Tuesday 02/12/2014

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In November, manufacturing activity in India rose to a 21-month high, though that didn’t lead to additional hiring, showed the HSBC Purchasing Managers’ Index (PMI), released on Monday.

The data also pointed to an uptick in price pressure, owing to a commentator on the report advising the Reserve Bank of India (RBI) to hold policy rates at its monetary policy review on Tuesday, despite persistent demands from India Inc to ease rates.

For November, the PMI rose to 53.3 points from 51.6 points in October. Monday’s data come a few days after official data showed India’s economy grew 5.3 per cent in the quarter ended September, against 5.7 per cent in the previous one, owing to the manufacturing sector expanding only 0.1 per cent in the September quarter, against 3.5 per cent in the previous one.

A reading of more than 50 in the PMI for manufacturing, based on a survey of about 500 private firms, means expansion, while a reading of less than 50 shows contraction. The survey includes output, outlook and confidence of respondents.

Plummeting oil prices, which on Monday saw Brent crude tumbling to its lowest level in four years, may be bad for producers but should come as a welcome relief for Asia economies, boosting economic activity and reducing inflationary pressures, economists say.

"This is a tax cut for most of Asia [as] this is an energy short region,".

"A couple of producers in the region - Malaysia and Australia - may take a minor hit but for the rest of the region, this is a gift,".

Oil has taken a beating following OPEC's decision last Thursday not to cut oil output to support prices, with Brent crude in free fall, tumbling to $68.15 a barrel on Monday.

Brent has fallen more than 40 percent since June, as rising shale production in North America created an oil glut amid mediocre global growth environment.

The Indian government deregulated diesel prices in October, an important step to making fiscal accounts more robust against future oil shocks since both diesel and petrol prices are now determined by the market.

The Indonesian government, meantime, raised subsidized fuel prices by more than 30 percent on earlier this month, a move that is expected to save the government more than $8 billion next year, according to Reuters.

Both the Indian and Indonesian governments have already taken advantage of the price decline.

Opininon for Today's Market......

1.RBI Credit Policy Today....

2.Market Looks Volatile...

Technical

Nifty Close 8555.90

Market Pattern ---- Volatile

Up Side Entry Point 8577 Trade Above 8577 & Stay

( 10 -15Minutes)

Next Level 8597-----8616------SL 8559

Alert:--

Nifty Major Level 8628 Trade Above 8628 & Stay

( 10 -15Minutes)

Next Level 8683-----8737------SL 8589

Down Side Entry Point 8534Trade Below 8534 & Stay

( 10 -15Minutes)

Next Level 8515---8496----SL 8553

Nifty Major Level 8493 Trade Below 8493 & Stay

( 10 -15Minutes)

Next Level 8438-----8375------SL 8534

This is time to Lay the foundation for a Wealthy Future....

 

 

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