Nifty opened with a gap up of 26 points at 8041 and made a high of 8082. On the back of global turmoil the markets fell. It took support at the gap of 7936-7974 and bounced sharply to close with loss of only 38 points. It has formed a dragonfly doji on the daily charts, which indicated indecision.
A big body candle if formed today on daily chart will complete a morning star, which is bullish reversal pattern. On the lower time frames Nifty has formed a bullish hammer with confirmation. Thus is more probable scenario that the market will turn up as long as the 7960 is not broken. A dip should be bought into. The market is likely to stay sideways with positive bias.
The support for nifty is at 8016-7960-7922 and the resistance lies at 8096-8156-8209. Nifty December Future
has been trading at 31-32 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 18.11 and for puts were at 17.03. India VIX closed at 16.925.
PCR for Nifty based on open interest was at 0.94 and PCR for the day based on
volumes was at 0.93 for the market.
CASH MARKET:
FII 4459.02 - 6095.38 = -1636.36Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2817.12 | 3310.97 | -493.85 |
| INDEX OPTIONS | 44452.02 | 44338.64 | 113.38 |
| STOCK FUTURES | 4102.51 | 4098.72 | 3.79 |
| STOCK OPTIONS | 3072.70 | 3156.11 | -83.41 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| HBL Power Systems Limited | Annual General Meeting / Dividend - Re 0.20/- Per Share | 18-Dec-14 | - |
| Punjab National Bank | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share | 18-Dec-14 | 19-Dec-14 |
| Entegra Limited | Annual General Meeting | 18-Dec-14 | - |
| UB Engineering Limited | Annual General Meeting | 18-Dec-14 | - |
| DCM Financial Services Limited | Annual General Meeting | 18-Dec-14 | - |
STOCKS IN NEWS:**
Tata Motors Ltd: Leading auto manufacturer Tata Motors is in the process of developing vehicles for the defence sector, which are capable of carrying weapons.
Adani Group stocks will be in focus: Adani Group's Australian subsidiary said it has signed an MOU with a South Korean steel giant for the construction of a new strategic terminal at Abbot Point coal port to export high-quality coal globally at competitive rates.
Tata Steel Ltd: Tata Steel has been chosen as one of the 100 Most Valuable Brands 2014 by World Consulting & Research Corporation (WCRC), Asia's No 1 Brand Rating & Ranking company.
SpiceJet Ltd: After a brief hiatus, oil companies on Wednesday began supplying jet fuel to Spicejet after the troubled airline paid cash for the purchases.
Godrej Industries & Godrej Properties Ltd: sold over 30.20 lakh shares of Godrej Properties for Rs 75 crore in a block deal today. Godrej Industries sold 30,20,000 shares of Godrej Properties at Rs 248.5, a transaction worth Rs 75 crore, block deal data at the BSE showed, said media reports.
ICICI Bank & Bank of Baroda: The Reserve Bank of India (RBI) has fined ICICI Bank Ltd and state-run Bank of Baroda over violations of customer protection rules that allowed fraudsters to cash fake checks and postal orders for up to two years.
Coal India Ltd: A five-day strike of its employees next month is likely to put Coal India, already under pressure to meet ballooning demand, on a sticky wicket, said media reports.
Cipla Ltd: Swiss drugmaker Novartis AG said on Wednesday it had sued India's Cipla Ltd for infringing patents covering its respiratory drug Onbrez, a month after Cipla launched a copy at a fifth of the original drug's price.
STOCKS IN BAN PERIOD:
1 HDIL
2 UNITECH
2 UNITECH
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Hindzinc
The Stock has formed a bullish engulfing on the daily charts with good volumes. The RSI has also turned up after testing the 40% level. The stock can be bought with the stop loss of 156 on closing basis for the targets of 167.5-172.25-179.25.
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