Nifty opened with a gap up of 14 points at 8260 and made a high of 8268.25. The market remained range bound for most of the trading session in 8250-8220. The gap at 8214 provided the support for the market to close flat. On the daily charts the market has formed an inside body candle. As long as 8280-8300 resistance is intact the market can move down towards the 8150 levels. Any rise should be used to short the index. The market is likely to stay sideways with negative bias.
The support for nifty is at 8214-8183-8135 and the resistance lies at 8276-8327-8380. Nifty January Future
has been trading at 69-70 points premium to the spot. The implied volatility on
the Nifty January Options of ATM strike calls were at 14.96 and for puts were at 13.98. India VIX closed at 14.8625.
PCR for Nifty based on open interest was at 1.05 and PCR for the day based on
volumes was at 1.01 for the market.
CASH MARKET:
FII 1684.45 - 1406.53 = 277.92Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 693.13 | 220.61 | 472.52 |
| INDEX OPTIONS | 7912.58 | 6799.83 | 1112.75 |
| STOCK FUTURES | 1319.21 | 1352.14 | -32.93 |
| STOCK OPTIONS | 626.90 | 599.42 | 27.48 |
Auto stocks: The government is unlikely to extend excise duty concessions to auto industry beyond December 31. According to ET Now, the excise duty cut will be withdrawn from January 1, 2015.
SpiceJet Ltd: State-run airport operator has asked troubled budget carrier SpiceJet Ltd to deposit 2 billion rupees ($31.5 million) by December 31, failing which the airline could be put in the so-called cash-and-carry mode, a senior government official said on Tuesday.
Cairn India Ltd: Cairn India, the operator of biggest crude oil producing onshore asset in the country, plans to tap and sell gas from another field - Kaameshwari - in the Barmer block in Rajasthan.
Mangalore Chemicals and Fertilisers Ltd: Zuari group today announced plans to spend Rs 398.2 crore to buy up to 36.56 per cent stake in MCFL, about 10 per cent more stake than its earlier offer.
JSW Steel Ltd: JSW Holdings, the investment arm of the JSW Group, has sought shareholders' nod for financial transactions worth Rs 2,500 crore with various entities, including group firm JSW Steel.
IOC, HPCL, BPCL: Petrol and diesel may get cheaper from midnight as the government is pushing the state-run oil marketing firms to pass on the benefit of falling global prices to consumers as a New Year's gift, officials said.
HUL Ltd: India's largest consumer goods company Hindustan Unilever has sold its erstwhile headquarters Lever House at Churchgate in south Mumbai to its current tenant, Housing Development Finance Corporation, for around Rs 300 crore, said two persons familiar with the development.
L&T Ltd: Engineering firm Larsen & Toubro (L&T) today said it bagged contracts worth Rs 2,521 crore in its building and factories business in both domestic as well as international markets this month.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Adani enterprices Ltd.
The Stock has been trading in the range of 435-468 with higher volumes. The RSI has also moved past the 60% level into the bullish zone. The pattern target lies at 505 with the stop loss of 455. For the short term the stock can be bought with the stop loss of 465 for the target of 488-495-500.
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