"SELL JETAIRWAYS FUTURE BELOW 355 TGT 349/343 SL 367"
"BUY ONGC FUTURE ABOVE 313.20 TGT 314.90/317.40 SL 309.70"
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The
Benchmark indices Sensex, Nifty ended
the day in red, touching the day's low. Both indices dropped by 1%. The key
trigger was the GST, wherein the committee was unable to reach a consensus on
the roll out. There is a possibility that the government might fail to meet its
April 1, 2017 deadline. Another factor is the US Federal Reserve's
Monetary Policy which is due this week. The meeting is to be held on December
13-14. Industry is expecting that the US Fed will raise rates resulting in a
hike of around 25 bps. Sensex, Nifty ended with a new milestone of a
1-month record closing high, however, the market has been volatile throughout
the trading hours and moved marginally up or down. The traders
were in cautious mode ahead of the US Federal Reserve's Monetary Policy
meeting. The industry is hoping that there will be a rate hike by the US Fed in
the coming week. The Sensex ended with a gain of 53 points at 26747. The
benchmark indices opened at 26787 touched an intra-day high of 26803 and low of
26707. The Nifty gained 15 points and closed at 8261. It opened at 8271 points,
hitting a high of 8274 and low of 8241.
On the upside, the Nifty has
significant resistances at 8300 and 8350 levels. A conclusive rally above the
second resistance is needed to strengthen the bullish momentum and take the
contract up to 8380 and 8400 in the same period. Therefore, traders with a
short-term perspective should desist from trading in the index futures contract
as long as it trades in the sideways band between 8220 and 8180.
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Supports: 8220 and 8150
Resistances: 8300 and 8350
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