Nifty opened with a gap up of 17 points at 8605 and made a high of 8623. The market made a new lifetime high but failed to hold the 8600 level. It slid down to the support of 8540 to finally close at 8556. This is clear indication of profit booking at higher levels. On each up move the smart investors are booking profit. The RBI monetary policy will be decisive. The Inflation (WPI, CPI ) at new lows, falling crude prices does favor a rate cut. As long as 8540 is not broken down decisively the market can retest the 8630 level. The market is expected to trade sideays with negative bias.
The support for nifty is at 8540-8505-8465 and the resistance lies at 8586-8620-8672. Nifty December Future
has been trading at 40 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 11.32 and for puts were at 12.63. India VIX closed at 13.2025.
PCR for Nifty based on open interest was at 1.05 and PCR for the day based on
volumes was at 0.99 for the market.
CASH MARKET:
FII 4336.73 - 4349.09 = -12.36Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1918.03 | 2221.66 | -303.64 |
| INDEX OPTIONS | 11284.45 | 11277.58 | 6.86 |
| STOCK FUTURES | 2708.48 | 2358.21 | 350.26 |
| STOCK OPTIONS | 1426.57 | 1424.27 | 2.29 |
STOCKS IN NEWS:**
Rate sensitive stocks will be in focus: Most analysts expect the central bank to maintain status-quo on key policy rates on Tuesday. According to an ET Now poll, almost 80 per cent of respondents expect RBI to hold key policy rates on Tuesday, while only 20 per cent of bankers expect a repo rate cut of 25 bps.
ONGC: State-owned Oil and Natural Gas Corp is targeting mid-2018 for start of natural gas production from its Krishna Godavari basin KG-D5 block, Oil Minister Dharmendra Pradhan said today.
M&M Ltd: Auto major Mahindra & Mahindra today reported 13 per cent decline in total sales at 34,292 units in November. It had sold 39,254 units in the same month last year, the company said in a statement.
SAIL: State-run steel producer SAIL is preparing a feasibility report for setting up an integrated plant in Telangana. By the next fiscal, SAIL's Rs 70,000 crore modernisation and expansion programme would be over raising its capacity to 24 MTPA.
Ashok Leyland Ltd: Hinduja Group flagship company Ashok Leyland reported a 44 per cent jump in total sales at 7,732 units for November, 2014, as against 5,375 units in the same month last year.
Sun Pharma & Ranbaxy: The government has approved Sun Pharmaceuticals' acquisition of Ranbaxy Laboratorieswhile the foreign investment promotion board (FIPB) has sent HDFC Bank's proposal for the further approval of the cabinet committee on economic affairs (CCEA).
Tata Motors Ltd: The automaker today reported 2 percent increase in total sales at 41,720 units in November, as against 40,863 units in the same month last year. Domestic sales of Tata commercial and passenger vehicles remained flat at 37,427 units as compared to year-ago period, Tata Motors said in a statement.
IRB Infrastructure Developers Ltd: The infratsructure major announced that Pathankot Amritsar BOT Project implemented by wholly-owned SPV of the Company viz. IRB Pathankot Amritsar Toll Road (SPV), has been issued a Provisional Certificate by the Competent Authority effective 27 November 2014.
Financial Technologies Ltd: Electricity watchdog CERC has given Financial Technologies time till January 4 to comply with its directive to complete sale of its entire stake in Indian Energy Exchange, said media reports.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
EIHAHOTELS
The Stock has given breakout of a rounding bottom pattern on the daily charts with good volume. The pattern target lies at 270 with the stop loss of 210. The RSI has been trading above the 60% levels indicating bullishness. The Stock can be bought at cmp and on fall till 227 for the targets of 237-240-245-251 with the stop loss of 220 on closing basis.
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