Approximately 444,000 Americans filed new claims for unemployment last week, according to the weekly jobless claims report from the Labor Department, the lowest number since late March. Claims stood at a revised 448,000 the previous week. Economists surveyed by Briefing.com expected claims to fall to 440,000. It was the fourth consecutive week of declining claims, but the improvement hasn't been sufficient to drive real job growth. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,627,000 from 4,615,000 the previous week. Economists expected 4,570,000 on average. The Government plans to create a Rs.50000 crore dedicated fund to set right the country’s creaking infrastructure and could raise 40% of the corpus from overseas investors. Passenger traffic vaults 26% in the month of April, 2010. The Greek debt crisis will not force the Reserve Bankvof India to give up its hawkish monetary policy as per the RBI Dy Governor. Aban Offshore’s gas platform sank on the coast of Venezuela. This was one of Aban’s biggest money-spinning rigs, earning USD358000 a day. RIL may join ONGC consortium in Venezuala. This consortium is expected to bag another hydrocarbon block in the oil-rich Orinocobetl of Venezuela. Standard Chartered is likely to raise around USD600 million through India listing. Tata Power reiterated its stand no to supply electricity to Reliance Infra at regulated rate from Monday. IndusInd Bank is planning to change the name to Partners Bank. RJ Corp, the diversified firm with interests across food, beverages and retail, will dilute 10-12% equity in one of its subsidiaries to fund expansion. MRF is planning to raise debt to part-fund its capex this year. Kingfisher Airlines has appointed SBI Caps to restructure its debt. REC is planning to borrow Rs.21000 crore in FY’11. Godrej Consumer shall pay Rs.1050 crore to buy SaraLee’s 51% stake in joint venture. Birla Corp is planning to Rs.4000 crore capex to increase its capacity. Resistance around 5200 Nifty: (5179). The index opened on a positive note and exhibited range bound trading. It closed on a positive note with a gain of 22 points. Moving Average: The index is facing resistance around the short term averages.10 dma = 5155; 20 dma = 5208 and 50 dma = 5218.Index is facing resistance around the short term averages. Consolidation: The index is for the last three trading sessions is consolidating in a band of 5212 on the upside and 5098 on the downside. Breakout from this consolidation will see index exhibit strength and test higher levels. Support: Index has support around 5140-5100. Resistance: Index faces resistance around 5200-5218. Conclusion: Buy intraday declines wit stop loss below 5140 Nifty May contracts ends the Day up by 27.95 points a discount of 0.75 points in May contracts and paring OI by 2.2% across all active Nifty contracts. Nifty VIX at 24.16% compared to 25.82% previous Day. Nifty OI PCR at 1.181 compared to 1.181 the previous Day. Nifty call options adds 25.16 Lakh and put option adds 26.72 Lakhs over the Day. Highest OI in Nifty calls seen at 5400 May strike and puts at 5000 May strike. Long build up seen in PFC, PIRHEALTH, EKC, PATELENG, GLAXO, TRIVENI, TITAN, LICHSGFIN, ACC, ICSA, JSWSTEEL, FEDERALBNK, HOTELEELA, MLL, INDHOTEL, IBREALEST & CROMPGREAV etc. Short build up seen in POLARIS, NAGARCONST, ONMOBILE, DENABANK, ABAN, ORIENTBANK, SESAGOA & MCLEODRUSS etc.
FII side saw short covering in Nifty & stock futures and Nifty options was seen to be bought
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