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Support 5856-5866 (If trade among above level, then Smart traders can buy Nifty Future)
Keep in mind – Keep Profit booking with 40-70 points…
Selling might be increase at 5940 around where market can start to fall for short term (Suppose to trade above and stay for few minutes and Nifty can fire to more upside)
Political cue
Government’s battle to push through FDI in retail will begin in the Parliament today with the crucial debate in Lok Sabha. Mayawati and Mulayam keep UPA 2 on the edge ahead of the vote on FDI in retail saying that they oppose the move, but will take a final call on the floor of the Parliament.
Europe
The European markets closed off their best levels following weak manufacturing data from US, however news that Spain had formally requested an EU bailout for its banks helped limit losses. Spain formally requested a bailout for its struggling banks to be disbursed on December 12.
Debt Buyback
Greece has set the terms of a plan to bond buy back a key portion in the plan to reduce its high debt. Athens said that it wants to buyback 10 billion euros in debt setting a steep discount to the original value it was willing to pay.
The terms of the offer mean that bondholders have to reveal how big a loss they are willing to take before the price of the buyback is set. The offer ends on December 7 and the settlement is on December 17.
Euro group ministers wrapped up a short meeting saying that they will announce the results of Greece’s bond buyback plan at the next meeting. Chairman Jean Claude Juncker said he was confident Greece would get its aid by then.
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