Daily Nifty Market Analysis and Report 17/dec/2013

ECONOMY ANALYSIS

• Nov inflation rises to 7.52%, 25 bps rate hike seen
• Aim to grow 10x in 10yrs; eco slowdown behind us
• 10% revenue growth for FY14 could be a challenge: TTK
• ED attaches Rs 100 cr assets in NSEL case
• GSK open offer premium of 26% ‘healthy’: Centrum
• Price hike will help protect, maintain margin: M&M
• China flash HSBC PMI slows to 3-month low

MARKET ANALYSIS

The Nifty, after breaching important intraday support of 6,150, closed near day’s low led by profit-booking in oil & gas, auto and FMCG sectors. 

Rate-sensitives are likely to be in action in coming sessions ahead of the Reserve Bank of India’s policy meet.

The WPI inflation rose to 7.52 per cent in November vs 7 percent in October and against ET Now poll expectations of 7.1 percent. The inflation is highest since September 2012

The market breadth was negative on the NSE with 312 gainers against 435 losers.

The foreign institutional investors snapped 10-day buying streak by selling shares worth Rs 4.32 billion on Friday. They also sold index futures worth Rs 9.02 billion and stock futures worth Rs 6.76 billion on Friday.

DAILY PIVOTS

INDEX                   S1       S2       PP       R1        R2
NIFTY                  6138   6123    6160    6175    6197
BANK NIFTY     11302  11240  11371  11433  11502

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