Nifty opened with a gap up of 146 points at 8424 and made a high of 8527. In a surprise move the RBI cut the REPO rate by 25 basis points with immediate effect. This late Christmas present sent the market in a euphoric move up. The market now only has a huge gap up but was able to build on the morning gains. The move above 8400 negated all the bearish patterns. The Nifty can be seen as moving in a parallel channel with resistance near 8530. A breach of this will take Nifty to another life time high and will embark upon the pre-budget rally. Nifty might trade sideways with positive bias for the day.
The support for nifty is at 8445-8382-332 and the resistance lies at 8527-8581-8620. Nifty January Future
has been trading at 20-21 points premium to the spot. The implied volatility on
the Nifty January Options of ATM strike calls were at 11.49 and for puts were at 17.27. India VIX closed at 16.16.
PCR for Nifty based on open interest was at 1.01 and PCR for the day based on
volumes was at 0.98 for the market.
CASH MARKET:
FII 7405.38 - 5667.14 = 1738.24Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 6527.14 | 2630.38 | 3896.76 |
| INDEX OPTIONS | 23089.30 | 19489.43 | 3599.87 |
| STOCK FUTURES | 3820.48 | 4110.89 | -290.42 |
| STOCK OPTIONS | 3017.98 | 3073.04 | -55.07 |
Reliance Industries Ltd: The oil & gas major is expected to report a 9 percent QoQ fall in its net profit number to Rs 5400 crore, as compared to Rs 5972 crore reported in the year-ago period, said an ET Now Poll.
Axis Bank Ltd: The private sector bank is expected to report 17 percent YoY growth in its net profit to Rs 1876 crore for the quarter ended December 31, as compared to Rs 1604 crore reported in the year-ago period.
TCS Ltd: Tata Consultancy Services (TCS), the country's largest IT services exporter on Thursday reported Profit After Tax (PAT) of Rs 5440 crore for the third quarter of the current financial year, versus an ET NOW Poll of Rs 5,462 crore. This is a rise of 2.9% QoQ.
SpiceJet Ltd: Budget carrier SpiceJet announced its third change of ownership in a decade, with control circling back to original co-promoter Ajay Singh, who's looking to pull off a rescue act to help the carrier avoid the fate that befell the now-grounded Kingfisher Airlines.
Bharti Airtel, Idea, Reliance Communications Ltd: India's top four telecom operators are likely to collectively bid about Rs 74,000 crore in the upcoming spectrum auctions, brokerage HSBC has estimated as it expects these companies to prioritise 900 MHz airwave renewals over boosting their 3G spectrum holdings.
Wipro Ltd: The IT major is expected to report 2.2 percent QoQ growth in net profit for the quarter ended December 31 to Rs 2131.90 crore, as compared to Rs 2084.80 crore reported in the year-ago period.
Oberoi Realty Ltd: The realty major is expected to report 10% YoY rise in net profit to Rs 187 crore for the third quarter of current fiscal, as compared to Rs 170 crore reported in the year-ago period.
NIIT Ltd: The company is expected to report QoQ fall in net profit to Rs 6.25 crore for the quarter ended December 31, as compared to Rs 10.3 crore reported in the year-ago period.
STOCKS IN BAN PERIOD:
1 WOCKPHARMA
2 HDIL
2 HDIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
HDFC LTD
The Stock has given breakout of the ascending triangle on the daily charts with good volume. The pattern target lies at 1300 with the stop loss of 1150. The stock can be bought at cmp and on fall till 1180 with the stop loss of 1166 for the targets of 1231-1253-1281-1295
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