RBI POLICY HOLDS KEY
Market has been falling for the last Six days in a row and is with bearish bias ahead
crucial events (domestic RBI Policy and US FOMC meet). As Market has been
falling for the last Six days, a reasonable pullback can be expected
technically and the outcome of these events would provide the direction. Sell on Rise policy may be followed by traders
with a stop loss of 6225 on close basis. Nifty spot is expected to encounter
resistance at 6180, 6215 and find support at 6100, 6065, for Wednesday. While
Global cues and Funds flow are expected to broadly guide the market
movement, based on the present market position,
market is expected to be influenced by the RBI Policy and a rate hike of
more than 0.25% would be negative and upto 0.25% would be in line with market
expectation. However, market movement ahead of Policy has been bearish and
market appears to have factored in the possible negatives and any unexpected
positive surprise could spring a surprise.
Nifty
Review for Tuesday, 17th
December, 2013 :: Continued Bearishness
..!!
Markets fell for the Sixth day in succession and closed with
a minor decline . Pharma, FMCG, Media and Infra indices gained while Bank
Nifty, Energy, Realty indices declined.
24 of Nifty stocks gained and broader market too was marginally negative with Advance Decline
ratio placed at 1:1.2. Ranbaxy, Bhrti, Cipla, Sun Pharma, NMDC, SSLT gained
while HDFC Bank, Coal India NTPC, HDFC, Bajaj Auto remained major losers among Nifty stocks. HDFC
and HDFC Bank were the major contributors for the negative close of markets.
RBI Policy on Wednesday and FOMC meet later would be the
main drivers for the market and market appears cautious ahead of the same with
bearish bias.
Among F&O stocks,
Ranbaxy, Bharti, Mc Leod, Divis Lab and PTC remained
major gainers while HDFC Bank,
IOB, Indai Cememnt, Syndicate Bank, JP Power remained
losers.
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