16 Sep Tech View


Nifty 8042
After negative opening Nifty has witnessed weakness throughout the day and finally ended with “Small Black Candle” a bearish candlestick pattern on daily chart. As said in last week short term trend is up as long Nifty is hovering above 8000 level. Daily momentum indicators are generating weak signal on chart but hourly momentum indicators are near over sold region and this may lead some recovery from lower levels. Nifty intraday support placed at 8023 – 8000 levels and resistance placed at 8064 – 8088 levels.

Bank Nifty 16167
After negative opening Bank Nifty has witnessed minor volatility and finally ended with “Long Legged Doji” an uncertain candlestick pattern on daily chart. 14 days RSI has given negative crossover to signal line where as hourly momentum indicators are generating uncertain signal. Overall consolidation at this level can’t be ruled out. Bank Nifty intraday support placed at 16110 – 16050 levels and resistance placed at 16225 – 16280 levels.

Economic Times

Business Standard
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Ø  Microsoft to acquire Minecraft maker Mojang for $2.5 bn 
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Ø  Banks need over $200 bn capital in next 5 years: Fitch
Ø  Oil hits 2-year low; dollar rises ahead of US Federal Reserve
Ø  Cognizant to acquire Trizetto for about $2.7 bn
Ø  August WPI inflation falls to 5-year low of 3.74%
Ø  August trade deficit falls to $10.83 billion
Ø  Scottish referendum not seen having an impact on rupee
Ø  Mastek's demerging entities plan to grow inorganically
Ø  Govt prepares Cabinet note for ship building policy
Ø  Sebi issues clarity on position limits for MFs in IRF
Business Line
Ø  SEBI accepts India Inc’s requests on corporate governance
Ø  Tata Motors global sales down 9.7% in August 
Ø  NCDEX’s forward trading in maize, sugar from Sept 25 
Ø  Mahanadi Coalfields to submit report on thermal power foray 
Ø  ArcelorMittal, Gerdau to sell US steel mill for $ 770 m 
Ø  Bosch to buy balance stake in steering systems maker ZF Lenksysteme
Ø  IDFC to move banking-related assets, liabilities to new entity
Ø  Bain, Carlyle in talks to buy stake in Famy Care for about $450 mn
Ø  India remains top offshoring destination for IT firms: report
Ø  Essar-Loop case: Court to hear final arguments from 20 November
Financial Express
Financial Chronicle
Ø  Free diesel prices at the earliest, Raghuram Rajan tells Centre
Ø  Rouble hits record low vs dollar on sanctions retaliation fears
Ø  US wealth gap putting the squeeze on state govt
Ø  Govt sacks all five independent directors of Mangalore Refinery
Ø  Inflation across board still too high to begin easing: Rajan
Ø  CCI clears Kotak 15 pc stake buy in MCX
Ø  DoT moves SC against TDSAT verdict on 3G roaming
Ø  India keen on strong economic ties with Vietnam: President
Ø  Coal scam: CBI to file revised charge sheet on Sept 30
Ø  India Inc's Aug foreign borrowings up over 2-fold at $5.07b


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