. The group has decided to cut the production by 2.1 million barrels per day. However, an extension of production cut was not done and the group will review the situation again in March 2020. As per API, crude inventories fell by 3.7 million barrels in the week to Nov. 29 to 445.9 million compared with analysts’ expectations for a fall of 1.7 million barrels. On the demand side fundamentals, a new maritime law that requires ocean-going vessels to burn low-sulfur fuels to reduce pollution beginning January 1 is lifting demand for light, sweet US crude, particularly from the US Permian Basin. Hedge funds resumed heavy buying of crude oil and petroleum products last week, with the previous week’s bout of profit-taking halted by increasing optimism over the global economy and hopes for more output cuts by Saudi Arabia.

COTTONCotton futures witnessed range bound trade due to absence of fresh development in cotton market. Higher supplies restricted the major upward movement during the week as daily arrivals has crossed 2 lakh bales mark across India. Moreover, prospects of sluggish export and accelarating harvesting activities in US also weighed on the prices during the week. About 83% of cotton crop was harvested till 1st December against the 78% of prior year for corresponding period and 81% of normal. However, losses were limited due to speeding up of procurement by Cotton Corporation of India in central and southern region. Apart from that, improved domestic buying at prevailing level also supported prices during the week. Meanwhile, Cotton Association of India estimated cotton production for year 2019-20 at 354.5 lakh tons of 170 kg each wherein export was projected same at 42 lakh bales.

OIL & OILSEEDSSoybean futures traded higher for most part of the week ending on 6th December following good buying from crushers in physical market. Ongoing talks to control the imports of refined edible oil in India pushed up the buying activities. However, CBOT soybean futures ruled lower due to renewed trade tension between US and China. The soybean market is tracking development in the US-China trade talk as trade deal between these two economics has stalled because of Hong Kong legislation. Domestic soybean prices are likely to remain volatile as coming day could witness profit booking any time due to sluggish demand outlook of meal. Similarly, RM Seed futures remained higher on increased seasonal demand of mustard oil. Moreover, firmness in rival veg oil prices and reports of lower sowing for upcoming season also helped prices to trade higher. Acreages under mustard seeds for the marketing year 2020-21 dropped by more than 5% till 29th November reported at 55.40 lakh hectares against the 58.58 lakh hectares of prior year. BMD CPO traded mixed to lower due to subdued export prospects. Reports of fall in export during month of November impacted market sentiments negatively. Exports of Malaysian palm oil products for November fell 7.4% to 1,418,415 tonnes from 1,532,237 tonnes shipped during October, according to independent inspection company AmSpec Agri Malaysia.

TRENDSHEET

Commodities 29-Nov 6-Dec % Change 52 Week High% Change from 52

Week High52 Week Low

% Change from 52 Week Low

MCX Gold (Rs/10 gms) 38031.00 37699.00 -0.9% 39885.00 -5.5% 31002.00 21.6%

MCX Silver (Rs/Kg) 44506.00 43545.00 -2.2% 50672.00 -14.1% 35826.00 21.5%

MCX Crude Oil (Rs/bbl) 3980.00 4206.00 5.7% 4692.00 -10.4% 2993.00 40.5%

MCX Natural Gas (Rs/mmBtu) 167.20 168.00 0.5% 335.40 -49.9% 144.60 16.2%

MCX Copper (Rs/kg) 428.95 438.10 2.1% 468.65 -6.5% 397.40 10.2%

MCX Lead (Rs/kg) 155.10 152.45 -1.7% 169.90 -10.3% 123.80 23.1%

MCX Zinc (Rs/kg) 186.05 183.10 -1.6% 233.65 -21.6% 167.20 9.5%

MCX Nickel (Rs/kg) 1023.30 997.40 -2.5% 1314.80 -24.1% 735.00 35.7%

MCX Aluminium (Rs/kg) 132.20 133.25 0.8% 158.25 -15.8% 124.75 6.8%

NCDEX Soybean (Rs/Quintal) 4072.00 4114.00 1.0% 4144.00 -0.7% 3252.00 26.5%

NCDEX Refined Soy Oil (Rs/10 kg) 814.40 853.20 4.8% 854.00 -0.1% 715.55 19.2%

NCDEX RM Seed (Rs/Quintal) 4321.00 4389.00 1.6% 4409.00 -0.5% 3711.00 18.3%

MCX CPO (Rs/10 kg) 668.20 709.40 6.2% 710.00 -0.1% 488.00 45.4%

NCDEX Castor Seed (Rs/Quintal) 4074.00 4168.00 2.3% 6102.00 -31.7% 3956.00 5.4%

NCDEX Turmeric (Rs/Quintal) 5700.00 5678.00 -0.4% 7360.00 -22.9% 5556.00 2.2%

NCDEX Jeera (Rs/Quintal) 16285.00 16235.00 -0.3% 18800.00 -13.6% 15140.00 7.2%

NCDEX Dhaniya (Rs/Quintal) 6685.00 6722.00 0.6% 7688.00 -12.6% 5267.00 27.6%

MCX Cardamom (Rs/kg) 2827.50 3080.20 8.9% 4265.30 -27.8% 1441.00 113.8%

NCDEX Wheat (Rs/Quintal) 2135.00 2129.00 -0.3% 2190.00 -2.8% 1770.00 20.3%

NCDEX Guar Seed (Rs/Quintal) 4092.00 4050.00 -1.0% 4508.00 -10.2% 3731.00 8.5%

NCDEX Guar Gum (Rs/Quintal) 7453.00 7335.00 -1.6% 9138.00 -19.7% 7002.00 4.8%

MCX Cotton (Rs/Bale) 19050.00 19140.00 0.5% 22540.00 -15.1% 18460.00 3.7%

NCDEX Cocud (Rs/Quintal) 1974.00 1964.00 -0.5% 3698.00 -46.9% 1807.00 8.7%

MCX Mentha Oil (Rs/kg) 1267.70 1291.00 1.8% 1748.00 -26.14% 1176.00 9.8%

8KSTREET - 07TH DECEMBER, 2019

COMMODITIES

MCX CRUDE- PRICE, VOLUME & OPEN INTEREST MCX NATURAL GAS – PRICE, VOLUME & OPEN INTEREST

CALENDAR SPREAD NYMEX - CRUDE OIL CALENDAR SPREAD NYMEX – NATURAL GAS

NEWS DIGEST

• Oil edged up in early Asia trade on Friday, with US crude trading near a two-month high after OPEC agreed to increase output curbs by nearly 50% in early 2020, although the cartel stopped short of promising any further steps after March. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ have agreed to more output cuts to avert oversupply early next year as economic growth stagnates amid the US-China trade war.

• Top White House economic adviser Larry Kudlow said on Friday that a December 15 deadline is still in place to impose a new round of US tariffs on Chinese consumer goods. With about a week to go before the deadline amid “intense” negotiations, Kudlow said Trump would make the final decision on the import tariffs, which would hit Chinese-made cellphones, laptop computers, toys and clothing.

• Gold slid 1% on Friday as strong US jobs data renewed bets the Federal Reserve would stand pat on interest rates and also boosted demand for riskier assets while supply-squeezed palladium soared to a new record high. US job growth increased by the most in 10 months in November, confirming the economy remained on a moderate expansion path despite a prolonged manufacturing slump.

• Copper prices rose sharply on Friday after data unexpectedly showed US employment rose at the fastest rate in 10 months in November, which suggested the economy was not in danger of stalling. The numbers caused a rally in global equities and came after China said it would waive import tariffs on some US goods, raising hopes that an economically damaging trade dispute may ease.

• China on Friday confirmed that it will waive import tariffs for some soybeans and pork shipments from the US, as the two sides try to thrash out a broader agreement to defuse their protracted trade war. The tariff waivers were based on applications by individual companies, the Finance Ministry said in a statement, citing a decision by the country’s Cabinet without specifying the quantities involved. Several industry sources in the US and China interpreted the announcement as official confirmation of duty exemptions on up to 10 million tonnes of soybeans and an unknown volume of pork sources said were offered to importers earlier this year.

• Malaysian palm oil futures touched a more than 2-year high on Friday and overtook soyoil on the Chicago Board of Trade for the first time in almost nine years as speculation grew that production in November fell more than first thought. A Reuters poll on Thursday forecast Malaysian palm oil production would show a 10% monthly fall in November but three traders on Friday said they now expected it to fall as much as 13%.

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9KSTREET - 07TH DECEMBER, 2019

COMMODITIES

FUTURE PRICES (% CHANGE)

LME WAREHOUSE STOCKS (IN TONS)

Commodity Previous week This week Change % Change

Copper 208525 193800 -14725 -7.06%

Zinc 59200 58675 -525 -0.89%

Aluminium 1273300 1284300 11000 0.86%

Lead 67125 67125 0 0.00%

Nickel 69036 68886 -150 -0.22%

SHANGHAI WAREHOUSE STOCKS (IN TONS)*

Commodity Previous week This week Change % Change

Copper 120192 112667 -7525 -6.26%

Zinc 45772 37118 -8654 -18.91%

Aluminium 245824 233896 -11928 -4.85%

*Until Wednesday, (Chinese market was closed last week)

GLOBAL STOCK POSITION (IN TONS)

COMEX WAREHOUSE STOCKS (IN TONS)

Commodity Previous week This week Change % Change

Copper 40097 40186 89 0.22%

PRICES OF METALS IN LME/ COMEX/ NYMEX (IN US $)

Commodity Exchange Contract 29-Nov 06-Dec % change

Aluminium LME 3M 1760.00 1762.50 0.14%

Copper LME 3M 5879.50 6025.00 2.47%

Lead LME 3M 1944.50 1889.00 -2.85%

Nickel LME 3M 13665.00 13490.00 -1.28%

Zinc LME 3M 2276.50 2239.00 -1.65%

Gold CME Dec 1462.70 1458.40 -0.29%

Silver CME Dec 16.97 16.49 -2.83%

WTI Crude oil CME Dec 55.42 59.07 6.59%

Natural Gas CME Dec 2.31 2.35 1.60%

INTERNATIONAL COMMODITY PRICES

Commodity Exchange Contract 29-Nov 06-Dec % change

Soybean CBOT Dec 905.50 917.75 1.35%

Soy oil CBOT Dec 30.44 30.94 1.64%

CPO BMD Jan 2744.00 2855.00 4.05%

Cotton ICE Dec 63.38 64.06 1.07%

CRUDE OIL AND PRODUCT INVENTORIES

29-Nov-2019 Change over week

Change over year

Commercial Crude Oil (Excl. SPR) (Thousand Barrels) 447096 -4856 0

Crude Oil, Cushing, Oklahama (Thousand Barrels) 43822 -302 5569

Total Motor Gasoline (Thousand Barrels) 229363 3385 3113

Distillate Fuel (Thousand Barrels) 119469 3063 6143

Jet Fuel Kerosene (Thousand Barrels) 38325 -163 209

Residual Fuel (Thousand Barrels) 29514 692 880

Refineries Percent Utilization (%) 91.9 2.60 -3.6

Crude Oil Input to Refineries (per day) 16798 464 -689

Crude Oil Exports (per day) 3135 -345 -68

Crude Oil Imports (per day) 5989 -201 -1230

Crude Oil Output (per day) 12900 0 1200

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10KSTREET - 07TH DECEMBER, 2019

USD/INR

USDINR traded negative during the week, it made a low of 71.19 and high of 71.8075. The RSI is at 54.43. Moving average of 50 is at 70.31. The trend is looking sideways for the week. Hence, recommend buying at 71.20 TP 72.60 SL 70.90

EUR/INR

EURINR traded mixed during the week, it made a high of 79.56 and low of 78.8625. The RSI is trading at 52.32. Moving average of 50 is at 78.99. The trend is looking sideways for the week. Recommend selling at 79.30 TP 78.70 SL 79.60.

GBP/INR

GBPINR traded positive during the week, it made a high of 94.0625 and low of 92.3750. The RSI is trading at 66.26. Moving average of 50 is at 89.62. The trend is looking positive for the week. Hence, recommend buying at 93.20 TP 94.20 SL 92.50.

JPY/INR

JPYINR traded positive during the week, it made a high of 66.1975 and low of 65.30. The RSI is at 52.36. Moving average of 50 is at 64.51. The trend is looking negative for the week. Hence, recommend selling at 65.80 TP 64.80 SL 66.30.

TECHNICAL RECOMMENDATIONMARKET STANCE

USD/INR ended at 71.20 after hitting weekly high of 71.82 and low of 71.18. Rupee has gained sharply against USD in the last few sessions. Benchmark Sensex closed 0.82% lower at 40445 while Nifty declined 0.85% to 11916 points. Output of eight core infrastructure industries contracted by 5.8% in October. India’s GDP grew 4.5% in July-September 2019, the lowest since the fourth quarter of 2012-13. The services Purchasing Managers’ Index rose to 52.7 in November. In October, the measure was 49.2. Amid all the gloom and doom, the rebound in the services PMI in November to 52.7 is encouraging. In October, the measure was 49.2. GST revenue collection in November stood at Rs. 1.03 lakh crore. Rating agency S&P has reaffirmed India’s sovereign credit rating with stable outlook. RBI has cut policy rates by 135 basis points and has flooded the banking system with a surplus liquidity of nearly INR 2 Tn so far this year. MPC of RBI maintained status-quo on rates as against a widely-anticipated 25 basis points rate cut. RBI also promised to continue with accommodative stance in its monetary policy. Repo rate unchanged at 5.15%. Reverse repo rate stays unchanged at 4.90%. MSF, Bank Rate unchanged at 5.40%. On the global front, US dollar rallied on Friday as stronger-than-expected US jobs gains last month reaffirmed hope that the US economy remained solid. US dollar index rose by 0.35% to 97.75. US created 266,000 jobs last month, topping economists’ forecast of 186,000. The unemployment rate unexpectedly dropped to 3.5% and wage growth slipped to 0.2% in November, lower than expectations of 0.3%. Following the stronger-than-expected jobs report it’s now expected the Federal Reserve can sit comfortably on the sidelines after cutting rates three times this year. Euro, which was already under pressure amid weaker German data, fell 0.45% against the dollar to $1.105. US-China discord over Hong Kong fuelled investor anxiety about trade talks. China’s factory activity unexpectedly expanded at the quickest pace in almost three years in November. Polls showed Prime Minister Boris Johnson’s Conservative Party losing some of its lead ahead of the December 12 election but may still get a majority to form the government. USD/INR likely to find support at 71.00 and resistance at 71.50 in the near term.

NEWS FLOWS OF LAST WEEK

• Rupee has gained sharply against USD in the last few sessions.• India’s GDP grew 4.5% in July-September 2019, the lowest since the fourth

quarter of 2012-13. • GST revenue collection in November stood at Rs. 1.03 lakh crore.• Rating agency S&P has reaffirmed India’s sovereign credit rating with

stable outlook.• MPC of RBI maintained status-quo on rates as against a widely-anticipated

25 basis points rate cut. Repo rate unchanged at 5.15%. Reverse repo rate stays unchanged at 4.90%.

• ECB President Lagarde will be hosting her first press conference on 12th December.

• Stronger-than-expected US job gains last month reaffirmed hope that the US economy remained solid. US created 266,000 jobs last month, topping economists’ forecast of 186,000.

• Elections in the UK will take place next Thursday, the day after the FOMC meeting.

• Pound reached the highest level in almost seven months as traders stepped up bets on a win for the Conservatives in next week’s election.

• Japanese government officially announced its JPY 26 trillion economic stimulus package.

• BoJ’s Board Member Yutaka Harada said that monetary easing has helped improve the economy and that further easing could cause banks some problems.

CURRENCY

CURRENCY TABLE

Currency Pair Open High Low Close

USDINR 71.7800 71.8075 71.1900 71.1900

EURINR 79.0825 79.5600 78.8625 78.9850

GBPINR 92.6675 94.0625 92.3750 93.5200

JPYINR 65.4425 66.1975 65.3000 65.5675

11KSTREET - 07TH DECEMBER, 2019

ECONOMIC GAUGE FOR THE NEXT WEEK

GMT Start Date Local Time Country Indicator Name Period Prefix Unit Prior

9 Dec 21:30 United States Export Wheat Inspected W 05 Dec Thou Tonne 246.988

9 Dec 21:30 United States Export Corn Inspected W 05 Dec Thou Tonne 428.856

9 Dec 21:30 United States Exp Soybean Inspected W 05 Dec Thou Tonne 1547.507

10 Dec 19:25 United States Redbook MM W 07 Dec Percent 0.4

10 Dec 19:25 United States Redbook YY W 07 Dec Percent 7.9

11 Dec 0:00 United States EIA Ethanol Ref Stk W 06 Dec Thou Barrel 20639

11 Dec 0:00 United States EIA Ethanol Fuel Total W 06 Dec Thou Brl/Day 1060

11 Dec 17:30 United States MBA Mortgage Applications W 06 Dec Percent -9.2

11 Dec 17:30 United States Mortgage Market Index W 06 Dec Index 512.4

11 Dec 17:30 United States MBA Purchase Index W 06 Dec Index 269.4

11 Dec 17:30 United States Mortgage Refinance Index W 06 Dec Index 1925.7

11 Dec 17:30 United States MBA 30-Yr Mortgage Rate W 06 Dec Percent 3.97

11 Dec 21:00 United States EIA Weekly Crude Stocks W 06 Dec Mln Barrel -4.856

11 Dec 21:00 United States EIA Weekly Dist. Stocks W 06 Dec Mln Barrel 3.063

11 Dec 21:00 United States EIA Weekly Gasoline Stk W 06 Dec Mln Barrel 3.385

11 Dec 21:00 United States EIA Weekly Crude Imports W 06 Dec Mln Barrel 0.144

11 Dec 21:00 United States EIA Weekly Rfg Stocks W 06 Dec Mln Barrel -0.005

11 Dec 21:00 United States EIA Weekly Heatoil Stock W 06 Dec Mln Barrel -0.656

11 Dec 21:00 United States EIA Weekly Prods Imports W 06 Dec Mln Brl/Day -0.246

11 Dec 21:00 United States EIA Weekly Dist Output W 06 Dec Mln Brl/Day 0.188

11 Dec 21:00 United States EIA Weekly Crude Runs W 06 Dec Mln Brl/Day 0.464

11 Dec 21:00 United States EIA Weekly Refining Util W 06 Dec Percent 2.6

11 Dec 21:00 United States EIA Wkly Crude Cushing W 06 Dec Mln Barrel -0.302

11 Dec 21:00 United States EIA Weekly Gasoline O/P W 06 Dec Mln Brl/Day -0.124

12 Dec 19:00 United States Corn Export Sales New W 05 Dec Thou Tonne 593.7

12 Dec 19:00 United States Corn Export Sales Net W 05 Dec Thou Tonne 546.1

12 Dec 19:00 United States Corn Exp Sale Next Yr Net W 05 Dec Thou Tonne 2.4

12 Dec 19:00 United States Corn Exp Sales Net Total W 05 Dec Thou Tonne 548.5

12 Dec 19:00 United States Soybean Export Sales New W 05 Dec Thou Tonne 708.4

12 Dec 19:00 United States Soybean Export Sales Net W 05 Dec Thou Tonne 683.8

12 Dec 19:00 United States Soybean Exp Sale Next Yr Net W 05 Dec Thou Tonne 0

12 Dec 19:00 United States Soybean Exp Sale Net Total W 05 Dec Thou Tonne 683.8

12 Dec 19:00 United States Soybeanmeal Exp Sale Net W 05 Dec Thou Tonne 181.1

12 Dec 19:00 United States Soymeal Exp Sls Next Yr Net W 05 Dec Thou Tonne 0

12 Dec 19:00 United States Soybn Meal Exp Sls Net Total W 05 Dec Thou Tonne 181.1

12 Dec 19:00 United States Soybeanoil Exp Sales Net W 05 Dec Thou Tonne 10.8

12 Dec 19:00 United States Soybn Oil Exp Sls Nxt Yr Net W 05 Dec Thou Tonne 0

12 Dec 19:00 United States Soybn Oil Exp Sls Net Total W 05 Dec Thou Tonne 10.8

12 Dec 19:00 United States Wheat Export Sales New W 05 Dec Thou Tonne 237

12 Dec 19:00 United States Wheat Export Sales Net W 05 Dec Thou Tonne 228.1

12 Dec 19:00 United States Wheat Exp Sale Next Yr Net W 05 Dec Thou Tonne 0

12 Dec 19:00 United States Wheat Exp Sale Net Total W 05 Dec Thou Tonne 228.1

12 Dec 19:00 United States Beef Export Sales New W 05 Dec Thou Tonne 12

12 Dec 19:00 United States Beef Export Sales Net W 05 Dec Thou Tonne 0.5

12 Dec 19:00 United States Up Cotton Exp Sales New W 05 Dec Thou No. of 169.1

12 Dec 19:00 United States Up Cotton Exp Sales Net W 05 Dec Thou No. of 163.7

12 Dec 19:00 United States US Pork Export Sales New W 05 Dec Thou Tonne 32.9

12 Dec 19:00 United States US Pork Export Sales Net W 05 Dec Thou Tonne 30.7

12 Dec 19:00 United States Initial Jobless Claims W 07 Dec Thou Person 203

12 Dec 19:00 United States Jobless Claims 4-Wk Avg W 07 Dec Thou Person 217.75

12 Dec 19:00 United States Continued Jobless Claims W 30 Nov Mln Person 1.693

12 Dec 21:00 United States EIA- Nat Gas, Change Bcf W 06 Dec Bln Cft -19

CURRENCY

12KSTREET - 07TH DECEMBER, 2019

12 Dec 21:00 United States Nat Gas-EIA Implied Flow W 06 Dec Bln Cft -19

9 Dec 15:00 Euro Zone Sentix Index Dec 2019 Diff.Idx -4.5

9 Dec 20:30 United States Employment Trends Nov 2019 Index 110.1

10 Dec 7:00 China (Mainland) PPI YY Nov 2019 Percent -1.6

10 Dec 7:00 China (Mainland) CPI YY Nov 2019 Percent 3.8

10 Dec 7:00 China (Mainland) CPI MM Nov 2019 Percent 0.9

10 Dec 7:30 China (Mainland) Total Social Financing Nov 2019 Bln CNY 618.9

10 Dec 15:30 Euro Zone ZEW Survey Expectations Dec 2019 Balance -1

10 Dec 16:30 United States NFIB Business Optimism Idx Nov 2019 Index 102.4

10 Dec 19:00 United States Labor Costs Revised Q3 2019 Percent 3.6

10 Dec 19:00 United States Productivity Revised Q3 2019 Percent -0.3

10 Dec 22:30 United States Fla Orange Output 19/20 Oct 2019 Mln No. of 74

10 Dec 22:30 United States WSD-Wheat Output 19/20 Dec 2019 Bln Bushel 1.92

10 Dec 22:30 United States WSD-Wheat Endstocks19/20 Dec 2019 Bln Bushel 1.014

10 Dec 22:30 United States WSD-Corn Output 19/20 Dec 2019 Bln Bushel 13.661

10 Dec 22:30 United States WSD-Corn Endstocks 19/20 Dec 2019 Bln Bushel 1.91

10 Dec 22:30 United States WSD-Soybean Output 19/20 Dec 2019 Bln Bushel 3.55

10 Dec 22:30 United States WSD-Soybn Endstocks19/20 Dec 2019 Mln Bushel 475

10 Dec 22:30 United States WSD-Cotton Output 19/20 Dec 2019 Mln Bale 20.82

10 Dec 22:30 United States WSD-Cottn Endstocks19/20 Dec 2019 Mln Bale 6.1

10 Dec 22:30 United States WSD-Beef Output 2020 Dec 2019 Bln Pound 27.616

10 Dec 22:30 United States WSD-Pork Output 2020 Dec 2019 Bln Pound 28.694

10 Dec 22:30 United States WSD-Poultry Output 2020 Dec 2019 Bln Pound 50.529

10 Dec 22:30 United States WSD-Corn Yield 19/20 Dec 2019 Bushel 167

10 Dec 22:30 United States WSD-Corn Exports 19/20 Dec 2019 Bln Bushel 1.85

10 Dec 22:30 United States World Corn E/S 19/20 Dec 2019 Mln Tonne 295.96

10 Dec 22:30 United States WSD-Corn Endstock 18/19 Dec 2019 Bln Bushel 2.114

10 Dec 22:30 United States WSD-Soybean Yield 19/20 Dec 2019 Bushel 46.9

10 Dec 22:30 United States WSD-Soybean Exp 19/20 Dec 2019 Bln Bushel 1.775

10 Dec 22:30 United States World Soy E/S 19/20 Dec 2019 Mln Tonne 95.42

10 Dec 22:30 United States WSD-Soybean E/S 18/19 Dec 2019 Mln Bushel 913

10 Dec 22:30 United States World Wheat E/S 19/20 Dec 2019 Mln Tonne 288.28

10 Dec 22:30 United States WSD-Wheat Endstocks18/19 Dec 2019 Bln Bushel 1.08

10 Dec : China (Mainland) M2 Money Supply YY Nov 2019 Percent 8.4

10 Dec : China (Mainland) New Yuan Loans Nov 2019 Bln CNY 661.3

10 Dec : China (Mainland) Outstanding Loan Growth Nov 2019 Percent 12.4

10 Dec : China (Mainland) FDI (YTD) Nov 2019 Percent 6.6

10 Dec : India Trade Deficit Govt -USD Nov 2019 Bln USD 11.01

10 Dec : India Imports - USD Nov 2019 Bln USD 37.39

10 Dec : India Exports - USD Nov 2019 Bln USD 26.38

11 Dec 19:00 United States Core CPI MM, SA Nov 2019 Percent 0.2

11 Dec 19:00 United States Core CPI YY, NSA Nov 2019 Percent 2.3

11 Dec 19:00 United States CPI Index, NSA Nov 2019 Index 257.346

11 Dec 19:00 United States Core CPI Index, SA Nov 2019 Index 265.01

11 Dec 19:00 United States CPI MM, SA Nov 2019 Percent 0.4

11 Dec 19:00 United States CPI YY, NSA Nov 2019 Percent 1.8

11 Dec 19:00 United States Real Weekly Earnings MM Nov 2019 Percent -0.1

11 Dec 19:00 United States CPI MM NSA Nov 2019 Percent 0.23

11 Dec 19:00 United States CPI Index SA Nov 2019 Index 257.27

11 Dec 21:30 United States Cleveland Fed CPI Nov 2019 Percent 0.2

11 Dec 21:30 United States TR IPSOS PCSI Dec 2019 Diff.Idx 61.23

11 Dec 0:30 United States Fed Funds Target Rate 11 Dec Percent 1.625

11 Dec 0:30 United States Federal Budget,$ Nov 2019 Bln USD -134

11 Dec 0:30 United States Fed Int On Excess Reserves 11 Dec Percent 1.55

CURRENCY

13KSTREET - 07TH DECEMBER, 2019

11 Dec 0:30 United States FFR Projection-Current Q4 2019 Percent 1.9

11 Dec 0:30 United States FFR Projection-1st Yr Q4 2019 Percent 1.9

11 Dec 0:30 United States FFR Projection-2nd Yr Q4 2019 Percent 2.1

11 Dec 0:30 United States FFR Projection-3rd Yr Q4 2019 Percent 2.4

11 Dec 0:30 United States FFR Projection-Longer Q4 2019 Percent 2.5

12 Dec 15:30 Euro Zone Industrial Production MM Oct 2019 Percent 0.1

12 Dec 15:30 Euro Zone Industrial Production YY Oct 2019 Percent -1.7

12 Dec 17:30 India CPI Inflation YY Nov 2019 Percent 4.62

12 Dec 17:30 India Industrial Output YY Oct 2019 Percent -4.3

12 Dec 17:30 India Cumulative Ind. Output Oct 2019 Percent 1.3

12 Dec 17:30 India Manufacturing Output Oct 2019 Percent -3.9

12 Dec 18:15 Euro Zone ECB Refinancing Rate Dec 2019 Percent 0

12 Dec 18:15 Euro Zone ECB Deposit Rate Dec 2019 Percent -0.5

12 Dec 19:00 United States PPI Final Demand YY Nov 2019 Percent 1.1

12 Dec 19:00 United States PPI Final Demand MM Nov 2019 Percent 0.4

12 Dec 19:00 United States PPI exFood/Energy YY Nov 2019 Percent 1.6

12 Dec 19:00 United States PPI exFood/Energy MM Nov 2019 Percent 0.3

12 Dec 19:00 United States PPI ex Food/Energy/Tr YY Nov 2019 Percent 1.5

12 Dec 19:00 United States PPI ex Food/Energy/Tr MM Nov 2019 Percent 0.1

13 Dec 7:30 China (Mainland) TR IPSOS PCSI Dec 2019 Diff.Idx 69.4

13 Dec 7:30 India TR IPSOS PCSI Dec 2019 Diff.Idx 60.2

13 Dec 12:00 India WPI Inflation YY Nov 2019 Percent 0.16

13 Dec 12:00 India WPI Food Index Nov 2019 Percent 7.65

13 Dec 12:00 India WPI Food Articles YY Nov 2019 Percent 9.8

13 Dec 12:00 India WPI Fuel YY Nov 2019 Percent -8.27

13 Dec 12:00 India WPI Mfg Inflation Nov 2019 Percent -0.84

13 Dec 17:00 India Trade Balance-RBI Q3 2019 Bln USD -46.2

13 Dec 17:00 India C/A Bal. $ Q3 2019 Bln USD -14.3

13 Dec 17:00 India Balance Payments $ Q3 2019 Bln USD 14

13 Dec 17:00 India Current Account/GDP (Q) Q3 2019 Percent -2

13 Dec 19:00 United States Import Prices MM Nov 2019 Percent -0.5

13 Dec 19:00 United States Export Prices MM Nov 2019 Percent -0.1

13 Dec 19:00 United States Import Prices YY Nov 2019 Percent -3

13 Dec 19:00 United States Retail Sales Ex-Autos MM Nov 2019 Percent 0.2

13 Dec 19:00 United States Retail Sales MM Nov 2019 Percent 0.3

13 Dec 19:00 United States Retail Ex Gas/Autos Nov 2019 Percent 0.1

13 Dec 19:00 United States Retail Control Nov 2019 Percent 0.3

13 Dec 19:00 United States Retail Sales YoY Nov 2019 Percent 3.1

13 Dec 20:30 United States Business Inventories MM Oct 2019 Percent 0

13 Dec 20:30 United States Retail Inventories Ex-Auto Rev Oct 2019 Percent 0.6

14KSTREET - 07TH DECEMBER, 2019