Nifty opened with a gap up of 14 points at 8214 and made a high of 8279.15. The market retraced the recent fall but failed to cross the 61.8% of Fibonacci retracement at 8285. On the daily charts the market has formed a small white body candle. This can not be considered as confirmation. For the market to move up it has to break the resistance of 8285-8300. A breach of this will take market up towards the 8370. The market can be shorted on rise with 8300 as stop loss for the 8150-8090 as targets.
The support for nifty is at 8225-8165-8115 and the resistance lies at 8281-8317-8358. Nifty January Future
has been trading at 70-71 points premium to the spot. The implied volatility on
the Nifty January Options of ATM strike calls were at 13.71 and for puts were at 13.87. India VIX closed at 14.5825.
PCR for Nifty based on open interest was at 0.91 and PCR for the day based on
volumes was at 0.88 for the market.
CASH MARKET:
FII 1419.14 - 1623.36 = -204.22Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1000.31 | 452.03 | 548.28 |
| INDEX OPTIONS | 7882.30 | 6629.01 | 1253.30 |
| STOCK FUTURES | 1153.04 | 1167.59 | -14.55 |
| STOCK OPTIONS | 645.88 | 598.30 | 47.58 |
STOCKS IN NEWS:**
Infrastructure stocks: Prime Minister Narendra Modi-led Cabinet on Monday approved the ordinance route for amendments to Land Acquisition Act. Announcing the decision, Finance Minister Arun Jaitley said, "The changes in Land Acquisition Act have been done after extensive consultations with states."
L&T Ltd: Larsen & Toubro (L&T) said it has bagged an offshore contract worth Rs 894 crore from Oil & Natural Gas Corporation ( ONGC) for additional development of the Vasai East project.
Bharti Airtel Ltd: Bharti Airtel withdrew its controversial VoIP tariff plan that would have made voice calls on services such as Skype and Viber more expensive in the face of a public outcry and a possible nudge from the regulator.
Reliance Industries Ltd: The oil & gas major which acquired the Network 18 media group in July, has started integrating the backend operations of television shopping firm Home-Shop18 with the technology team of Reliance's consumer division.
IVRCL: After years of unpleasant experience with the strategy of owning infrastructure assets, construction firm IVRCL has finally decided to sell all assets it has under the build, operate and transfer (BOT) basis by the end of next year and stay away from bidding for similar projects.
Sesa Sterlite & Hindalco: The Union Cabinet did not take up the matter of mines ordinance for discussion as its plate was already full, ET reported quoting sources.
The ordinance that would pave the way for auction of iron ore and other minerals as proposed in the Mines and Minerals (Development and Regulation) Bill is likely to be taken up in a few days, they added.
Jindal Stainless Ltd: Jindal Stainless got board approval to restructure its businesses that includes demerging a subsidiary and listing it on domestic bourses, a move aimed at boosting profitability and paring debt.
IFCI Ltd: Government approved raising its stake in IFCI Ltd to 51 per cent by infusing Rs 60 crore in the country's oldest financial institution.
Lanco Infratech Ltd: The Board of Directors of Lanco Infratech Ltd approved allotment of 5,45,74,639 equity shares of Re 1/- each at an issue price of Rs. 6.23 per share to ICICI Bank Limited, as per the corporate debt restructuring package approved for the company.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Asian Paints Ltd
The Stock has given break out of the falling channel on the daily charts with good volumes. The pattern target lies at 783 with the stop loss of 738. For the short term buy the stock at cmp and on fall 750 for the target of 763-770-782 with the stop loss of 745 in closing basis.
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