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Nifty may move in 4,640-4,900 band
In a week marked by high volatility, markets corrected sharply only to bounce back with greater strength. Last week, it was mentioned that the markets might stage a July-like recovery amid high volatility. Although, markets have bounced back sharply, chances of a full recovery look remote currently. Going forward, one needs to watch the 15,530-15,640 zone for the Sensex as crucial for the current upmove to remain intact. As and when it comes below this level, the index is likely to test its long-term support of 14,800.

Rollovers to January series substantially lower
The Nifty faced resistance above 5,200 and closed below the trend-line resistance level of 5,182 on profit-booking at higher levels. The market will remain closed tomorrow and on Monday. Rollovers in the January futures were substantially lower at 10.22 million shares, with only three trading sessions left for the expiry of the December series. So we may see strong carry forward of positions.

News of the day

Eicher subsidiary signs MoU with Vinn Group
VE Commercial Vehicles (VECV), a subsidiary company of Delhi-based Eicher Motors (EML) has signed a non-binding memorandum of understanding (MoU) with the Vinn Group of Sweden to explore business opportunities in the field of engineering design services.
International Business

Computerised CAT to cost less than Rs 2,000

In what should come as a huge respite for Common Admission Test (CAT) candidates, the Indian Institutes of Management (IIMs) have hinted that the registration fee for the computer-based test this academic year will not be as high as similar tests like GMAT (Graduate Management Aptitude Test, for admission to business schools overseas). - Aus" Greens asks for Senate probe into attacks on Indian students - Mercator Lines jumps on ship-buying move - Govt may ban import of Chinese phones without IMEI tag - Tata Tele surges 9% on BSE - EFC clears proposals for 374 colleges - Tatas to launch GSM service this month, invest $2 bn While the registration fee for CAT 2009, which was Rs 1,300 last year, will surely increase due to the high administrative and infrastructure costs because of the computerisation, it may still be less than Rs 2,000. “The registration fee for GMAT, which is also computerised, tends to be around Rs 10,000. However, computer-based CAT will be nowhere compared to that. Since the past 30 years, IIMs have increased the fee only marginally and will continue to do so. Hence, the registration fee will be kept affordable for the students. However, a final decision will be taken by the end of this month,” said Satish Deodhar, convenor, CAT 2009, and faculty member at IIM Ahmedabad. CAT, say IIMs, will be a candidate-friendly test in terms of flexibility in the selection of test date, ease of registration, better physical environment and test experience, and enhanced security with biometric identification of candidates and video monitoring. “The test will be a computer-based test and not an online test as is being misconstrued,” clarified Deodhar. The test will be taken on terminals but not administered through the Internet. The test will be downloaded on a computer and allotted to the student, he added. Unlike the paper and pencil test, computerised CAT this year will incur some heavy costs for the elite business schools, according to a source at one of the IIMs. However, according to Debashis Chatterjee, director of IIM Kozhikode, “The cost will be more than justified as we will look at some cost-benefit aspects while conducting the test. Nevertheless, there will be a marginal increase in fee which is subject to deliberations between IIMs. We are yet to arrive at a final decision.” IIMs recently roped in US-based Prometric, a leading provider of technology-enabled testing and assessment services, through an exclusive $40 million (around Rs 190 crore) contract to computerise the prestigious CAT. The test will be conducted in a span of about 10 days towards the end of this year.


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