Nifty opened with a gap down of 23 points at 8318 and made a high of 8376.8. As expected the market respected the support of 8300 and bounced back sharply. For most part of the day the market traded in the 8330-8360 range. The daily candlestick pattern looks like a Belt Hold, which has bullish implications. The market can move up till 8430 levels as long as the 8300 support is not broken. A breach of this support will take the market towards the 8200-8180 support. Any dip in the market should be bought into with the 8290 as stop loss and for the 8430 as target.
The support for nifty is at 8330-8284-8230 and the resistance lies at 8394-8435-8488. Nifty December Future
has been trading at 51-52 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at13.45 and for puts were at 10.11. India VIX closed at 12.2425.
PCR for Nifty based on open interest was at 0.85 and PCR for the day based on
volumes was at 0.83 for the market.
CASH MARKET:
FII 3726.62 - 3721.23 = 5.39Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 737.41 | 1582.49 | -845.07 |
| INDEX OPTIONS | 16422.30 | 17075.40 | -653.10 |
| STOCK FUTURES | 2143.54 | 2569.83 | -426.29 |
| STOCK OPTIONS | 1805.53 | 1796.55 | 8.97 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Caplin Point Laboratories Limited | Annual General Meeting / Final Dividend - Rs 4/- Per Share | 11-Dec-14 | - |
| Sharon Bio-Medicine Limited | Annual General Meeting / Final Dividend - Re 0.36/- Per Share | 11-Dec-14 | - |
| Usher Agro Limited | Annual General Meeting | 11-Dec-14 | - |
| IDFC Limited | Interest Payment | 11-Dec-14 | 12-Dec-14 |
STOCKS IN NEWS:**
Insurance related stocks: The Cabinet tonight approved the insurance amendment bill with a composite foreign investment cap of 49 per cent for presenting it in Parliament, incorporating the changes suggested by a House panel.
PSU stocks will be in focus: The government allowed public sector banks to raise up to Rs 1.60 lakh crore from markets by diluting government holding to 52 per cent in phases so as to meet Basel III capital adequacy norms, said media reports.
ONGC: State-owned Oil and Natural Gas Corp ( ONGC) has won an offshore oil and gas exploration block in New Zealand, the first by an Indian firm in that country.
Tata Motors Ltd: Tata Motors plans to almost double its dealer network in the country by 2020, targeting rural areas and cities alike, as the company looks to claw back to a dominant position in the Indian passenger car market.
Tata Power Ltd: Tata Power has signed a share purchase agreement to acquire entire stake in Nagpur-based Ideal Energy Projects Limited. However, Tata Power did not divulge any financial details pertaining to the project.
IT stocks: The Indian rupee fell to its weakest against the dollar in 1-1/2 weeks on Wednesday, declining for a third consecutive session on the back of dollar demand from oil companies and caution ahead of consumer price inflation data later in the week.
M&M Ltd: Mahindra & Mahindra, India's largest maker of utility vehicles and tractors, is close to acquiring a stake in the company that owns Swedish auto maker Saab Automotive, the Dow Jones Newswires reported, citing court documents.
SpiceJet: No-frills carrier SpiceJet began offering cut-price fares on some sectors, in some instances almost half those charged by rivals, even as ticket rates surged across the board after the airline that's struggling for survival grounded more planes and cancelled more flights.
OMC will be in focus on crude oil: Benchmark US crude slumped 5 per cent, or $3.07, to $60.75 a barrel on Wednesday. Prices have not been that low since July of 2009.
EIL Ltd: The government today approved a proposal to close down an Engineers India Limited (EIL) subsidiary in Malaysia.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Dish TV
The Stock has formed a bullish engulfing on the daily charts. The RSI has also moved above the past few times resistance at 71.1%. Thus the stock has clear bullish implications. It can be bought at cmp and on fall till 65.2 with the stop loss of 63.55 for the target of 67.6-68.95-69.84-71.2
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