Forex reserves slump by USD 481 mn

Forex reserves slumped by USD 481 million to touch USD 254,759 million as on Jan. 09, 2009, mainly due to a decline in foreign currency and assets collections on a weekly basis.

As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Jan. 16, 2009, foreign currency assets decreased by USD 458 million to stand at USD 245,417 million.

During the same period, the reserve position in the International Monetary Fund (IMF) decreased marginally by USD 23 million at USD 854 million. While, the gold reserves remained steady at USD 8,485 million.

Foreign currency assets expressed in USD include the effect of appreciation or depreciation on non-US currencies (such as Euro, Sterling and Yen) held in reserves. - MyIris

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Indian market outlook and daytrading ideas for 25th Nov.

Indian Markets ended flat yesterday.

US markets yesterday rallied as US Gov has plans to rescue Citigroup INC.

Europe was up at an average of 10%.

So expect Indian markets to rallie sure shot.

More over Asia is trading positive.

Today Sensex is bonded to cross 9000 Mark.

Support for Sensex is at 8700 and 8450 and resistance for upmove is at 9350 and 9600

and Support for NIFTY is at 2650 and resistance for upmove is at 2860 and 3100.

Day trading Ideas.

ITC

Buy above 173 for targets of 174.85 and 175.90

Sell below 169 for targets of 167.85 and 167.10

Punj Lloyd

Buy above 143 for targets of 146 and 148.15

Sell below 140 for targets of 138 and 136

RNRL

Buy above 41.90 for targets of 42.50 and 43.15

Sell below 40.50 for targets of 39.40 and 98.60

Suzlon

Buy above 48 for targets of 49.50 and 51.50

Sell below 45 for targets of 43.50 and 42

Happy Investing.

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