The yuan headed for its biggest weekly gain since December 2008 as China set the currency’s daily reference rate at a record high against the dollar, allowing appreciation before the G- 20 meeting tomorrow. Taiwan’s central bank unexpectedly raised its benchmark interest rate for the first time since 2008, joining Asian policy makers from China to Malaysia in signaling confidence the global recovery will withstand Europe’s debt woes. Senate negotiators offered changes to the regulatory-overhaul bill that would strengthen part of the language banning proprietary trading at U.S. banks while giving them leeway to invest in private-equity and hedge funds.
The Mines Minstry is against any further stake dilution in Nalco. Food inflation rose to 16.9% for the week ended June 12 compared to the previous week ‘s 16.12% putting pressure on RBI to increase intrest rates. Century Plyboards to demerge cement,ferro-alloys business. Petronet LNG plans a rights issue to fund its propsed power project. Gmr –Malaysian airlines combine has won the contract for 360 million dollars for the airport at Male in Maldives. Alstom close to signing nuclear power projects deal with Bhel,Nuclear Power. Jet Airways in talks with various parties like Godrej Properties for developing its Bkc plot. Future Capital to focus highly on its retail,whoesale credit business. Nifty rolls over 70.28% compared to 65.99% in the previous expiry and 3 month average rolls of 69.3%. In no of contracts rolled over Nifty saw 15.68% higher no contracts rolled over compared to the previous expiry. Nifty rolls have been higher than the 3 month average in the number of contracts rolled over. Market wide rollover at 77% is in line with the average rolls. Textile, Banking, Fertilisers, Index, Realty, Capital Goods & Cement saw a rise in rollover compared to last expiry. Sugar, Media, Pharma, FMCG, Oil & Gas & Automobile saw a fall in rollover compared to previous expiry. Among Nifty stocks above 20% rise in rollover compared to last expiry was HCLTECH, KOTAKBANK, AMBUJACEM, RPOWER, ICICIBANK, WIPRO, IDFC & BPCL etc. Among Nifty stocks fall in rollover above 20% was seen ABB, GAIL, RANBAXY, HINDUNILVR, SUNPHARMA, SIEMENS, JINDALSTEL & STER etc. Among other stocks in F&O with significant rise in rollover were BGRENERGY, BOSCHLTD, PFC, STER, UNIPHOS, HCLTECH, YESBANK, ASIANPAINT, GRASIM, PANTALOONR, BANKNIFTY, KOTAKBANK, WIPRO, PATNI, DCHL, GODREJIND & VOLTAS etc. The new series begins with highest OI in Nifty puts at 5200 July strike and calls at 5500 July strike with an indicative support for the market around 5180 levels and resistances around 5450 levels. Nifty put call ratio at 1.191 is at a lower level compared to the open of the last expiry which was at 1.216.
Positive moves are expected in GODREJIND, GLAXO & VOLTAS during the earlier part of the expiry. Negative moves are expected in HCLTECH & KOTAKBANK Can see declines Nifty (5320): Index opened on a flat note and remained range bound throughout the day’s trading session. It ended the day with loss of 2 points. The index is facing stiff resistance around the 5342 level, intra day rallies are facing stiff resistance around this level. Till index is not sustaining above the 5342 level on a closing basis we can see profit taking in the near term. On the momentum chart, Stochastic (5, 3) is in overbought zone and in sell mode.RSI (14) is exhibiting a reading of 62.67(reading of 70 signifies overbought). Resistance can be expected around the 5342 level. On the downside index has support around 5300, break below 5300 can see index decline towards 5264-5205 (10dma) where support can be expected. Conclusion: Overbought reading suggests declines in near term.
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