* Infosys declaring its Results on Friday, January 10th 2014. * The external trade data and IIP for November will be declared on Friday, January 10th 2014. * Fed Chairman Ben Bernanke reiterated the fed’s commitment to keep interest rates low. HSBC Services PMI is expected on * * * Monday, January 6. The last reading was 47.2. * Petrol price was hiked by 75 paise and diesel by 50 paise a litre as rise in global oil rates and fall in rupee value increased the cost of production on Friday
Suppose to break 6180 and close below it… then get ready for a fall upto 6000-5970 level first.
Nifty on Friday closed down 68.65 points at 6168.40 while Nifty future closed at 6197.75, premium of 29.35 points. FIIs sold in Cash, net sell 432.05 Crore while DIIs sold in Cash, net sell 45.07 Crore. FIIs sold in Index future, Stock future but bought in Index Option, net sell 609.57 Crore..!!!
Stock markets are likely to remain choppy this week ahead of the Reserve Bank of India’s mid-quarter review of monetary policy and a meeting of the US Federal Reserve that could decide on tapering its stimulus programme.
The Sensex lost 280 points in the week to Friday while the 50-stock Nifty fell 91 points during the period. Now for this wee Nifty will holds immediate support at 6100 levels. The recent fall in the markets has pushed some index majors in oversold territory. Hence, most indicators are in favour of technical rebound in the markets.
What is for Today?
Nifty future Support : 6160 to 6178
Technical Nifty can test 6233 to 6256 (“Sell on Rise” continues till below “6243-51”)
Trading is better on support and resistance level with stoploss.
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Last close 6151.55
Nifty closed down 43.80 points at 6101.10 while Nifty future closed at 6107.05, premium of 4.20 points. FIIs bought in Cash, net buy 636.78 Crore while DIIs sold in Cash, net sell 902.68 Crore. FIIs sold in Index Option, Stock future but bought in Index future, net sell 1057.03 Crore..!!!
Yesterday FIIs bought 126201 contracts of Index futures and sold 122767 contracts of Index futures which come to net buy of 3434 contracts worth 3434 crores with net open interest increasing by 8126 contracts.
Considering all above facts it seems that FIIs again shorted Index futures for the fourth straight trading session…!!!
Today Nifty future will witness extreme volatility. The view of the policy today is that there will be a 25 bps hike in the repo rate and 25 bps cut in the MSF. So, it will be a non event. Now the only risk is if the RBI hikes repo rate by 50 bps and does not cut the MSF, then that is the only scenario in which the market will respond to the monetary policy. F&O expiry is due on Thursday and thus volatility may be seen. Global cues, quarterly results and today’s RBI’s monetary policy will be watched carefully for further market moves……..!!!!