On January 12, 2018- The nifty opened at 10,682.55 then rose to a record high of 10,690.40 low of 10,597.10 and in the end closed at 10,681.25 - 30.05 points higher than its previous close. The day was majorly ruled by bullish bear’s and thus the continuing support has moved the nifty to close above its all time time high closing levels.
According to pivot charts, Key support is at 10,622 followed by 10,562 and key resistance is at 10,715 and 10, 749.
Important news for the day:
1) The proposed merger between Capital First and IDFC Bank will require to raise as much as â‚¹4000 Crores to meet regulatory obligations on liquidity. The market capital of the merged entity is expected to be 31,285.22 Crores.
2) To run access controlled Indian Motorway projects worth 6300 Crores, Canadian Brookfield Asset Management and an investment firm back by Gulf sovereign fund Abu Dhabi Investment Authority (ADIA) have emerged as the final bidders.
3) The Department Of Industrial Policy and Promotion (DIPP) has ordinate the small Industries Development Bank of India (SIDBI) to commit â‚¹1600 Crores in additional fund from the government’s â‚¹10,000 Crores fund of funds scheme launched under the StartUp India Action Plan in 2016.
4) Morgan Stanley has said that the Indian Economy is expected to witness an average GDP growth of 7.3 percent over 2020-22.
5) India’s Retail Inflation has hit a fresh high, growing 5.2 percent in December 2017. This is mainly due to hardening housing, fuel and food prices.
6) India’s Industrial output hit a 25 month in November, soaring 8.4 percent. This is mainly due to robust growth in manufacturing, as we’ll as inventory rebuilding after the festive season.
7) Foreign Investors have pumped in over â‚¹5200 Crores in the Indian Capital Markets this month so far on anticipation of recovery in corporate earnings and attractive yields.
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