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Global markets see year end blues as holiday season sees low volumes & range bound indices

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Major headlines:

·         Oil steady in quiet holiday season trade, supply cut deal to kick in jan 1.

·         Gold edges higher in thin trade after holiday weekend

·         Asia stocks mixed in muted session dollar recovers some losses.














Indian Indices:Asian indices were trading flat to mildly positive as volumes drop in the holiday season with year end blues taking over. The trade of long developed markets & short emerging markets has played out well in the last 2 months with both the Japanese 'Nikkei' & the US Dow Jones now in sight of hitting 20000.    

Nifty saw bears out in force to drive the index to the lowest since the 'brexit low' of 24th June.With expiry on Thursday& foreign flows muted expect a strong pullback from grossly oversold territory which could see the Nifty test 8100 this week. For today expect negative rhetoric on taxes to dominate opening, however domestic flows should add colour with buying in banks, metals & IT stocks.

The BSE Sensex is currently trading at 25868.74, up by 61.64 points or 0.24% after trading in a range of 25803.19 and 25898.35. There were 19 stocks advancing against 11 stocks declining on the index. The broader indices were trading mixed; the BSE Mid cap index gained 0.05%, while Small cap index was down by 0.01%.The CNX Nifty is currently trading at 7,923.50, up by 15.25 points or 0.19% after trading in a range of 7,903.70 and 7935.60. There were 31 stocks advancing against 20 stocks declining on the index.




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Technical view: Nifty to find support around 7850 with 8050 now acting as a strong top. Bank Nifty also now finds support around 17500 while 17850 will act as a resistance which was earlier a support.


Market Sentiment:

The market breadth on BSE was negative in the ratio of 468:1585, while 99 scrips remained unchanged.


Trading ideas :VEDL Dec Fut (Sell below Rs 208.5 for Target of Rs 202.5, SL at Rs 211.5): Stock on the daily charts have broken down from upward sloping trendline connecting higher lows. Last two trading session also witnessed VEDL sustaining below the 50-DMA resulting in higher increased selling pressure. The selling in this stock coincides with Nifty Metal index too giving a fresh breakdown. We advise to SELL VEDL Dec Fut below Rs 208.5, stop loss at Rs 211.5, and Target of Rs 202.5.


MacroeconomicFront:As per RBI data, India Inc raised USD 488.49 million via External Commercial Borrowings (ECBs) and Rupee Denominated Bonds (RDBs) in November 2016. As per reports, the Indian companies had raised USD 3.16 billion from foreign sources in the same month a year ago. However, the data is not comparable as borrowings through RDBs were included only this year.

Corporate Snippets:Jet Airways announced the deployment of higher seating capacity aircraft on two domestic and an equal number of international routes from early next year amid growing passenger demand.


Lupin has received tentative approval from the US health regular to sell Olmesartanmedoximil tablets, used for treating high blood pressure, in the American market.


NTPC LTdhas commissioned the Unit-1 of 800 MW of kudgi Super Thermal Power project on December 25.


L&T Construction,the construction arm of L&T has won orders worth RS 30.39 bn across its various business segments.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Consumer Durables up by 0.74%, Oil & Gas up by 0.64%, IT up by 0.44%, TECK up by 0.32% and PSU was up by 0.10%, while Realty down by 1.80%, Metal down by 0.28%, Power down by 0.16%, Capital Goods was down by 0.03% and Auto down by 0.02% were the top losing indices on BSE.

Nifty Movers:The top gainers on Nifty were Cipla up by 1.96%, AurobindoPharma up by 1.26%, Sun Pharma up by 1.25%, Tata Motors - DVR up by 1.23% and Lupin was up by 1.13%. On the flip side, Hindalco down by 1.39%, Grasim Industries down by 1.14%, BhartiAirtel down by 1.01%, GAIL India down by 0.96% and Idea Cellular was down by 0.94% were the top losers.




On the global front:On the global front, Asian stocks were trading flat, in thin trade and with little to guide them as most major markets were closed on Monday for Christmas holidays, while the dollar reclaimed some of its losses from Monday. Back home, traders eying the meeting of Prime Minister NarendraModi with economists and senior government officials at NITI Aayog.


Global Signals:Asian markets were exhibiting mixed trend; Hang Seng decreased 61.44 points or 0.28% to 21,574.76, Taiwan Weighted slipped 4.39 points or 0.05% to 9,106.15 and FTSE Bursa Malaysia KLCI was down by 0.24 points or 0.01% to 1,616.91. On the flip side, KOSPI Index increased 4.2 points or 0.21% to 2,041.95 and Jakarta Composite was up by 45.94 points or 0.91% to 5,073.64.