Nifty opened with a gap up of 45 points at 8582 and made a high of 8626.95. The market tested the 8630 levels but failed to break through. The resistance pushed the market down towards the support of 8525. The market lost all the morning gains. The Strategy to buy on dips recommended on 3rd December for the target of 8620 has worked nicely. The 8630-8645 is strong resistance. A breach of this resistance will take the markets higher. The market for the day are likely to stay sideways with positive bias.
The support for nifty is at 8538-8492-8436 and the resistance lies at 8585-8625-8675. Nifty December Future
has been trading at 41-42 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 10.17 and for puts were at 11.26. India VIX closed at 12.445.
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 4043.19 - 3569.19 = 474Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 538.86 | 1295.67 | -756.81 |
| INDEX OPTIONS | 12347.90 | 11923.68 | 424.22 |
| STOCK FUTURES | 2376.96 | 2360.11 | 16.85 |
| STOCK OPTIONS | 1360.28 | 1356.18 | 4.10 |
STOCKS IN NEWS:**
SAIL: Government's five per cent stake in steel giant SAIL will be sold at a floor price of Rs 83 per share tomorrow, which can raise Rs 1,500-1,700 crore for the exchequer in the first disinvestment under the new regime.
Coal India Ltd: As many as 27 mines of Coal India having geological reserves of 1200 million tonnes are yet to begin production, Parliament was informed today.
Axis Bank Ltd: Country's third largest private sector lender Axis Bank today raised Rs 5,705 crore in infrastructure bonds in a single-largest closure since the instrument was introduced in July.
Dena Bank Ltd: State-run lender Dena Bank plans to sell Rs 400-500 crore of bad loans to asset reconstruction companies in the last quarter of the fiscal, a senior bank official said here today.
MCX Ltd: Country's largest commodity exchange MCX today invited expressions of interest from potential investors to divest its stake in MCX-SX and MCX-SX Clearing Corporation Ltd.
ONGC: Amid falling global crude prices, subsidy-sharing formula for oil is holding up disinvestment of government stake in ONGC, a key element of the finance ministry's plan to meet the fiscal deficit target for the current financial year, said media reports.
Ranbaxy Laboratories Ltd: The European Union has banned imports from a Ranbaxy Laboratories Ltd factory unit that makes injectable antibotics after the unit failed an inspection, the latest in a series of quality-related setbacks for the Indian drugmaker.
SpiceJet: The Airports Authority of India (AAI) has decided to withdraw credit facility relating to airport user fees to the financially-embattled low-cost carrier SpiceJet at all airports in the country from Thursday midnight
Sahara Group stocks: As it tries to raise funds for securing release of chief Subrata Roy from Tihar jail, the Sahara group on Thursday sold a big land parcel in Gurgaon near here for Rs.1,211 crore to realty firm M3M India Ltd, said media reports.
Sugar stocks: The country's sugar production rose 56% up to November 30 in the marketing year that started in October from a year before, mainly on higher output in Maharashtra and Uttar Pradesh, according to the first set of actual output data this season compiled by the Indian Sugar Mills Association (Isma), said media reports.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
SKS MICRO
The Stock has been correcting from the high of 373.7 and has now finally broken out of rounding bottom pattern on the daily charts. The Pattern target lies at 405 with the stop loss of 352. The RSI has also moved up after taking support at 40% level. For short term the stock can be bought with the stop loss of 362 for the targets of 376-382-390
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