16 December 2015


Trading Calls for 17-12-15
Sell Banknifty Future Below 16500 TGT 16450/16400 SL 16590
Buy DLF 120 Call @ 1.8 TGT 2.7/3.65

Nifty futures closed in the green for the third consecutive day and it has reclaimed the 7750 level on closing basis signalling a halt in the selling spree. Extending gains for the third consecutive session, the S&P BSE Sensex settled the day 174 points higher but a tad below its crucial psychological level of 25500, while the broader Nifty managed to hold its key 7750-mark. The 30-share index ended at 25494, up 173 points, while the broad-based 50-share index quoted 7750, up 50 points at close.
Markets rose as investors have by now priced in an expected hike in US interest rates. The US Federal Reserve is widely expected to announce a hike in interest rates when its two-day policy-setting meeting concludes later tonight. It would be the first rate hike in US in nearly a decade, signalling the beginning of an end of quantitative easing that supplied ample liquidity to emerging markets including India. Now that rate hike is mostly a done deal after more than a year of anticipation, investor will shift focus on how the Fed might opt to pace its tightening cycle next year. The central bank has hinted that it intends to raise rates gradually.
It must now sustain decisively above 7580 for signalling strength and above 7820 to signal that it is out of the woods for now. On the downside, 7700 is an important support but the key supports are 7680, 7655 and 7635. The downswing will gather fresh momentum if these supports are breached decisively and till such time, chance of pull back remains strong.
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Resistance: 7785, 7825, 7865
Support: 7710, 7670, 7630

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