Nifty opened flat at 8538.65 and made a high of 8546.35. The market tumbled down once it breached the 8500 support towards the support of 8430. In doing so the market also gave brake down of the Double top formation on the lower time frames. The pattern target lies at 8380. The market has strong support in the 8400-8420 zone. A breach of this will take the market down towards the 8300. The market is likely to remain sideways with negative bias. Any rise to 8500 should be shorted with the 8525 as stop loss.
The support for nifty is at 8420-8383-8336 and the resistance lies at 8483-8525-8568. Nifty December Future
has been trading at 51-52 points premium to the spot. The implied volatility on
the Nifty December Options of ATM strike calls were at 11.45 and for puts were at 11.38. India VIX closed at 12.2075.
PCR for Nifty based on open interest was at 0.92 and PCR for the day based on
volumes was at 0.89 for the market.
CASH MARKET:
FII 8206.6 - 3222 = 4984.6Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1964.54 | 1904.25 | 60.29 |
| INDEX OPTIONS | 16128.14 | 14677.53 | 1450.61 |
| STOCK FUTURES | 1868.26 | 3039.80 | -1171.54 |
| STOCK OPTIONS | 2104.07 | 2132.54 | -28.47 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| JIK Industries Limited | Annual General Meeting | 9-Dec-14 | - |
STOCKS IN NEWS:**
Sun Pharma & Ranbaxy: The long-pending $4-billion merger between Sun Pharma and Ranbaxy got a conditional approval from fair trade watchdog CCI, which asked the two companies to divest some key products along with other changes to the deal to address the anti-competitive issues.
ITC Ltd: ITC Ltd will invest Rs 1,000 crore for its ambitious foray into dairy and juice businesses which it plans to roll out in the January-March quarter, two people aware of the development said.
SpiceJet Ltd: The air carrier has cancelled a total of 1,861 flights, a few to Kathmandu in Nepal and all others connecting domestic cities, till December 31, SpiceJet said in an update on its website. These included 81 flights scheduled for Monday as well.
ICICI Bank Ltd: ICICI Bank on Monday raised $200 million (Rs 1,200 crore) by selling overseas bonds with five-and-half year maturity as Indian businesses extend their fund-raising spree aboard taking advantage of historic low rates, reports Saikat Das.
Cadila Healthcare Ltd: The pharma major is voluntarily recalling 15,144 bottles of its anti-hypertension drug Amlodipine Besylate tablets in the US market, according to the US Food and Drug Administration (USFDA).
OMCs will be in focus: World oil prices slid another 4 per cent to new five-year lows on Monday, as expectations of a deeper slump next year and a prediction by a core OPEC member that crude will remain at $65 for several months triggered another round of selling, said media reports.
ONGC: Indian state explorer Oil and Natural Gas Corp said on Monday it was aiming to start natural gas production by mid-2018 and oil production a year after that from its block off India's east coast.
Tata Motors Ltd: Tatas-owned Jaguar Land Rover today launched a new variant of Jaguar XF sedan in the country for Rs 45.12 lakh (ex-showroom Mumbai, Pre Octroi).
DLF Ltd: Kerala high court on Monday ordered that reality major DLF should demolish portions of its premium waterfront residential project in Kochi, DLF Riverside, which were construction in violation of the CRZ rules, said media reports.
OBC: Public sector lender Oriental Bank of Commerce has cut interest rates on select deposits by 0.10 per cent to 8.90 per cent.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
ACC LTD
The Stock has formed a bearish piercing pattern on the daily charts. The stock can be sold at cmp & on rise to 1488 for the stop loss of 1500 for the targets of 1462-1445-1423.
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