Technical View: On Friday, the Nifty logged a breakout above 8370 which is the 61.8% Fibonacci Retracement of the fall from 8620. This is a strong bullish sign and confirms the near term uptrend. The Nifty was aided primarily y the Bank Nifty, which clocked a sharp upmove of 1.6%.While the Bank Nifty registered a strong breakout above the trend line resistance, other Cyclicals, to helped the Nifty consolidate its gains on Friday. For intra-day positions, we recommend hold on to longs on Nifty if it trades above 8380, with a target of 8430-8440 and a stop loss of 8350. Initiate fresh shorts only below 8240. Intraday Supports are at 8330 and 8300, while the Resistances are at 8400 and 8440. For the week, the Supports are at 8250 and resistance is at 8520. For Positional Players, the major Support is at 8180 and Resistance is at 8520. Headlines: Economic Times Ø Manufacturing sector grew gradually in 2014; more growth eyed in 2015 Ø Changes in land laws balances development: FM Ø Economy to witness 6.5% growth: Morgan Stanley Ø FM Arun Jaitley says state banks need more autonomy Ø Energy cos need to invest more in R&D: Pachauri Ø Titagarh Wagons eyes Rs 120 crore exports in FY16 Business Standard Ø Govt to take up 36 FDI proposals on Jan 22 Ø Fertilizer Min seeks Rs 12,500 cr for paying urea subsidy Ø MF houses bat for a mix of trail and upfront commissions Ø Fertilizer Min seeks Rs 12,500 cr for paying urea subsidy Ø BSE seeks simpler norms for stock exchanges going public Ø Norms tightened for appointment of agents by insurers Business Line Ø Infosys changes results announcement timing to Friday evening Ø Stake sale in PSU banks only at ‘appropriate valuation: Jayant Sinha Ø Safeguard duty imposed on sodium citrate imports Ø Dhunseri Tea takes on long lease packeting factory of gr co Ø IOC-Adani joint venturegets City Gas contract Mint Ø Manufacturers see better capacity utilisation: RBI survey Ø Government unveils road map for new accounting standards Ø Sugar mills are likely to stay crushed in 2015, too Ø Deepak Fertilisers not to make counterbid for MCFL Ø Xiaomi doubles revenue to $12 billion as phone sales surge 227% Ø Use public buildings for optical fibre project: DoT Financial Express Ø Power regulators to get more legal teeth Ø Textile export subsidy under WTO scanner Ø Unions’ threats may create hurdles for govt’s public sector bank reform push Ø Coal unions boycott govt meet; to go on 5-day strike from Tuesday Ø Vijay Mallya may not sell Mangalore Chemicals shares Financial Chronicle Ø MF assets up 4.33% in Oct-Dec quarter Ø Iron ore, steel industry to turn around this year Ø FII equity inflows hit 10-month low of Rs 2,100 cr in Dec Ø Reliance Cap expects boost in insurance biz in 2015 Ø GDR route under scanner for routing black money Ø Housing sales likely to rise to 1.92 lakh units this yr: JLL DISCLAIMER: report.systematixshares/DISCLAIMER/DISCLAIMERForSystematixShares.jpg
Posted on: Mon, 05 Jan 2015 05:59:32 +0000