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Published on 6/12/2018 9:55:16 AM | Source: Geojit Financial Services Ltd

Any attempt to bounce from 10760 region should ideally push towards 10870/10910 - Geojit

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NIFTY OUTLOOK:

Initial weakness should pull index down towards 10760 (200 & 10 DMA) and a sharp fall below that level could expose 10600. Any attempt to bounce from 10760 region should ideally push towards 10870/10910. But, major up moves aiming 11065/11240 would evolve only if 10980 is broken.

Macro monitor

* The Reserve Bank of India at its monetary policy review meeting kept its repo rate unchanged at 6.5%, citing accommodating inflation outlook and improved investment activity. It also maintained the policy stance as “calibrated tightening”. The MPC lowered its inflation projection sharply to 2.7-3.2% from 3.9-4.5% for the second half of 2018-19. The central bank said that the SLR would be brought down by 25 basis points in January 2019, in line with its stated intention to reduce this reserve over time. It also reassured the market of an “elevated” level of bond purchases continuing via OMOs until March.

* India's Services PMI rose to a four-month high of 53.7 in November, from 52.2 in October. It is the quickest pace since July.

OPENING SENTIMENTS:

Indian markets are expected to open negative tracking losses in other Asian markets ahead of OPEC meeting to discuss output policy. Hang Seng is trading down over 2% whereas Nikkei lost over 1.50%. Oil related companies to remain in focus for today’s trade. The U.S. stock markets were closed on Wednesday in honour of former President George H.W. Bush. The Federal Reserve’s Beige Book economic report showed fading optimism over prospects for growth at U.S. firms even as a majority of districts continued to report a modest expansion in recent weeks. MARKETS YESTERDAY: Indian markets opened lower yesterday amid weakness in Asian and US markets that were trading down due to the uncertainty surrounding U.S-China trade truce and as the three year U.S treasury yields started trading above five year treasury yields. Nifty was volatile during the day but found support at the 200 DMA of 10750 and bounced back to close 84.55 down at 10,784.95. The index fell for the second day led by losses in ITC, ICICI and L&T as RBI maintained its aggressive stance on inflation while keeping the rates steady. Mid-cap and Small-cap indices declined 1.46% and 1.74% respectively. IT (+0.04%) was the only sectoral gainer whereas Metal index (-3.68%) was the top sectoral dragger led by losses in Jindal Steel and Hindalco. The other sectoral losers were Pharma, Auto and Media. Sun Pharma, Hindalco, Tata Steel and IBULHSGFIN were the top percentage losers whereas HUL, HDFC, Infratel and HCL Tech were the major gainers.

Stock In Focus

* Power Grid Corporation has bagged a project to set up a transmission system for evacuating electricity from the 1,320 MW Jawaharpur thermal power project and to construct a substation in Uttar Pradesh. This is also the “first intra-state transmission system project” won by the company under tariff-based competitive bidding, according to a filing to the BSE. The company said ...

* UROS Group, a global innovator in turnkey IoT solutions and smart connectivity, is collaborating with Tata Communications to support the deployment of IoT and Smart City solutions across large commercial and public sector organizations globally. The collaboration will leverage the latest technologies and industry resources of both companies. The UROS IoT platform will be coupled ...

* SoftBank-backed SB Energy and Gautam Adani-led Adani Green Energy have won 840 MW of the 1,200 MW put on sale at the first wind-solar hybrid auction. SB Energy won 450 MW at Rs 2.67 per unit of electricity generated while Adani Green Energy won 390 MW at Rs 2.69 at the auction conducted by the Solar Energy Corporation of India (SECI). “This is a good ...

* Sagar Cements Ltd will acquire a 100 per cent stake in Odisha-based Jajpur Cements Private Ltd (JCPL) besides 65 per cent stake in Indore-based Satguru Cements Private Ltd (SCPL). The board of directors of the Hyderabad-based company had approved proposals in this regard at a meeting held on Wednesday. As per the proposal, Sagar Cements will invest ₹150 crore in SCPL to ...

* Jet Airways announced 65 new weekly services on national and international routes, effective December. The airline will also offer discounts up to 30 percent on its tickets booked from December 5 to 11. The initiatives to attract customers come even as the airline is in talks with at least three suitors to raise money. Facing liquidity crunch, the airline has deferred ...

* Kirloskar Industries clarified that the news of promoter group of insider trading will not impact the company materially as this case refers to the purchase of shares in its arm in 2010 and the SEBI had not initiated any inquiry or investigation against the company ...

 

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