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Dow Jones celebrates an early Christmas as it nears 20000, even as Federal Reserve set to hike rates today.

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Major headlines:

·         Key Indian equity indices trade flat during early session

·         Gold prices firm as dollar dips ahead of Fed rate decision

·         Asia resigned to Fed hike, uptight on rate outlook














Indian Indices:  Asian markets opened flat as the overnight cues continued to be bullish with the Dow Jones nearing 20000.The strength in bonds, US$ & strong ETF flows are seeing huge inflows into the US which is heralding a period of growth with capex expansion & strong infrastructure spending. Emerging markets are also facing the brunt of redemptions as short term money chases faster returns in the US.

Nifty also saw a smart comeback recouping 8200 with ease. The pessimism over the Federal Reserve rate hike will last till tomorrow & with the event over we could see another bout of value buying coupled with short covering to drive the Nifty above 8300.For today expect IT stocks to bounce back after positive guidance by Mindtree saw huge short covering in the previous session. 

The BSE Sensex is currently trading at 26649.55, down by 48.27 points or 0.18% after trading in a range of 26624.66 and 26736.34. There were 11 stocks advancing against 19 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.02%, while Small cap index was up by 0.19%. The CNX Nifty is currently trading at 8196.45, down by 25.35 points or 0.31% after trading in a range of 8192.00 and 8229.40. There were 14 stocks advancing against 37 stocks declining on the index.





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Technical view:     Nifty found strong support @ 8150, while 8260-8280 will act as strong resistance. Bank Nifty also bounced back from 18300 levels which will act as support while 18700 will act as resistance.


Market Sentiment:

The market breadth on BSE was positive in the ratio of 1074:949, while 116 scrips remained unchanged.


Trading ideas :       MINDTREE (Buy above Rs 494 for target of Rs 508, SL at Rs 487): Stock has witnessed a classic cup and handle pattern breakout in yesterday's trade. Mindtree also managed to close above 485 levels which has been acting as stiff resistance. In addition, the current up move has also been accompanied with credible volumes. We advise to Buy MINDTREE above Rs 494, stop loss at Rs 487, and Target of Rs 508.


Macroeconomic Front:   Rating Agency ICRA has said that with consumption being affected by the demonetisation of higher currency old notes, tax revenues of the state governments for the current financial year is likely to be weaker than budgeted. The Centre on November 8 had announced to withdraw legal tender character of the old Rs 500 and Rs 1,000 notes.

Corporate Snippets: An exhaustive inseption of drug maker Sun Pharma’s manufacturing facililty at Halol by the US FDA pointed to inadequately designed testing programs to assess the stability characteristics of drugs besides faulting accuracy of test methods used at the site.


Jubilant FoodWorks which operates Domino’s Pizza in India, said it will offer cashless payment option to all its customers on home deliveries.


Wockhardt said the UK health regulator has confirmed that its Daman based manufacturing facility complies with good manufacturing practices.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Realty up by 1.50%, Consumer Durables up by 0.39%, Oil & Gas up by 0.35%, Power up by 0.15% and IT up by 0.13%, while Metal down by 0.71%, PSU down by 0.47%, Auto down by 0.43%, Capital Goods down by 0.39% and Bankex down by 0.30% were the losing indices on BSE.

Nifty Movers:   The top gainers on Nifty were Reliance Industries up by 1.82%, Axis Bank up by 1.27%, Tata Power up by 1.16%, Asian Paints up by 0.96% and NTPC up by 0.91%.  On the flip side, Coal India down by 3.20%, Aurobindo Pharma down by 2.35%, ACC down by 1.52%, Bosch down by 1.47% and HDFC down by 1.34% were the top losers.




On the global front:       On the global front, Asian shares were trading mostly in green, ahead of critical meeting by the US Federal Reserve, which is widely expected to raise interest rates. Japan’s Nikkei was trading flat in green, led by financial and energy stocks. The Bank of Japan quarterly tankan survey showed that sentiment among big manufacturers rose to plus 10 over the three months to December from plus 6 in the previous quarter.


Global Signals:    The Asian markets were trading mostly in green; KOSPI Index increased 0.48 points or 0.02% to 2,036.46, Shanghai Composite increased 0.57 points or 0.02% to 3,155.61, Nikkei 225 increased 22.97 points or 0.12% to 19,273.49 and Hang Seng increased 147.65 points or 0.66% to 22,594.35. On the other hand, Taiwan Weighted decreased 11.16 points or 0.12% to 9,370.98, Jakarta Composite decreased 8.4 points or 0.16% to 5,285.22 and FTSE Bursa Malaysia KLCI decreased 3.78 points or 0.23% to 1,641.50.