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Source – IndianMoneyPlus.Com

NIFTY has a support at 2790 and 2710 and a resistace at 2950 and 3025
Sensex has a support at 9100 and 8910 and resistance at 9540 and 9740

Do you know Zimbabwe rolls out 100 trillion Z$ notes !

Market will trade in narrow range

Sensex lost 82.88 points or 0.88% to 9,323.59 and Nifty lost 44.55 points or 1.55% to 2828.45 in the week ended 16/1/2009. Volatility ruled the roost as weak global markets and concerns about increasing NPA of domestic banks. Lower inflation and improved industrial production numbers ensured that the fall in share prices was not steep. FIIs had pulled out a massive Rs. 1157.90 Cr. in last week.

Review
Nifty has corrected 14% since it faced the resistance at 3147 levels – to make a low of 2702 and closing at 2828 levels, recovering nearly 4.5% from the low. Closing below 2860 for this week too, would strengthen this ongoing bear rally for a target 2606, or if Nifty is able to find some support and close above the 3078 then, we can expect the Nifty touch the 3270-3440 levels, in February, which is a remote possibility as of now, since pull back are not support with volumes.

Ahmedabad : A decline of 0.1 to 6.5 percentage points has been recorded in the share of job creation by sectors such as financial services, IT, FMCG, retail and real estate through financial year 2008-09, according to a recent study by Assocham.

In 2007-2008 there was a lot of buzz around Mahindra & Mahindra’s big plans for the retail space. Then it seemed that M&M shelved those plans. But now, it’s clear the company was always quietly working its strategies in the space.

Tata Motors is planning to come out with vestibule buses from its joint venture with Marcopolo of Brazil. The company is in talks with Hubner, the German supplier for articulated systems, critical for the manufacture of vestibule buses.

Unitech will have to repay debt of Rs11 billion over the next two weeks and meet further debt obligations of Rs15 billion over the next three months.

The newly launched ”Indica Vista” has failed to put brakes on the declining volumes. Sales declined by 29% y-o-y to 6,749 vehicles.

However, A3 segment (”Indigo Marina” and ”Indigo CS”) continued to grow and posted 21.3% y-o-y increase to 1,673 vehicles.

The six member board of Satyam Computer Services will meet on Saturday at its corporate office in Madhapur.

The second meeting of the new board is likely to elect a new chairman, who is expected to steer the company out of the mud created largely by the disgraced founder-chairman B. Ramalinga Raju.

MUMBAI: KPMG and Deloitte, the two firms entrusted by the new three-member board of Satyam Computer Services to audit the company’s accounts, are Satyam office not allowed to do audit work in India — a point that has not escaped the attention of the Institute of Chartered Accountants of India (ICAI), the regulatory body for accountants in the country. According to ICAI president Ved Jain: “KPMG is not allowed to practice in India. They are not registered with us.”

The board meeting of Bank of Baroda will be held on 29 January 2009 to approve and take record on the un-audited financial results of the Bank for the quarter (Q3) / nine months ended 31 December 2008.

Net profit of Federal Bank rose 98.11% to Rs 203.89 crore in the quarter ended December 2008 as against Rs 102.92 crore during the previous quarter ended December 2007. Total operating income rose 35.11% to Rs 876.42 crore in the quarter ended December 2008 as against Rs 648.66 crore during the previous quarter ended December 2007.