The Chinese yuan weakened 0.24 percent, the biggest decline since December 2008, after the central bank sought more flexibility in the currency. The yen traded near a one-week high against the euro on speculation that European banks will struggle to raise money amid the debt crisis, supporting demand for Japan’s currency as a refuge.
The Petroleum Minister,Murli Deora has told states to reduce and rationalize VAT and sales tax on auto fuels-petrol and diesel. Sick Psu’s may get loans at priority sector rates if the finance ministry agrees to a proposal suggesting thast loans be classified as priority sector lending. BEML to invest Rs.680 crore in new, existing facilities over the next five years. Hinduja Global Solutions ,the BPO arm of the Hinduja Group has acquired UK-based customer relationship management company Careline Services. Oil India gets extension for petroleum licenses for 10 of its 16 exploration blocks in Assam and A.P. Tata Steel gets environmental ministry clearance for expansion of its Jamshedpur plant. Bharti Airtel to invest 100 million dollars in Uganda over two years. Nifty near contracts ends the Day up 96.50 points Paring OI marginally during the day Nifty rolls over 27.16% compared to 29.41% in the previous expiry and 3 month average rolls of 31.5%. In no of contracts rolled over Nifty saw 22.13% lower no contracts rolled over compared to the previous expiry. Among Nifty stocks above 20% rise in rollover compared to last expiry was SAIL, ITC, RELCAPITAL, LT, HDFCBANK, RELINFRA, BPCL, M&M, ICICIBANK, RPOWER, AMBUJACEM, INFOSYSTCH, RELIANCE & SBIN etc. Among Nifty stocks fall in rollover above 20% was seen ABB, GAIL, TCS, ACC, HCLTECH, HINDUNILVR, ONGC, GRASIM, RANBAXY & HINDALCO. Among other stocks in F&O significant rise in rollover was seen in UNIPHOS, INDIACEM, APIL, ICSA, COLPAL, BANKBARODA, EKC, CESC, BIOCON, PIRHEALTH, FEDERALBNK, LUPIN, MCDOWELL-N, ABAN, BRFL, TATACOMM, ABIRLANUVO, VIJAYABANK, KSOILS, DABUR, NAGARFERT, BHUSANSTL, INDIAINFO, ASIANPAINT, GTOFFSHORE,TV-18 & VOLTAS etc. Long build up seen in TATATEA, APIL, VOLTAS, HINDZINC, GMDCLTD, SAIL, ICSA, DLF, BANKNIFTY, BANKINDIA, IBREALEST, BRFL, ICICIBANK, GODREJIND, NOIDATOLL, OPTOCIRCUI, KOTAKBANK, RELMEDIA etc over the Day.
Short build up seen in PATNI, GTLINFRA, ONMOBILE, FORTIS etc over the Day. Nifty options addition in near contracts has now moved to higher strikes with indications of market supports moving higher. 5300 and 5400 June puts and 5400 and 5600 June calls saw significant addition over the day. Nifty VIX moved down and Nifty OI PCR moved up indicating continuing positive bias. Lower rolls is seen in Nifty and a rise in rollover activity could increase the volatility and probably some downside pressure during the day. Market supports seen around 5280 levels during the day.
Trading near Resistance Nifty (5353): Index opened on a positive note and exhibited strength throughout the days trading session. It ended the day with gain of 90 points.
The index has closed around the critical resistance level of 5342.Sustaning above the 5342 level on a closing basis can see the index test higher levels around 5400 (high of April 2010).Index can see range bound movements around 5300 level with intra day volatility. Support: The index has support around 5294, break below 5294 can see index drift down towards lower support around 5250. Conclusion: Bias positive above 5342.
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