Nifty opened with a gap down of 17 points at 8338.85 and made a high of 8348.3. The market breached the important psychological support of 8300 and went down to the low of 8272. This intermediate low coinciding with the 38.2% Fibonacci retracement from7723 till 8626 acted as support and stopped the slide. The market is poised to slide further down towards the 8180 level. For the day the market is likely to stay sideways with negative bias. Any rise in the market should be shorted.
The support for nifty is at 8264-8200-8162 and the resistance lies at 8341-8380-8415. Nifty December Future
has been trading at 49-50 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 13.95 and for puts were at 10.08. India VIX closed at 12.7725.
PCR for Nifty based on open interest was at 0.83 and PCR for the day based on
volumes was at 0.81 for the market.
CASH MARKET:
FII 3726.81 - 4535.08 = -808.27Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 987.86 | 1711.39 | -723.53 |
| INDEX OPTIONS | 25217.60 | 25396.39 | -178.79 |
| STOCK FUTURES | 2000.31 | 2403.84 | -403.53 |
| STOCK OPTIONS | 2282.58 | 2312.04 | -29.47 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Hinduja Foundries Limited | Annual General Meeting | 12-Dec-14 |
STOCKS IN NEWS:**
Tech Mahindra Ltd: Software services firm Tech Mahindra has expanded its facility in Bhubaneswar providing new job opportunities to over 600 persons.
Reliance Industries Ltd: Reliance Industries has named former UK judge Sir Bernard Rix as its arbitrator in the KG-D6 cost recovery dispute with the government in place of former Chief Justice of India S P Bharucha who quit last week.
TCS Ltd: Tata Consultancy Services (TCS), India's largest information-technology services player, is learnt to be undergoing a restructuring exercise. The workforce optimisation programme, in the planning stage, is expected to be over in February 2015, said media reports.
Essar group shares will be in focus: In one of the biggest oil deals, Essar Group signed a $ 10 billion contract to import crude oil from Russia over a 10-year period.
Tata Power Ltd: Seeking to strengthen its international footprint, Tata Power, along with Russian sovereign wealth fund RDIF, will explore investment opportunities in the Russian energy sector.
NMDC Ltd: Indian mining company NMDC signed a memorandum of understanding with Akron to buy a stake in a potash mine in Russia, an official said on Thursday.
OnMobile Global Ltd: The company has informed BSE that the Board of Directors of the Company have decided on Buy-Back of Company's equity shares of Rs. 10/- each from open market through stock exchange mechanism, at a price not exceeding Rs. 86/- per equity share.
OMCs will be in focus after the price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.
Wipro Ltd: Wipro said trustees of the Wipro Inc Benefit Trust have sold more than 18 lakh shares of the country's third-largest software firm in a deal estimated to be worth over Rs 100 crore.
Allahabad Bank: Rating agency Crisil has assigned a "low credit risk with negative outlook" rating to Allahabad Bank's proposed Rs 500 crore tier-II bonds to be raised this fiscal.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Aditya Birla Nuvo
The Stock has been trading in the range of 1840-1700 for the past 20 trading sessions. It has given break down of this range on the daily charts with good volume. The RSI has also breached 40% and has entered bearish territory. The pattern target lies at 1560 with the stop loss of 1775. For the short term the stock can be sold for the target of 1673-1648-1620-1578 with the stop loss of 1735.
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