Daily Nifty Market Analysis and Report 16/dec/2013 | Nifty Outlook

ECONOMY ANALYSIS

• MPs welcome SC’s decision to grant bail to Lalu Prasad
• Reliance Power starts generation from Sasan UMPP 2nd unit
• Twitter backtracks amid outcry over user blocking changes
• FMC appoints PwC to do special audit of MCX
• Microsoft considers Qualcomm exec as CEO candidate – report
• Biocon launches programme to train bioscience students
• Investment cycle may remain weak; ITC top pick: Barclays

MARKET ANALYSIS

Rate hike fears spooked the market. The Sensex declined 191.08 points or 0.91 percent to 20,734.53, and the Nifty slipped64.10 points or 1.03 percent to 6,172.95.

ICICI Bank and BHEL topped the selling list, falling 4 percent each followed by HDFC, GAIL , Bajaj Auto , Hero Motocorp and State Bank of India with a 2-3 percent loss.

Global equities headed for their biggest two-week drop since June and the dollar hit 5-year highs against the yen on Friday amid concern the US Federal Reserve could start scaling back its stimulus as early as next week.

Stronger-than-expected US retail sales data the previous session, coming after last week’s forecast-beating jobs report, has increased speculation the Fed will start winding down its bond purchases soon.

DAILY PIVOTS

INDEX                  S1     S2       PP       R1      R2
NIFTY               6153   6133   6180   6200   6228
BANK NIFTY   11291 11228 11413 11476 11597

Daily Nifty Market Analysis and Report 16/dec/2013 | Nifty Outlook

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