Nifty opened flat at 8477.8 and made a high of 8506.75. The market stayed subdued for most of the day. The market respected the 8450 support and went up to test the 8500 level. However it fail to hold this level and closed below at 8494. The market is facing strong resistance around the 8500-8512 levels. As long as this range is not taken out the market will trade in the 8520-8420 range. The market is likely to trade in range with negative bias.
The support for nifty is at 8468-8418-8367 and the resistance lies at 8512-8545-8587. Nifty December Future
has been trading at 52-53 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 10.53 and for puts were at 12.58. India VIX closed at 12.7425.
PCR for Nifty based on open interest was at 0.98 and PCR for the day based on
volumes was at 0.96 for the market.
CASH MARKET:
FII 5442.99 - 5053.26 = 389.73Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 6237.39 | 4050.32 | 2187.08 |
| INDEX OPTIONS | 18578.08 | 17437.91 | 1140.17 |
| STOCK FUTURES | 13568.28 | 14274.08 | -705.80 |
| STOCK OPTIONS | 1054.83 | 900.31 | 154.52 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Godfrey Phillips India Limited | Face Value Split From Rs 10/- Per Share To Rs 2/- Per Share | 28-Nov-14 | 1-Dec-14 |
STOCKS IN NEWS:**
Oil & gas stocks: Brent crude oil plunged as much as $6.50 a barrel on Thursday, and US crude dropped by nearly as much, posting their steepest one-day falls since 2011, after OPEC decided against cutting output despite a huge oversupply in world markets.
ITC: ITC plans to invest about Rs 9,000 crore in the next three to four years to expand its hotel portfolio to 150 hotels, said Nakul Anand, executive director at the tobacco-to-hospitality conglomerate. ITC Hotels, one of the largest hotel chains in the country, currently operates 102 hotels.
Dr Reddy's Laboratories Ltd: Drugmaker Dr Reddy's Laboratories Ltd has received a letter from the U.S. Food and Drug administration highlighting concerns about its manufacturing plant in the southern Indian state of Andhra Pradesh, the company said on Thursday.
Essar Steel Ltd: Essar today announced commissioning of its Rs 6,000 crore integrated pellet complex in Odisha that will convert low-grade iron fines into pellets.
Alstom T&D India Ltd: The company has bagged a 7-million (approx Rs 56 crore) contract to introduce the first energy management system to Sri Lanka's national grid and to monitor and control its electricity transmission network.
Dalmia Bharat Ltd: Sources with direct knowledge suggest that Delhi-based Dalmia Bharat is in talks to place a bid for one or more European cement assets put on the block by Holcim and Lafarge as part of the global cement deal.
Coal India Ltd: Coal India will soon start mining in Mozambique, which, along with the projects of the Adani group in Australia and Sanjiv Goanka in South Africa, will increase supplies of the dry fuel in India where a shortage at present is crippling power production.
Suven Life Sciences: Sources say the company will launch the QIP within a week. The QIP will likely be Rs 192 per share which is at a 7% discount to the market price. The company is raising this capital with an aim of launching a new drug molecule. The new molecule, SUVN 502 has completed phase 1b clinical trial in the USA
Just Dial Ltd: The Reserve Bank has allowed domestic search engine Just Dial Ltd to raise the foreign shareholding limit to a maximum of 75 per cent of its paid-up capital under the portfolio investment scheme (PIS).
Financial Technologies Ltd: The Bombay High Court has adjourned the NSEL-FTIL merger matter till December 22, giving the government time till then to file its reply on why the amalgamation should go through. This means the government's draft order to merge NSEL with FTIL cannot be implemented until the date of the next hearing.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
IRB Infrastructures
This stock has been correcting after hitting life time high of 289.65. It has formed a twizzer bottom pattern on the daily charts. A confirmation of trend change is given by a bullish candle with good volumes. The stock can be bought with the stop loss of 259 on closing basis for the targets of 274-284-288
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