On January 4, 2018- The nifty opened at 10,469 then rose to a high of 10,513 low of 10,441 and in the end closed at 10,504 thus making a significant up by 61 points. The day was majorly ruled by bullish bear’s and in the end pushed the market to close above 10,500levels.

According to pivot charts, Key support is at 10,459 followed by 10,414 and key resistance is at 10,531 and 10,557.

Important news for the day:

1) India’s biggest state owned banks are likely to get 80,000 Crores of fresh capital from the government in this fiscal year. Major beneficiaries could include State Bank of India, Bank of Baroda and Canara Bank.

2) Idea Cellular is planning to raise 6750 Crores ahead of its merger with Vodafone India to pare debt and free up cash for expansion. The first tranche of 3250 Crores will come Aditya Birla Group via a preferential share issue.

3) The ministry of commerce had showed that eight core industries which includes Cement, steel and refinery products witnessed a 13 month high of 6.8 percent in November from 5 percent a month ago.

4) The Global rating agency Finch has said that India’s economy has potential to grow at average of 6.7 percent per annum over the next give years and will Beth’s fastest growing economies.

5) FCCI have urged the government to lower the corporate tax rate at 28 percent, which is currently at 30 percent. The move will boost the economy and help tide over the problems created by the US tax reforms.

6) The Finance Minister said that it had cleared a Foreign Direct Investment (FDI) proposal worth 532 Crores in December. 

7) Nearly 1200 fresh foreign portfolio investors were registered with SEBI in April- November of the current fiscal. This is because of the continued interest in the Indian markets.

8) Government is considering 7.5 percent tariff on imported solar panels.