On December 29, 2017- The nifty opened at 10,492.35 then rose to a high of 10,538.70 low of 10,488.65 and in the end closed at 10,530.70 thus making a significant gain of 52.70 points. The day was majorly ruled by bullish bears and in the end Doji pattern with an extremely narrow range of 92 points for the week was formed.
According to pivot charts, Key support is at 10,500 followed by 10,469 and key resistance is at 10,550 and 10,569.
Important news for the day:
1) Domestic Mutual Funds pumped in a staggering over â‚¹1 Lakh Crores in the stock market during 2017 and remained bullish in the New Year to maximise the returns for investors. It is higher over â‚¹48,000 Crores higher than a previous years.
2) The Insolvency and Bankruptcy Code (Amendment) Bill, 2017- which Debars wilful defaulters and existing promoters from bidding for stressed assets of companiesundergoing insolvency preoceedings has been passed by the Lok Sabha.
3) Lenders have decided to refer 25 of 28 companies on the Reserve Bank Of India’s second list of large corporate defaulters to the National Company Law Tribunal (NCLT) for initiation of insolvency proceedings.
4) The government has extended the last date for filing of final sales return GSTR-1 by 10 days to January 10, 2018.
5) The FinanceMinister Arun Jaitley has asked Public Sector Banks (PSBs) to explore options for selling and swapping of loan assets with other lenders to strengthen the balance sheets.
6) With widening Fiscal deficits and higher crude prices, Overseas investors have pulled out close to â‚¹5900 Crores from domestic equities in December 2017.
7) US Oil prices closed above USD 60 a barrel on the final trading day of the year 2017. The crude oil ended with a 12 percent gain in 2017 spurred by strong demand and declining global inventories.