Nifty opened with a gap down of 4 points at 8243 and made a high of 8291. The market moved up slow and steady absorbing the selling pressure to close in the resistance zone of 8280-8300. On the 30 minutes time frame line chart Nifty has given break out of the bullish cup & Handle pattern. The pattern target lies at 8385 with the stop loss of 8230. For this target to achieve the market has to break above 8300 resistance decisively.
The support for nifty is at 8256-8214-8182 and the resistance lies at 8300-8345-8380. Nifty January Future
has been trading at 55-56 points premium to the spot. The implied volatility on
the Nifty January Options of ATM strike calls were at 13.01 and for puts were at 15.02. India VIX closed at 15.12.
PCR for Nifty based on open interest was at 0.84 and PCR for the day based on
volumes was at 0.82 for the market.
CASH MARKET:
FII 2348.86 - 1867.78 = 481.08Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 725.39 | 594.58 | 130.81 |
| INDEX OPTIONS | 5507.51 | 5010.03 | 497.48 |
| STOCK FUTURES | 1473.15 | 1494.01 | -20.86 |
| STOCK OPTIONS | 580.36 | 565.26 | 15.10 |
STOCKS IN NEWS:**
Glenmark Pharmaceuticals Ltd: The pharma major has received shareholders' nod to raise up to $300 million (around Rs 1,890 crore) through issue of securities.
Jindal Stainless Ltd: Jindal Stainless (JSL) said it has no plan to sell stake in Jindal Stainless(Hisar), but will list the demerged entity on domestic bourses after getting court's approval for the proposed business restructuring.
Auto stocks will be in focus ahead of monthly sales data that will be out later today.
Allahabad Bank: State-run Allahabad Bank has cut interest rate on retail term deposits having maturity period of one year to less than five years by 0.15 per cent to 8.75 per cent.
IOC, HPCL, BPCL: The gift that consumers were expecting from fuel retailers isn't coming on the New Year day. State-run oil marketing companies have decided against cutting petrol and diesel prices. Instead, the companies would absorb the benefits of falling crude oil prices to meet their inventory losses.
DB Realty: Mumbai-based real estate developer DB Realty said on Wednesday that three of its projects in prime locations of Mahalaxmi, Marine Lines and Bandra (West) in Mumbai, which were stuck for lack of clearances from state government departments, are expected to get approvals soon, said media reports.
Bank of Baroda: State-run Bank of Baroda (BoB) has cut term deposit rates by 15 basis points for deposits maturing between one and three years and by 25 basis points (bps) for deposits maturing after five years.
MCX: Country's largest commodity exchange MCX today said shareholder director BV Chaubal has resigned from the Board.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Fortis HealthCare
the stock has been trading in the range of 101-109 for the past 6 weeks. It has given bullish break out with ood volumes. The stock can be bought with the stop loss of 108.5 for the target of 113.5-115.2-119.1
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