On January 2, 2018- The nifty opened at 10,477 then rose to a high of 10,495 low of 10,404 and in the end closed at 10,442 thus making a marginal up by 6 points. The day was evenly ruled by bullish and bearish bears however in the end bulls managed to push in the end to close in green. The index made a ‘Hammer’ like pattern on the daily charts.
According to pivot charts, Key support is at 10,399 followed by 10,356 and key resistance is at 10,490 and 10,537.
Important news for the day:
1) Buoyed by a rise in output and new orders, India’s factory activity expanded at the fastest pace in last five years in December. The seasonally adjusted Nikki India Manufacturing Purchasing Managers Index ( PMI) rose to 54.7 in December from November’s 52.6. A reading above 50 denotes expansion.
2) Following State a Bank of India’s rate cuts for borrowers, most big lenders such as ICICI Bank, Axis Bank, and HDFC Bank to meet soon in next few days and consider possible reduction in rates.
3) Endingthe year on high, Unified Payments Interface (UPI) has maintained its growth by clocking 145 million transactions in December 2017. The same stood at 105 millions in November 2017. A significant growth of 38%.
4) MovieTime Cinemas to invest â‚¹125 Crores on Expansion. The company has decided to use promoters funds to double screen count in 2018 from 50 percent at present.
5) Future Group in talks to buy Snapdeal’s Logistics Arm. The company may pay â‚¹50 Crores for Vulcan Express, which manages about 50% of Snapdeal’s deliveries.
6) Finance Minister Arun Jaitley has said that government has entered into an uncharted territory as far as bankruptcy and insolvency code is concerned and would continue to modify the law dealing with issue.
7) The Power Minister R.K Singh has said that Electricity Tarrifs across India are expected to raise 62 to 93 paise per Kilowatt- hour during the first year of upgrades to coal fired power plants.
8) Finance Minister has assured that government is considering putting in place a “much better” security measures for bank depositors and is open to suggestions for raising the deposit insurance limit from â‚¹ 1 Lakh currently.