Nifty opened flat at 8324 and made a high of 8364.75. The market stayed in a tight range of 8330-8360 during most of the first half of the trading session. However it broke the range and went down towards the 8250 as per my expectation. On the daily charts Nifty has formed bearish harami. A confirmation in the form of big black candle will indicate short term trend reversal. The daily RSI has taken resistance at 50% level has moved down. The market likely to expire around the 8300 level due to strong call build up in 8300CE. The market is expected to trade sideways with positive bias.
The support for nifty is at 8231-8200-8165 and the resistance lies at 8372-8409-8456. Nifty December Future
has been trading at 4-5 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 10.03 and for puts were at 15.84. India VIX closed at 15.2975.
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 2148.19 - 2593.12 = -444.93Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 8086.00 | 6667.89 | 1418.12 |
| INDEX OPTIONS | 33159.74 | 31979.25 | 1180.49 |
| STOCK FUTURES | 16878.69 | 17014.68 | -135.99 |
| STOCK OPTIONS | 2290.64 | 2389.72 | -99.08 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date |
| Ahmednagar Forgings Limited | Annual General Meeting / Final Dividend - Re 1/- Per Share | 24-Dec-14 |
| Amtek India Limited | Annual General Meeting / Final Dividend - Re 0.10/- Per Share | 24-Dec-14 |
| Amtek Auto Limited | Annual General Meeting / Final Dividend - Re 0.50/- Per Share | 24-Dec-14 |
| Cambridge Technology Enterprises Limited | Annual General Meeting | 24-Dec-14 |
STOCKS IN NEWS:**
Cipla Ltd: Drug major Cipla's subsidiary has bagged an order worth 2 billion rand (around Rs 1,100 crore) for HIV drugs from the South African government.
Yes Bank Ltd: Private sector lender Yes Bank said it has raised $200 million in an unsecured loan from Asian Development Bank for onlending to small farm households and rural womens' self help groups (SHG).
Neyveli Lignite Corporation Ltd: There is a proposal to import coal for Neyveli Lignite Corporation's Rs 14,375-crore thermal power project in Uttar Pradesh due to delays in development of mine allocated for the plant.
UltraTech Cement & Jaiprakash Associates: UltraTech Cement has signed a memorandum of understanding (MoU) to buy two cement plants of Jaiprakash Associates in Madhya Pradesh, a deal that will help consolidate its position as India's biggest cement-maker.
Nirlon Ltd: An affiliate of Singapore sovereign wealth fund GIC plans to take control of India's Nirlon Ltd in a deal estimated to be worth up to $197 million, the companies said on Tuesday.
Bharati Shipyard Ltd: Edelweiss Asset Reconstruction Company is looking to raise up to $100 million (Rs 634 crore) for Bharati Shipyard from foreign investors by April in an effort to infuse liquidity into the cash-strapped shipbuilder, its MD Vijay Kumar told ET.
IOC: State-run Indian Oil Corporation said it will be investing Rs 6,800 crore on capacity expansion and improving fuel quality at its Gujarat refinery unit.
Coal India Ltd: Coal India board has given an `in-principle' approval to formation of two joint ventures, with GAIL and Rashtriya Chemicals & Fertilisers for coal gassification and fertiliser projects respectively at Talcher in Odisha, said media reports.
Fulford India Ltd: A Merck & Co Inc subsidiary, has transferred its consumer care business to Bayer Pharmaceuticals Private Ltd. Bayer AG has globally acquired the consumer care business from Merck & Co. As part of the global transaction, the consumer care products like Alaspan, Polaramine, Tinaderm marketed by Fulford (India) have been transferred to Bayer Pharmaceuticals Private Ltd, Fulford India said in a filing to the BSE.
STOCKS IN BAN PERIOD:
1 HDIL
2 IBREALEST
3 UNITECH
2 IBREALEST
3 UNITECH
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Grasim
The Stock has been falling in a channel since hitting the high 3660 for the past two months. The stock has given breakout on better than average volume on the daily charts. The pattern target lies at 3580 with the stop loss of 3400. For the short term the stock can be bought with the stop loss of 3440 on closing basis with the target of 3502-3532-3561.
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