Telecom Commission favours raising spectrum holding limit

On January 9, 2018- The nifty opened at 10,645 then rose to a record high of 10,659.15 low of 10,603 and in the end closed at fresh closing high of 10,637 thus making a up by 13 points. The day was majorly ruled by bullish bear’s and in the end pushed the market to all time high  close of above 10,630 levels.

According to pivot charts, Key support is at 10,607 followed by 10,577 and key resistance is at 10,662 and 10,688.

Important news for the day:

1) The Telecom Commission (TC) has decided to relax spectrum holding caps. The move will give a boost to M&A’s and spectrum sales. TC ahave agreed with TRAI recommendations to remove 50% limit on spectrum within a band in circle. And raise inter and cap to 35% vs 25%.

2) IDBC Bank is exploring a Merger Deal it’s Mumbai based Capital First. If successful, the merger will give IDFC access to 5.1 million customers of Capital First, and Capital First will b able to raise funds at lower rates.

3) Axis Bank is looking to acquire a Life Insurance business.

4) Net Direct Tax collections rose 18.2% in April- December 2017 from a year ago.

5) The Director Generals has recommended a 70% safeguard duty on imported solar cells, panels and modules for 200 days. The move will give another blow to Developers.

6) ICICI Venture to purchase 13.8%  stake for ₹100 Crores in Go Fashion, which is the parent of women leg wear for brand GoColors.

7) Crude Oil hits highest since May 2015, trading above $68.

8) Mutual Funds will soon trade in the commodity derivatives.

9) Newgen Software Technologies Ltd will launch its Initial Public Offering (IPO) on January 16, seeking to raise over ₹400 Crores.