Statue and Italian Flag in front of Vittorio Emanuele monument.

Rome paid slightly less than 6% to sell 7 billion euros of one-year bills on Monday as appetite for short-term maturities, especially from retail investors, helped offset market pressure on Italian debt after last week's European Union summit.

Statue and Italian Flag in front of Vittorio Emanuele monument.

At 5.952%, the one-year yield was just below a euro lifetime record high of 6.087% hit at a mid-November sale.

In a bid to support key domestic demand for its debt, Italy held a so-called "BOT day" on Monday, with banks scrapping fees for retail investors who bought the bills at auction.

Demand for the bills totalled around 13.5 billion euros.

Rupee Over View 12 Dec. 11

USDINR Buy @ 52.3 Stop @ 52.15 tgt 52.5 - 52.7 per$..

Rupee on Friday closing was seen around the level of 52.25 per$ and on lower side low was tested at 52.18 per$, on higher side it has tested the level of 52.55per$ but failed to hold higher ground and correction was seen. Today opening is seen flat around 52.25per$ where it failed to cross the lower level of 52.15 per$ and is trading at 52.34per$ nearing the resistance of 52.4per$. If sustain trading is seen above 52.4 will bring to higher level of 52.8per$ to 53.26per$ which will be just the retracement of the rise what we have been seen in past days. Where on lower side it’s not expected to trade below 52.16 per$ on closing basis and any dip will be buying opportunity where on higher side if sustain trading above 52.5 will spark the higher target of 52.8 per$ to 53.5 per$ in near term. Stochastic has reverted from the lower zone with positive intersection and is trading at 60% zone with positive intersection where buying can be seen in near term.

Trading Call in Nifty 12th Dec 2011

Rajeev: Nifty Sell @ 4895 TGT 4875 4855 4835 Stop Loss 4815 CMP 4895 12/12/2011 9:23