Nifty opened with a gap up of 53 points at 8325 and made a high of 8328. The oil price crash, Greece worries and global selling pulled the markets down to close 3% down. As expected the market fell post bearish indication from the hourly & daily charts. It has reached near the support of bullish gap left at 8088. A breach of this will take the markets towards the 7960 levels. For the day the market can be sideways with negative bias.
The support for nifty is at 8103-8060-8003 and the resistance lies at 8165-8221-8281. Nifty January Future
has been trading at 30-31 points premium to the spot. The implied volatility on
the Nifty January Options of ATM strike calls were at 15.84 and for puts were at 19.12. India VIX closed at 17.42.
PCR for Nifty based on open interest was at 1.09 and PCR for the day based on
volumes was at 1.07 for the market.
CASH MARKET:
FII 3138.11 - 4708.87 = -1570.76Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 2332.12 | 5149.56 | -2817.44 |
| INDEX OPTIONS | 30203.23 | 28905.69 | 1297.54 |
| STOCK FUTURES | 2875.21 | 2615.56 | 259.66 |
| STOCK OPTIONS | 1907.75 | 1931.14 | -23.39 |
STOCKS IN NEWS:**
SBI: State Bank of India has initiated a proposal to acquire UTI Mutual Fund and merge it with its asset management arm SBI Mutual Fund, three people familiar with the state-run banking behemoth's plans have told ET.
Adani Power & Lanco Infratech Ltd: Five months after the formal announcement, Adani Power's Rs 6,000-crore acquisition of Lanco Infratech's 1200-mw thermal power plant in Udupi seems to have run into rough weather and delays.
Maruti Suzuki Ltd: The country's largest carmaker Maruti Suzuki India hiked prices of its vehicles by up to Rs 31,600 following the expiry of excise duty concessions extended to the auto sector.
Tata Motors Ltd: Jaguar Land Rover said on Tuesday it was awaiting word on the fate of 1,200 luxury vehicles aboard a 51,000-tonne car transporter ship that has run aground in the English Channel.
Jubilant Life Sciences Ltd: Drug firm Jubilant Life Sciences has received final approval from the US health regulator for generic anti-hypertensive Valsartan tablets and the company plans to launch the product immediately.
Aurobindo Pharma, Lupin Ltd: Three domestic firms, Aurobindo Pharma, Lupin and Jubilant Life Sciences, have received final approval from US health regulator to sell generic copies of Valsartan tablets used for treatment of hypertension.
Tech Mahindra Ltd: In a relief to IT firm Tech Mahindra, the High Court of Judicature here dismissed a petition filed by Enforcement Directorate (ED) challenging the court's earlier decision of issuing stay orders on agency's attachment of fixed deposit worth Rs 822 crore belonging to the company.
Coal India Ltd: Trade unions across the country began a five-day coal industry strike, which is likely to affect production of up to 1.5 million tonnes a day and fuel supply to power plants.
The strike call, for the biggest industrial action for any sector since 1977, has been given by the five leading trade unions of the country including BJP-backed Bharatiya Mazdoor Sangh (BMS).
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
Axis bank
The Stock has formed an evening star on the daily charts with very high volumes. Although the pattern formation is in sideways market but it has occurred at the all time high. This increases the significance of the pattern. The stock can be sold with the stop loss of 507 for the targets of 488-479-470.
The Stock has formed an evening star on the daily charts with very high volumes. Although the pattern formation is in sideways market but it has occurred at the all time high. This increases the significance of the pattern. The stock can be sold with the stop loss of 507 for the targets of 488-479-470.
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