(MENAFNEditorial) Nifty futures and bank nifty future market closed at 10154/ 25260.according to technical analysis if nifty futures and bank nifty future moves downword in upcoming treading sessions then 10100/ 25100 will be next support level, if it break this level then nifty futures and bank nifty future can touch 10000 / 24500 level . it will be hard resistance. meanwhile in reveres there is support on 10200/ 25500 for nifty futures and bank nifty future after breaking this support with volume there is big support for nifty futures and bank nifty future on 10400/26000..
NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
IMPORTANT EVENTS TO WATCH OUT FOR NEXT WEEK - Coming week again promises to be full of action as the Nikkei service PMI data for the month of November will be announced. Apart from this, the interest rates sensitive sectors like banking, auto and reality will hog the limelight as the Reserve Bank of India is scheduled to meet on December 6, 2017. The Gujarat elections will also be the next big trigger for markets to find further direction.
Upcoming events
Dec 05 Nov Nikkei Services PMI
Dec 6 RBI Policy meet
NIFTY TUMBLES 2.5% DURING THE WEEK - Fiscal deficit soaring to 96% of the FY18 budget and poor rollovers amid November F&O expiry triggered a late sell-off as Nifty registered its biggest single day fall in over two months. Earlier in the week expectation of another upgrade by Standard & Poor which didnt come by also dampened the sentiments.There were also green shoots visible as on the other hand, Indian economy rebounded in Q2 as GDP grew 6.3% as compared to the sharp slowdown which was see in the beginning of FY18. Manufacturing also showed signs of recovery. While, core infrastructure sectors during October grew 4.7%. Indias manufacturing sector in November recorded its fastest growth in 13 months. The Nikkei India Manufacturing PMI rose from 50.3 in October to 52.6 in November. This is for the fourth consecutive month that the index has come in above 50 mark. In another important development, OPEC and its allies agreed to maintain oil production cuts until the end of 2018. It also included the consent of Nigeria and Libya, two members of the OPEC which were exempted from the curbs.
NIFTY LIKELY TO CONSOLIDATE AROUND 10000 IN DECEMBER EXPIRY BEFORE MOVING HIGHER - The Nifty50 has come under selling pressure near the November expiry and is heading towards the highest Put base of 10,000 strike. We expect some consolidation to happen around 10,000 before the index starts moving higher.Market participants lightened some long positions ahead of Gujarat elections. The Nifty future premiums were quite high at 50 points, which was an indication of high optimism created in the market. Historically, the Nifty has found it tough to move up sharply amid high Nifty future premiums. If this premium starts shrinking it would be better for the market. It seems this shrinking of future premiums has already started in Friday's selling it was reduced to 23 points.
XANDER INVESTMENT SELLS 1.20 CRORE SHARES OF SADBHAV INFRA -Nomura India Investment Fund Mother Fund bought 92,30,000 shares ofSadbhav Infrastructure Projectsat Rs 136 on the NSE. However, Xander Investment Holding XVII sold 1,20,50,000 shares at Rs 136.02. Sadbhav Infrastructure Projects ended at Rs 136.05, up Rs 0.05, or 0.04 percent on the NSE.
EMERGING MARKETS EQUITY FUND BUYS 23.73 LAKH SHARES OF ESCORTS - Escorts Benefit And Welfare Trust sold 36,00,000 shares ofEscortsat Rs 701.15 on the BSE. However, Emerging Markets Equity Fund bought 23,73,900 shares at Rs 697.65. Escorts ended at Rs 688.90, down Rs 28.10, or 3.92 percent on the BSE.
RELIANCE GENERAL INSURANCE GETS SEBI'S GO AHEAD FOR IPO -Reliance General Insurance Company said it has received markets regulator Sebi's go ahead to float an initial public offering.The IPO comprises fresh issue of little over 1.67 crore shares by Reliance General Insurance besides an offer for sale of 5.03 crore shares by Reliance Capital. The company plans to utilise the proceeds from the fresh issue towards augmenting the solvency margin and consequently increasing the solvency ratio. Besides, the money will be used to meet future capital requirements, which are expected to arise out of growth. SEBI has issued its final "observations" to the draft papers filed by Reliance General Insurance in October, the company said in a statement. The regulator's "observations" are very important for any company to launch any public offers.
At the end of March this year, Reliance General Insurance's book value stood at Rs 1,250 crore. The company's valuation is expected to be over Rs 6,000 crore, an average multiple of around five times. Reliance General Insurance, which received in-principle approval from insurance sector regulator IRDAI in September for the IPO, expects to get listed in the current financial year.
INDIAN ENGINEERS LAUNCH MAJOR ROAD PROJECT IN SOUTH SUDAN - Indian engineers have launched a major infrastructure project in South Sudan that would improve connectivity between two major cities of the country. The project to repair and rehabilitate the Malakal-Melut road would improve accessibility and would be a relief for all road users, including local motorists and traders, as well as humanitarian agencies trying to access vulnerable people, the local Governor, James Tor Munybuny, said yesterday at an event marking the commencement of the work. Praising Indian engineers, who have been serving with the United Nations Mission in conflict-affected South Sudan, Munybuny said the project is a sign of the strong relationship between UNMISS and local authorities and demonstrated their joint commitment to building durable peace in he country
India is the second largest contributor of peacekeepers to UNMISS with nearly 2,400 personnel currently deployed. In a media release, the Head of UNMISS' Upper Nile Field Office, Hazel Dewet, said the Malakal-Melut road was critical to the UN Mission's operations in the area and would improve trade and business between these two important towns. "This is not just an important activity that we are undertaking to ensure that we are able to provide the necessary logistical support to far-flung areas where UNMISS is based, be it Melut, or Renk or Bunj, but it is also the beginning of providing some important repair work on a road that brings together families and communities," she said.
EXEMPT POWER DUTY TO BOOST INVESTMENTS: ASSOCHAM TO ODISHA - Industry body ASSOCHAM has requested Odisha government to exempt electricity duty for ferro alloy plants to encourage investment for setting up of metallurgical plants across the mineral-rich state. Metallurgical sector not only provides employment opportunities to unskilled, semi-skilled and skilled people but it also holds the potential to fill state coffers as increase in capacity utilisation will boost demand for raw material thereby adding revenue to state exchequer, ASSOCHAM said in a communication to Odisha chief secretary A P Padhi. The chamber has suggested Odisha government to refer to the industrial policy of Chhattisgarh which has already exempted electricity duty for 15 years to promote investment in the state, thereby enabling the industry to sustain in initial years of production.
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