Nifty opened with a gap down of 47 points at 8172.6 and made a high of 8189.35. Once the support of 8180 was breached the market tumbled down. With the closing below the 8110 the market has also breached an important trend line. The break down of rising wedge on the daily charts as shown below has target of 7200 with the stop loss 8200.
Nifty has reached 61.8% of the Fibonacci retracement of the rise from 7723 to 8627. A short bounce can be expected taking into consideration of this levels. A breach of 8030 will accelerate the fall towards lower level. For the day the market is likely to stay sideways with positive bias.
The support for nifty is at 8028-7975-7936 and the resistance lies at 8108-8160-8202. Nifty December Future
has been trading at 48-49 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 20.24 and for puts were at 13.73. India VIX closed at 16.3575.
PCR for Nifty based on open interest was at 1.01 and PCR for the day based on
volumes was at 0.99 for the market.
CASH MARKET:
FII 4005.9 - 5253.14 = -1247.24Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 3204.37 | 3761.36 | -556.99 |
| INDEX OPTIONS | 40884.68 | 40917.21 | -32.53 |
| STOCK FUTURES | 2797.75 | 3851.10 | -1053.35 |
| STOCK OPTIONS | 3100.64 | 3258.32 | -157.68 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Simbhaoli Sugars Limited | Annual General Meeting | 17-Dec-14 |
STOCKS IN NEWS:**
SpiceJet: Coming to the rescue of the crisis-ridden budget airline SpiceJet, the Civil Aviation Ministry said it may request Indian banks/financial institutions to extend loans of upto Rs 600 crore to the airline as part of measures to keep the carrier functional.
Tata Steel Ltd: Tata Steel may be allowed to resume production from its biggest iron ore mine this month, a government official said, ending a stoppage of over three months that has forced the firm to import the raw material for the first time ever.
Alstom T&D India Ltd: The company has bagged an order of about Rs 151 crore order from Rajasthan Rajya Vidyut Prasaran Nigam Ltd (RRVPNL) to supply a 400/220 kV substation in Bhadla and expand the existing 400/220 kV substation in Bikaner.
Adani Power, JSW Energy & Tata Power: Ahead of the coal block auctions, hectic M&A activity has picked up in the power sector and assets worth over Rs 30,000 crores are up for sale.
Large banks and private equity firms confirmed to ET Now that there is a flurry of deal talks in the power sector which will lead to further consolidation. Power companies like Adani Power, JSW Energy, Tata Power and CESC are scouting around to buy assets of debt-laden companies
M&M Ltd: Auto major Mahindra & Mahindra may observe up to 7 days in a month as 'No Production Days' at some of its plants till March 2015, said media reports.
Natco Pharma: The committee of Directors of Natco Pharma Ltd at a meeting held on December 16, 2014 allotted 1,61,775 equity shares of Rs. 10/- each at a premium of Rs. 1190/- per share on preferential basis other than cash to the promoters of Natco Organics Limited.
NMDC Ltd: Steel Ministry directed PSU iron ore miner NMDC to advance its 100 mtpa production target by four years to 2020-21 to ensure the raw material for the domestic steel industry at reasonable prices.
Jagran Prakashan Ltd: The company on Tuesday announced that it will enter the radio industry by buying Music Broadcast Pvt. Ltd. The deal is estimated to be worth some Rs.500 crore, said media reports.
STOCKS IN BAN PERIOD:
1 HDIL
2 UNITECH
2 UNITECH
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Federal Bank
The Stock has given breakdown on the daily charts of the rising wedge with good volume. The pattern target lies at 92.5 with the stop loss of 145. The RSI has also breached the 40% support level indicating bearishness. The Stock can be shorted at cmp and on fall rise till 135 with the stop loss of 138 on closing basis for the target of 128.7-122.2-117.25.
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