The nifty opened at 10,498.20 then rose to a high of 10,534.55 low of 10,460.45 and in the end closed at 10,477.90 thus making a loss of 12.75 points. The day was majorly ruled by bearish bears and in the end ‘Spinning Top’ pattern, which is often regarded as neutral pattern was formed.
According to pivot charts, Key support is at 10,447 followed by 10,416 and key resistance is at 10,521 and 10,564.
Important news for the day:
1) Reliance Communication has entered into an agreement to sell its wireless assets to Reliance Jio.
2) To make a simpler securities market trading infrastructure, regulator SEBI has announced the much awaited integration of stocks and commodities trading on a single exchange from October 2018.
3) Brookfield, a Canadian Asset Management Company along with Kotak Mahindra group have jointly bid for 2200 megawatts of Power assets belonging to Jaypee Power Ventures, a unit of Jaiprakash Associates.
4) The government is likely to immediately infuse about â‚¹10,000 Crores in six State-run PSU’s including Bank of Maharashtra, Dena Bank and Union Bank over the next few weeks.
5) Market Regulator SEBI has decided to relax entry norms for Foreign Portfolio Investors (FPIs) willing to invest in Indian Market.
6) Throgh extensive use of methanol in cooking gas and transportation, the government is working on a policy to bring down the annual oil import by USD 100 billion by 2030.
7) The benchmark 10- year government bond yield rose the most in last 11 months, after the government said that it would borrow an additional â‚¹50,000 Crores via bonds to fund its Fiscal deficit.
8) Astron Paper will make its stock market debut today. The company’s IPO was subscribed 243 times during December 15-20.
9) Cryptocurrency Bitcoin falls below $14,000 as South Korean government said that it is eyeing options to stamping out a frenzy of speculation, including a potential shutdown of at least some exchanges.