Technical View: Yesterday, we saw the Nifty breakout above 8180 and 8200 level, effectively ending the three-day downtrend. The Nifty has regained crucial levels and is now forming a “symmetrical triangle” pattern, in an uptrend, which is a bullish indication, but only on break above. We had recommended closing short positions above 8160. If Nifty sustains above 8240, we recommend you to enter fresh long positions with a stop loss of 8190 and targets 8280 and then 8330. Also the chart on the right above, shows a big gap on the upside which should get filled. Intraday Supports are at 8200 and 8160, while the Resistances are at 8280 and 8300. For the week, the Supports are at 8160 and resistance is at 8330. For Positional Players, the major Support is at 7960 and Resistance is at 8520. Headlines: Economic Times Ø Goldman Sachs set to dump Indian MF biz; may sell it for Rs 120 crore Ø Indias rating upgrade likely in 2015: Deutsche Bank Ø Government looks at divestment in oil PSUs Ø RBI to revise leverage ratio for banks from April 1 Ø ONGC stake sale after new subsidy sharing formula Ø Auto industry to face stress due to regulatory norms Ø India considering higher subsidies for raw sugar exports Business Standard Ø India Incs revenue growth to slip to a 6-quarter low in Q3FY15: CRISIL Ø Power ministry cancels UMPP bidding; to set up committee soon Ø HULs earnings set to double over FY15-17 Ø Reliance finalises 2015 diesel and jet fuel term contracts Ø B’bay HC allows Mumbai Metro One to charge Rs 10-40 fare Ø Maharashtra FDA suspends two drug licenses of Dr Reddys Ø Standard Chartered winds down securities business Business Line Ø Economic growth deceleration has bottomed out: Jaitley Ø Renewable energy focus will continue, says Harsh Vardhan Ø Sugarcane support price leaves TN farmers, mills bitter Ø Rubber industry meet to focus on inverted duty structure Ø Govt scraps UMPP bidding over tepid private sector response Ø JSPL connived with Coal Ministry officials for excess mining: CBI Mint Ø Govt plans Rs1,400 crore electric vehicles push Ø Qatar Airways keen to buy stake in IndiGo Ø RBI allows bullet repayment for gold loans up to Rs2 lakh Ø Synechron acquires Paris-based consulting firm TeamTrade Ø Network18 to sell Stargaze stake to Carnival Films Ø Sigma, AZ Electronic acquisitions to help Merck consolidate in India Financial Express Ø Deutsche sets BSE index year-end target at 33,000 on rising govt investment Ø India needs Rs 26 lakh crore for infrastructure financing in 5 years: Study Ø India should use low oil prices to put fiscal house in order: Kaushik Basu Ø Eros Inttl emerges biggest Indian movie studio on Facebook Financial Chronicle Ø Moodys upgrade Tata Steels ratings Ø Of Bengal’s Rs1 trillion fund pledge, Rs93,000 cr from SAIL Ø Market regulator proposes new e-IPO norms Ø Borrowing pressure of infra firms to go down Ø SpiceJet may get first round of investment by Jan 10 Ø ICICI Prudential MF launches equity fund DISCLAIMER: report.systematixshares/DISCLAIMER/DISCLAIMERForSystematixShares.jpg
Posted on: Fri, 09 Jan 2015 04:31:51 +0000