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Pull back rally in US$ with bond yields rising sharply as Federal Reserve indicates higher rates as economy on stronger footing!!

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Major headlines:

·         All aircrafts complaint with noise standard requirments:

·         FIMI seeks abolition of export duty on low grade iron

·         Strong domestic demand to help Indian companies














Indian Indices: Asian markets saw a sharp rebound led by the Japanese 'Nikkei" index as weakness in Yen saw stocks bounce back sharply. Overnight Janet Yellen talked up the bond yields by indicating rate hikes to be on the cards as growth returns. Gold prices fell after a solid 7 day rally while oil prices remained weak.

Nifty saw a sharp intraday reversal after scaling 8460 in the morning session. Profit booking closer to the 100 DMA saw most stocks give up gains despite both local & foreign investors being buyers. Volatility ahead of the January expiry due next Wednesday may rise as markets digest the huge rally this month. For today expect test of 8500 on the cards as 8400 holds as strong support on the Nifty.

The BSE Sensex is currently trading at 27276.67, up by 19.03 points or 0.07% after trading in a range of 27219.89 and 27296.86. There were 17 stocks advancing against 13 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index gained 0.26%, while Small cap index was up by 0.21%.The CNX Nifty is currently trading at 8417.90, up by 0.90 points or 0.01% after trading in a range of 8405.95 and 8427.90. There were 24 stocks advancing against 27 stocks declining on the index.





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Technical view: Nifty finds strong resistance around 8460 which if crossed can see Nifty test 8520 in the next 2 days. Bank Nifty also has made a 'higher top, higher bottom' pattern & can extend the rally upto 19500 with 19050 being the key support.

Market Sentiment:

The market breadth indicating the overall health of the market was strong, with 1,072 shares gaining and 910 shares declining, while a total of 125 shares were unchanged.


Trading ideas: Sonata Software (Buy above Rs 214 for target of Rs 225, SL at Rs 208.5): The stock has shown impressive momentum in the past two days. Sonata broke out from a double bottom pattern on Monday followed by a break out above its previous all time peak of Rs 209.7. This move has been accompanied with expansion in trading volumes too. On analysing weekly chart, Sonata has also broken out from a consolidation channel pattern breakout indicating a larger move is on the card.


MacroeconomicFront: Small businesses in the country maintain a positive outlook for the future in terms of business confidence and employment growth, a joint report by Facebook, OECD and World Bank said as per the PTI report. Amongst the businesses surveyed, 48 per cent of the small and medium enterprises (SMEs) are positive about the current state, while 62 per cent are positive about the future.

Corporate Snippets: Reliance Industries and Russian petrochemical giant Sibur have signed an agreement to set up South Asia’s first buty rubber halogenation unit at jammnagar in Gujarat.


Cipla said its subsidiary GoldencrossPharma has entered into a pact to sell its entire stake in four M propack to shriji Polymers for a consideration of up to Rs 192 mn.


Zee Entertainment Enterprises Ltd has signed a deal for four television series with the international content distributor, Eccho Rights.



Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Oil & Gas up by 1.10%, Consumer Durables up by 0.72%, PSU up by 0.34%, FMCG up by 0.31% and Capital Goods was up by 0.23%, while Metal down by 0.73%, Bankex down by 0.42%, Power down by 0.17% and IT was down by 0.01% were the few losing indices on BSE.

Nifty Movers:The top gainers on Nifty were Idea Cellular up by 2.37%, BPCL up by 1.70%, Tata Motors up by 1.58%, Tata Motors - DVR up by 1.49% and BhartiAirtel up by 1.19%. On the flip side, Hindalco down by 1.58%, Ultratech Cement down by 1.16%, Axis Bank down by 1.14%, Tata Steel down by 1.04% and Indusind Bank down by 0.84% were the top losers.


On the global front: On the global front, Asian markets were trading mostly in red at this point of time tailing weak overnight cues from Wall Street, though the Japanese market has bounced back with yen falling against the dollar after Janet Yellen said the American economy is strong enough to warrant higher interest rates. The US markets showed a lackluster trade and ended mixed in last session, mainly due to uncertainty about President-elect Donald Trump's policies ahead of his inauguration on Friday.


Global Signals:Asian markets were trading mostly in red; Hang Seng declined 136.27 points or 0.59% to 22,961.99, Taiwan Weighted shed 15.82 points or 0.17% to 9,326.15, Shanghai Composite slipped 1.81 points or 0.06% to 3,111.20, FTSE Bursa Malaysia KLCI dipped 1.26 points or 0.08% to 1,663.76 and KOSPI Index was down by 0.1 points or 0% to 2,070.44.On the flip side, Jakarta Composite rose 7.49 points or 0.14% to 5,302.27 and Nikkei 225 was up by 134.58 points or 0.71% to 19,028.95.