Technical View: Yesterday, we had recommended increasing short positions on Nifty only below 8060 and going long on short term only above 8160. Nifty did not breach either. The Index should open on a slight uptick today, but the RSI crossover is yet to be followed up with an MACD crossover. So weakness persists and Nifty could lose its early gains later into the trading day. The Nifty has breached crucial resistance levels of 8280, 8240 and the very important 8180 level. We recommend you to hold on to the short positions with a stop loss of 8160. If Nifty breaches 8060, you may double your shorts with targets of 8000 and 7960. Intraday Supports are at 8060 and 8040, while the Resistances are at 8180 and 8200. For the week, the Supports are at 8040 and resistance is at 8330. For Positional Players, the major Support is at 7960 and Resistance is at 8520. Headlines: Economic Times Ø Coal strike called off after meeting with Piyush Goyal Ø India Inc debt raising hits near record at $57 bn Ø BofA sees Brent sliding to $40 Ø DLFs fresh undertaking; to submit fine in tranches Ø US trade deficit hits 11-mth low Ø Suzlon Energy denies German unit sale report Ø After USA, global investors are looking at India Business Standard Ø Feb spectrum auction to fetch govt Rs 1 lakh cr Ø Coal India struggles to produce 50% of output amid strike Ø Brent slips below $50, drags Euro to another 9-year low Ø Govt not planning further curbs on gold imports, says trade secretary Ø Govt allows 100% production of neem-coated urea Ø Trade cautiously in 400 illiquid scrips: Bourses to investors Business Line Ø Telecom panel suggests higher base price for 3G spectrum auction Ø Reliance Industries in race to supply diesel to Railways Ø Tata Chemicals to focus on specialty fertilisers Ø Cox & Kings allots 72.50 lakh warrants to Standford Trading Ø Praj Industries bags order to build ethanol plant in Uganda Ø Wipro fixes record date for interim dividend Mint Ø Coal India union toughens stand, may extend strike Ø Hindustan Copper to bear brunt of falling copper prices Ø JP Morgan acquires 4.11% stake in M&M Financial Services Ø Air India seeks govt help after IOC warns on fuel supplies Ø Suzlon Energy denies German unit sale report Ø Sebi cautions Vadodara Stock Exchange on land dealings Financial Express Ø FPIs cool on India, pull out $300 m YTD Ø Railways earnings up by over 12 per cent Ø Gujarat logs lowest unemployment rate, Sikkim highest: Labour Bureau Ø E-commerce sales in India to touch $7.69 bn in 2015, says eMarketer Financial Chronicle Ø Of Bengal’s Rs1 trillion fund pledge, Rs93,000 cr from SAIL Ø Arun Jaitley tells industry more reforms needed Ø MSME sector seeks a lifeline from Telangana govt Ø Indias telecom subscriber base reaches 96.42 cr in Nov Ø ISB takes up task to train government officials Ø Mining may pick up with output back in shape DISCLAIMER: report.systematixshares/DISCLAIMER/DISCLAIMERForSystematixShares.jpg
Posted on: Thu, 08 Jan 2015 03:45:33 +0000
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