Nifty opened with a gap up of 89 points at 8191 and made a high of 8243.5. The market opened huge gap up of almost 90 points. After this the market stayed mostly in range of 8170-8200. However in the last hour of trading the market shot up to the high of 8243. Post the big sell off and doji for past two days the market is retracing itself. The market has reached an important resistance at 8250. A breach of this will take the market towards the 8326 level. The market is likely to stay negative. It can be shorted with the 8270 as stop loss for the targets of 8160.
The support for nifty is at 8208-8177-8137 and the resistance lies at 8270-8325-8375. Nifty January Future
has been trading at 22-23 points premium to the spot. The implied volatility on
the Nifty January Options of ATM strike calls were at 12.87 and for puts were at 16.43. India VIX closed at 16.4725.
PCR for Nifty based on open interest was at 1.05 and PCR for the day based on
volumes was at 1.01 for the market.
CASH MARKET:
FII 4685.59 - 5152.37 = -466.78Cr.
FII DERIVATIVES MARKET:
| In Cr. | Buy | Sell | Net |
| INDEX FUTURES | 1309.72 | 1486.55 | -176.83 |
| INDEX OPTIONS | 13068.38 | 12653.90 | 414.48 |
| STOCK FUTURES | 2651.34 | 2143.16 | 508.18 |
| STOCK OPTIONS | 1559.95 | 1563.08 | -3.14 |
STOCKS IN NEWS:**
Infosys: According to ET Now poll, Infosys may report net profit of Rs 3151 crore, up 1.77 per cent, from Rs 3096 crore in previous quarter.
ONGC: Government will go for its stake sale in ONGC after finalising a new subsidy sharing formula as it would help in fetching better price in the market.
Cadila Healthcare Ltd: Drug firm Cadila Healthcare is voluntarily recalling 19,536 bottles of benzonatate capsules, used to treat coughs, in the US due to "wet and/or leaking capsules".
RIL Ltd: Reliance Industries has finalised its 2015 gasoil and jet fuel term contracts at lower premiums than last year, traders said on Thursday.
JSPL: The Coal Ministry officials had "connived" with the JSPL, headed by former Congress MP Naveen Jindal, allowing it to "illegally" mine nearly three times more coal than permitted, claims a CBI probe into coal block allocation scam.
ITC Ltd: ITC has reshuffled the portfolios of its top executives, throwing the succession race at the cigarettes-to-hotels conglomerate wide open ahead of the end of long-serving Chairman YC Deveshwar's term in 2017.
Idea Cellular Ltd: Sixth Sense Media, a US-based mobile marketing and advertising software firm, is close to inking a sizeable deal with Idea Cellular to help India's third-largest telco boost mobile marketing revenues by leveraging its core network and customer information resources.
SpiceJet Ltd: Potential investors in SpiceJet, led by former promoter Ajay Singh, have submitted a rescue plan for the troubled airline to the civil aviation ministry that includes an initial investment by Saturday, January 10, and substantial equity infusion in a month's time, said a senior ministry official.
Tata Steel Ltd: Moody's today upgarded Tata Steel's ratings, with a stable outlook, on expectations that Tata Steel UK Holdings - earlier known as Corus - will have less drag on the performance of the group.
Gold loan companies: The RBI (Reserve Bank of India) today has decided to increase the quantum of loan that could be granted under the Gold Loan - Bullet Repayment scheme, from Rs. 1 lakh to Rs. 2 lakh subject to the following certain conditions.
STOCKS IN BAN PERIOD:
NIL
Source:**economictimes.com , nseindia.com
STOCK OF THE DAY:
ACC
The Stock has formed a bullish hammer with confirmation in past two days. This indicated bullish reversal. Buy the stock with the stop loss 1385 for the target of 1409-1425-1440.
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