ECONOMY ANALYSIS
- Nifty seen opening flat; have strong support at 8500
- China HSBC services PMI edges up to 53 in November
- DoT plans to auction 3G spectrum in February: TRAI
- CLSA ups Info Edge price target; retains outperform rating
- Gold prices up by Rs 840 in biggest single-day gain this year
- DLF under pressure; BoAML maintains underperform rating
MARKET ANALYSIS
- The 50-share Nifty index is expected to open flat on Wednesday following muted trend seen in other Asian markets. The index has strong support at 8500 and below that 8420 level on the Nifty is a trend reversal level.
- At 07:30 a.m., Nifty India stock futures in Singapore were trading 0.50 point lower at 8,568 indicating a flat opening on the domestic market.
- Nifty ended the day with a loss of 32 points as profit taking dragged it down and it concluded at 8555. The Sensex shed 122 points in value and closed at 28571 on Tuesday.
- Nifty now has immediate support placed at 8500 and the index would remain firm as long as 8500 is respected.
- The S&P 500 posted 89 new 52-week highs and 5 new lows; the Nasdaq Composite set 102 new highs and 95 new lows, Reuters reported.
- The Dow Jones industrial average rose 102.75 points, or 0.58 per cent, to 17,879.55, a record high. The S&P 500 gained 13.11 points, or 0.64 per cent, to 2,066.55 and the Nasdaq Composite added 28.46 points, or 0.6 percent, to 4,755.81.
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