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| Market Mantra Trump talks down US$ with equities falling in tandem as developed markets see selling dominate ahead of US President swearing -in!! Asian markets saw weakness in early trade as the Japanese 'Nikkei' fell as selling in the US$ saw stocks fall. The fall in the US$ to Japanese yen from 118 to 113 has seen most exporters fall as the currency gains will hurt margins. Globally money is seen exiting the developed markets & value buying emerging in emerging markets which gain against US$ weakness. Nifty closed in the red as profit booking above 8400 saw domestic mutual funds turn sellers even as foreign investors turned buyers after almost 2 months of regular selling. For today expect further consolidation around 8400 which could see an expansion till 8500 as Rupee strength sees return of foreign flows. FMCG, consumption & infra stocks to lead as GST clearance adds value to growth in the near term. Technical view: Nifty finds strong support around 8370 levels the last 3 days low while 8440 acts as strong resistance any break either side will see further direction. Bank Nifty also finds strong resistance around 19250, while 19000 acts as strong support any break either side will see further break. Trading ideas (Time period: 1-3 days) Adani Transmission (Buy above Rs 62.5 for target of Rs 66, SL at Rs 60.75): After consolidating for over six weeks, the stock has broken out from a continuation pattern. Adani Trans did dip to lows of Rs 51 but neatly sustained above the 50-DMA support zone. The breakout has also witnessed a huge expansion in volumes which further accentuates our bullish stance on the stock. Projections of the outburst implicates Adani Trans may well be on its way to its all time high of Rs66 in near term. Derivative strategies (Time period: Till expiry) Buy United Spirits January future @ 2075-2085, Stop loss 2035 & Target 2115-2120. Corporate Snippets Reliance Industries was confident that the Union government's penalty on producing natural gas from ONGC's share of natural gas in the Krishna-Godavari basin is "not sustainable". (BS) A fresh round of war of words broke out between Reliance Jio and B harti Airtel , with the former alleging that its service continues to face congestion issues with some of the large operators, including Airtel, not providing adequate points of interconnection (PoI) — a charge the incumbent operator refuted. (BS) Pokarna Engineered Stone (PESL), the wholly owned subsidiary of Pokarna Limited, has secured exclusive rights to use Bretonstone technology in India through March 2020. (BL) Crompton Greaves has bagged a USD105mn (Rs7.15bn) order from Indonesia's state-owned electricity firm PT PLN to make and install power transformers. (BL) Pristine Group of companies has bought out the container train operating licence of Reliance Infrastructure. Pristine now gets the licence to operate container trains for the remaining 13 years of the 20-year period. (BL) Cadila Healthcare has settled all outstanding patent litigation related to Livalo tablets with Kowa Co., Kowa Pharmaceuticals America Inc and Nissan Chemical Industries Ltd. (BL) A committee under the Ministry of Environment, Forests and Climate Change has given a green signal to Cairn India for undertaking drilling works of 64 exploratory and appraisal wells in KG-OSN-2009/3 block in KG basin at Prakasam and Guntur districts of AP. (ET) NTPC expects to cut losses from Chhabra power station that it acquired last week to one-fifth by saving on interest outgo and raising operational efficiency. The company is on lookout for more state-run stressed assets for buyouts. (ET) ICICI Prudential Life Insurance has acquired 8.41% stake in financial technology services provider Fino Paytech Ltd (FPL) for a total consideration of Rs1bn. (ET) The government is seeking a dividend of up to USD2.2bn from partly state-owned Hindustan Zinc Ltd (HZL) . (BS) Vedanta Resources and Jain Irrigation Systems Ltd (JISL) are raising foreign funds by selling dollar bonds to overseas investors. (ET) Economy Front Page: The government is considering allowing 100% Foreign Direct Investment (FDI) through automatic route in single brand retail to attract a larger number of global players in the sector. (BS) Hit by demonetisation and mounting bad loans, some public sector banks (PSBs) may skip paying dividend which will have implications for government receipts in the current fiscal. (ET)
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