Tech View 23 Sep

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Nifty 8146
After gap down opening Nifty has witnessed muted movement in first half of the day and then experienced sudden spike up with volume and ended with relatively “Long White Candle” a bullish candlestick pattern on daily chart. Daily as well as hourly momentum indicators are reading bullish in over bought vicinage. Nifty intraday support placed at 8120 – 8100 levels and resistance placed at 8165 – 8188 levels.

Bank Nifty 16194
After negative opening Bank Nifty too has witnessed buying in second half of the day and ended with relatively “Long White Candle” a bullish candlestick pattern on daily chart. Technically current chart structure suggests consolidation. Bank Nifty intraday support placed at 16130 – 16069 levels and resistance placed at 16249 – 16310 levels.

Economic Times
 
Business Standard
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Ø  Modi govt set to ease norms for FDI in construction
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Ø  'State-run banks need $37bn in capital to meet Basel III norms'
Ø  CIL has signed fuel supply pacts for 161 power units
Ø  RINL files papers for IPO; govt to divest 10% stake
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Ø  Street expects RBI to hold rate for entire year
Ø  Supreme Court order on coal blocks could force nationalisation
Ø  CAG begins performance audit of fuel linkages for IPPs
Ø  L&T wins Rs 1,577 cr contracts
Ø  Softening crude prices to help meet fiscal deficit target
Ø  PNB approves 1:5 share split to increase liquidity of scrip
Ø  GMR signs agreement with Nepal for 900 Mw project
Ø  Goa mining clamp: Sesa Sterlite resigned to idling capacity
Business Line
 
Mint
Ø  United Spirits to offload 11.35% stake in Pioneer Distilleries 
Ø  Complete clarity on gas price to emerge by this month-end: Petroleum Ministry official 
Ø  Gold-silver ratio signals further bearishness
Ø  JK Tyre & Industries to consider stock split 
Ø  Tyre, rubber industries highlight disparity in stock figures to Ministry       
 
Ø  Delhi high court dismisses Haryana’s plea against Maruti Suzuki
Ø  Telecom M&A guidelines need to be reworked: Trai chairman
Ø  Coal India may build Rs7,000 crore of solar projects
Ø  Yahoo acquires Bangalore start-up BookPad
Ø  NHPC’s share sale news shorts investor sentiment
Financial Express
 
Financial Chronicle
Ø  Service taxes set to get a big infrastructure bump
Ø  Coal India to raise prices 10%
Ø  India and US may ink deal on foreign account tax compliance
Ø  India urges all nations to join tax information pact
Ø  Whistleblower disclosure: SC agrees to consider plea for recall of its order, seeks SPP’s assistance
Ø  IFC clears $100 mn loan for ACME Solar Rajasthan Project
 
Ø  Govt removes 3 independent directors from ONGC board
Ø  NSE chief woos China's financial institutions, stock exchanges
Ø  Easing liquidity may make RBI less hawkish: Deutsche
Ø  Indo-US trade poised for exciting times: US official
Ø  Automatic exchange of info to help unearth blackmoney: India
Ø  China slowdown worries hit world stocks, commodities

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