Headlines for the day
Corporate News Headline
SBI entered into an agreement with the Gujarat government to create a Rs. 50 bn fund for investing in equity of infrastructure projects. (ET) NTPC is planning to invest Rs. 60 bn in super thermal power projects in MP, UP, and Chattisgarh. (BS) ONGC is planning to invest USD 5.3 bn in developing gas finds in two of its eastern offshore Krishna Godavari basin blocks by 2013. (BS) Economic and Political Headline The Civil Aviation Minister Praful Patel said that the government was considering FDI of up to 25% in Indian carriers by foreign airlines. (BS) The Federal Reserve Chairman Ben S. Bernanke warned that a fiscal stimulus won't be enough to spur an economic recovery and that the government may need to buy or guarantee banks' tainted assets to revive growth. (Bloomberg) Japan's current-account surplus shrank 65.9% to USD 65 bn from a year earlier in November as exports slumped by a record in the wake of the global recession. (Bloomberg)Strong & Weak futures
This is list of 10 strong futures:
ABB, Aban, ACC, Aditya Birla, Adlads Films, AIA Eng, AL BK, Alok Text, APIL & Ambuja Cem..
And this is list of 10 Weak Futures:
Zee, Yes Bk, Wockpharma, WWIL, Wipro, Wel Guj, Voltas, Vijay Bk, Uni Phos & Uni Tech.
Nifty is in Down Trend.
NIFTY FUTURES (F & O)
Below 2711 level, selling may continue up to 2697-2699 zone and thereafter slide may continue up to 2674-2676 zone by non-stop.
Hurdles at 2732 & 2755 levels. Above these levels, expect short covering up to 2791-2793 zone and thereafter expect a jump up to 2814-2816 zone by non-stop.
Sell if touches 2826-2828 zone. Stop Loss at 2850-2852 zone.
On Negative Side, break below 2662-2664 zone can create panic up to 2638-2640 zone.
Short-Term Investors:
Short-Term trend is Bearish and target at around 2312 level on down side.
On Positive Side, rallies up to 2936 level can be used to exit. Maintain a
Stop Loss at 3144 level for your short positions too.
BSE SENSEX
Technically downtrend should continue.
Short-Term Investors:
Bearish Trend. 3 closes below 10470 level, it can tumble up to 7579 level by non-stop.
GLOBAL CUES & RUPEE
The Dow Jones Industrial Average closed at 8,448.56. Down by 25.41 points.
The Broader S&P 500 closed at 871.79. Up by 1.53 points.
The Nasdaq Composite Index closed at 1,546.46. Up by 7.67 points.
The partially convertible rupee <INR=IN> closed at 49.11/12 per dollar on yesterday, weaker than its previous close of 48.84/85.
FII -345.78
DII +152.58
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Arvind Parekh Jan
+ 91 98432 32381
