Nifty opened with a gap up of 12 points at 8408 and made a high of 8445. After the spectacular recovery last week, the market stayed sideways for the entire trading session. The market tested the neck line of the small bullish Cup & handle pattern completed on Friday. On the hourly charts the market has formed a evening star near the 8450 resistance. Even the daily charts has bearish harami pattern. Thus the market can be expected to stay put with negative bias as long as 8450 is intact. A breach of this resistance will take the market towards the 8500-8550.
The support for nifty is at 8354-8294-8241 and the resistance lies at 8404-8455-8505. Nifty January Future
has been trading at 44-45 points premium to the spot. The implied volatility on
the Nifty January Options of ATM strike calls were at 11.82 and for puts were at 13.05. India VIX closed at 14.1525.
PCR for Nifty based on open interest was at 1.09 and PCR for the day based on
volumes was at 1.04 for the market.
CASH MARKET:
FII 2569.89 - 2097.89 = 472Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 633.57 | 1238.69 | -605.12 |
| INDEX OPTIONS | 12352.41 | 12310.28 | 42.13 |
| STOCK FUTURES | 1939.73 | 1965.78 | -26.05 |
| STOCK OPTIONS | 1339.35 | 1321.41 | 17.94 |
CORPORATE ACTION:
| Company | Purpose | Ex-Date | Record Date |
| Hathway Cable & Datacom Limited | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share | 6-Jan-15 | 7-Jan-15 |
STOCKS IN NEWS:**
Telecom stocks: The Union Cabinet on Monday approved the largest ever telecom spectrum auction that is targeted to fetch at least Rs 64,840 crore from the sale next month.
Oil & gas companies: US crude futures tumbled below $50 a barrel on Monday for the first time since April 2009 on fears of a global supply glut. Benchmark Brent crude was down more than 6 per cent at below $53 a barrel.
TCS Ltd: Even as the noise over mass layoffs at TCS refuses to die down, software lobby Nasscom has now stepped in to take stock of the situation at India's largest software exporter.
NMDC Ltd: State-run iron ore miner NMDC has kept its prices for the month unchanged even as sales moved up slightly during the April-December period.
SBI, Canara Bank: The Competition Commission (CCI) has rejected Muthoot Mercantile's allegations that 12 commercial banks including SBI, Canara Bank and IDBI formed a cartel for offering and marketing gold loan products.
Bajaj Corp Ltd: The Reserve Bank has allowed foreign investors to buy up to 49 per cent of the paid-up capital of Bajaj Corp Ltd.
IDBI Bank: State-owned IDBI Bank is set to raise Rs 2,600 crore by selling infrastructure bonds with a 10-year maturity. The bank is likely to finalise the bond sales on Tuesday as it is looking to obtain a better pricing, said a top official from the bank.
GMR Infrastructure Ltd: The civil aviation ministry is to offer the contract for building and running the proposed Jewar airport in Greater Noida to the GMR Group, which operates the one in Delhi, once the project gets the preliminary approvals that are required.
Jubilant Life Sciences: Drug firm Jubilant Life Sciences has received final approvals from the US health regulator for its generics Mycophenolate Mofetil, an immuno-suppressant, and Rizatriptan, used for treatment of migraine, in the American market.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
IDEA
The Stock has formed an evening star pattern on the daily charts with good volumes. The pattern has occurred at 61.8% Fibonacci retracement of the recent fall. This has major bearish implications. The Stock can be sold at cmp and on rise to 157 with the stop loss of 159.85 for the targets of 151.3-146.1-137.7
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