Corporate News Headline
BHEL bagged a Rs. 20 bn contract from Sultanate of Oman to erect and commission a series of 126 MW gas turbine generators. (BS)
Power Finance Corporation is planning to raise more than Rs. 40 bn from the debt market by March 2009. (ET)
Punj Lloyd has joined hands with the US based Thorium Power Ltd to explore nuclear fuel generation possibilities in India. (BS)
Economic and Political Headline
Inflation for the week ended November 22 stood at 8.4%, as compared to 8.84% in the previous week. (ET)
The RBI governor Duvvuri Subbarao said that India remained vulnerable to global financial and economic developments and a period of painful adjustment was inevitable. (Reuters)
The European Central Bank cut the key rate by 75 bps to 2.5%, and the Bank of England cut the benchmark interest rate by 1bps to 2% as lenders rationed credit, pushing the UK economy deeper into a recession. (Bloomberg)
NIFTY SPOT LEVELS TODAY
2788.00( 4.95 %) 131.55
123
Resistance2839.08 2890.17 2986.53
Support 2691.63 2595.27 2544.18
9229.75( 5.51 %) 482.32
123
Resistance 9407.64 9585.52 9925.99
Support 8889.29 8548.82 8370.94
NIFTY FUTURES (F & O)
Below 2754 level, expect profit booking up to 2692-2694 zone and thereafter slide may continue up to 2631-2633 zone by non-stop.
Above 2806 level, buying may continue up to 2815-2817 zone and thereafter expect a jump up to 2876-2878 zone.
Supply expected at around 2936-2938 zone and have caution.
On Negative Side, rebound expected at around 2570-2572 zone.
Stop Loss is too far on down side and can be placed at around 2510-2512 zone.
Short-Term Investors:
Short-Term trend is bearish and target at around 2392 level on down side.
On Positive Side, rallies up to 2982 level can be used to exit. Maintain a Stop Loss at 3178 level for your short positions too.
BSE SENSEX
Technically recovery should continue.
Short-Term Investors:
Trend is Bullish & Technical target at around 10023 level on upper side. Corrections up to 8856 level can be used to buy. SL at 8467 level.
GLOBAL CUES & RUPEE The Dow Jones Industrial Average closed at 8,376.24. Down by 215.45 points.
The Broader S&P 500 closed at 845.22. Down by 25.52 points.
The Nasdaq Composite Index closed at 1,445.56. Down by 46.82 points.
The partially convertible rupee
FII DATA
FII
04/12: 307.14 Cr. (Prov)
DII
04/12: 79.24 Cr. (Prov)
Strong & Weak futures
This is list of 10 strong futures:
Sun TV, Andhra Bank, LIC, Nagarjuna Constr, CESC, IVRCL Infrast, Dr. Reddy's, NDTV, IDFC & Bharat Petro.
And this is list of 10 Weak Futures:
BRFL, BEML, M&M, Voltas, Suzlon, Unitech, Havells, Ansal Infra, Bhushan Steel & Purva.
Nifty is in Down Trend.
