ONLY POSITIONAL TRADERS
Nifty spot will again feel strong pressure near 4440-4470 on Closing Basis.so,chances are very high,nifty will fall back to 4320,4220 soon in 2-3 days.
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However, the nuclear deal still needs to be ratified by the US Congress before it could take force. The Congress must act before adjourning in late September for US presidential elections.If that does not happen then the deal could be left to an uncertain fate under a new US administration that takes office next year.
DEAL CLINCHED, INDIA GETS NSG WAIVER
Vienna: The 45-nation Nuclear Suppliers Group has approved a US plan to engage in nuclear trade with India.
The approval came after almost three days of meeting in Vienna on Saturday.
National Security Advisor MK Narayanan has confirmed
Barclays Capital says in its research report that the current Finance Minister, Mr P. Chidambaram, will be replaced by Dr C. Rangarajan, the ex-chairman of the Economic Advisory Council to the Prime Minister, in the next few weeks.
"The appointment of Dr Subbarao (as RBI Governor) and the possibility of Dr Rangarajan being made the new finance minister, is a response, in our view, by the Prime Minister to embark with a fresh economics team to address the inflation problem and large off-budget subsidies…", says the research report.
When contacted over telephone, the author of the report, Mr Sailesh K. Jha, Senior Regional Economist with Barclays Capital, told Business Line that "the change is imminent" and this was what he had gathered from his discussions with various policy makers in top echelon of the Government before he authored the report.
NSG round 2: India renews vow to avoid arms race
Vienna: The United States came out with a "changed draft" on Friday night to find the elusive consensus among the 45-members of the Nuclear Suppliers Group on a "clean waiver" that will allow commerce between India and the powerful cartel that controls the global supply of nuclear fuel, equipment and technology.
Negotiations between the three parties, the US, the NSG members and India, went on till late night as serious attempts were on to reach an agreement on the new wordings in the draft that will be acceptable to all.
Austria, Ireland and New Zealand, were the three countries in the 45-member group that prevented a consensus from emerging in the NSG on an India-specific waiver. They insisted that provisions be brought in the draft that will ensure that all commercial dealing with India be stopped the moment it conducts another nuclear test.
External Affairs Minister Pranab Mukherjee issued a statement re-affirming India's commitment to a "voluntary moratorium" on further tests. But the three members of the NSG remained sceptical and insisted that the commitment should be legal to make it more binding.
The on-going negotiations are aimed at making the changed language in the draft acceptable to the NSG members and India.
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Arvind Parekh
+ 91 98432 32381
