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Next big resistance at 5,400
As expected, the S&P CNX Nifty closed at 5,201 levels on long rollovers in index futures and key stocks futures. The index is expected to consolidate above 5,200 in the new series before moving above the short-term target of 5,350. The rollovers in the Nifty January futures, at 22 million, were at a five-month low, which indicates that bears are waiting in the wings. At similar point in July 2009, the Nifty had gained over 500 points in a couple months to move above 5,000 in September 2009. A similar trend may see the Nifty moving above 5,500 in the near future.
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60 MLAs submit resignation to protest Telangana issue

The Centre"s decision to carve out a separate state of Telangana today created ripples in political parties in Andhra Pradesh with as many as 60 legislators and three MLCs from the Congress, TDP and Praja Rajya Party submitting their resignation to the Speaker. - Two senior Cong MLAs resign to protest Telangana creation - Punjab MLAs enter into scuffle - Surinder Sud: For the farm, by the farmer">Surinder Sud: For the farm, by the farmer - Koda"s close aide in Dubai; ED moves to revoke passport - No resignation letter from Maria: Home Dept - Eating crow, part two All the MLAs who submitted resignations belong to coastal Andhra and Rayalaseema regions of the State. However, the Assembly speaker is yet to accept their resignations. The Congress has 158 out of the 294 seats in the Assembly with just 10 seats majority. The MLAs have strongly decried the Congress high command"s "unilateral decision" to initiate the process for bifurcation of Andhra Pradesh. "This decision is very painful for us. Lakhs of poeple from other regions of the state have come to Hyderabad in search of livelihood. What would be their fate if the state is split," P Venkatramaya, a Congress legislator from Krishna district, said in the Assembly. Telugu Desam MLA P Raghunatha Reddy said they resigned from their posts as the Congress took a unilateral decision to move a motion in the state assembly for the formation of Telangana State.


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