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SBI initiates bankruptcy proceedings against Videocon Industries.

On January 8, 2018- The nifty opened at 10,591 then rose to a fresh high of 10,631.20 low of 10,588 and in the end closed at fresh high of 10,623 thus making a significant up by 64 points. The day was majorly ruled by bullish bear’s and in the end pushed the market to all time high  close of above 10,600.

According to pivot charts, Key support is at 10,597 followed by 10,571 and key resistance is at 10,640 and 10,657.

Important news for the day:

1) Vedanta has submitted the highest bid for bankrupt Electrosteel Steels. The bid was supposed to be of worth ₹4500 Crores.

2) Radiant Life care is in preliminary discussions to buy strategic stake in Max Healthcare as Life Healthcare group holdings considers a sale of its stake.

3) National Carrier Air India has improved its revenue by about 10% during the first nine months of the fiscal year 2017-18.

4) State Bank of India has initiated bankruptcy proceedings against Videocon Industries on Monday as the deadline set by the regulatory to resolve the ₹29000 Crores default failed.

5) Rating Agency Crisil has maintained its FY19 growth estimates to 7.6 percent on the low base.

6) The government bonds has attracted bids worth ₹12000 Crores (approx) from Foreign Investors.

7) Due to a sense of suitable bidders, banks may choose to sell to asset reconstruction companies (ARCs) many of the stressed loan accounts.

8) The Supreme Court on Monday stayed an order in which tobacco products packages must have a pictorial warning covering 85 percent of the space.

9) Cryptocurrency BitCoin sank after website CoinMarketCap removed prises from South Korean exchanges from its calculations of digital Surrey you rates. The BitCoin is trading below $15000.

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