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Support seen at 4,900 level
The Nifty closed below 5,000 on Friday due to unwinding of long positions and fresh shorts build-up by foreign institutional investors (FIIs). We had indicated in our December 10 report that the index might not hold the 5,000 level in near future. Technically, the market is trading in a bearish triangle pattern and fresh correction is expected next week with strong support around the 4,900 level. The daily Relative Strength Index has drifted below the mean level of 50, indicating caution. Any failure to rise from the current level could see the index drift lower to test the 4,940 level.

Wheat export ban to stay
India, the world’s second-biggest producer of wheat, won’t end a ban on exports of the cereal to avoid food shortages after drought and floods damaged crops of rice and sugar cane.

News of the day

Air India board meets on turnaround plan
The Air India board met here today and decided to initiate a series of major steps to cut costs and enhance savings as it gets ready to receive the first tranche of government"s equity infusion worth Rs 800 crore.
Corporate

Campaign bags award

The ‘Incredible India’ campaign, an initiative by the Indian government to promote tourism, has won the World Travel Award 2009 for being the best campaign of the year. - Tourist arrivals hit by swine flu scare - Affordable Housing a commercial opportunity: Selja - Housing ministry to bring out model real estate bill - Centre grants Rs 64.42 crore to boost Orissa tourism sector - New markets sought to attract more tourists: Selja - US nationals top lists of foreign tourists in 2007: Govt The reigning Miss World, Ksenia Kukhinova of Russia, presented the award to India’s Tourism Minister, Kumari Selja at a gala function held at the Grosvenor House here. Selja, who is here to participate in the World Travel Market, also received the Asian Guild Award for promoting the ‘Incredible India’ campaign at a function held at the House of Lords last evening. The Award and Fellowship of the Asian Guild was presented to her by Lord Peter Archer of Sandwell.


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