Market Ahead, December 10: All you need to know before the Opening Bell

Investors are likely to refrain from making major bets ahead of the release of upcoming macro numbers as well as further clarity on other global factors like US Fed policy decision, US-China trade talks, and Brexit.

Meanwhile, they will track stock-specific action, the Rupee's trajectory, oil price movement, and foreign fund flow for further cues.

On a stock-specific level, YES Bank is likely to reject an offer from Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund raising, a Bloomberg report said.

Globally, a Chinese Commerce Ministry official said on Monday that Beijing hopes to make a trade deal with Washington as soon as possible before new US tariffs are due to kick in this weekend.

In the US, investors were keeping an eye on the US Federal Reserve's Federal Open Market Committee which started its two-day policy meeting today amid expectations of unchanged rates. As a result, tepid trade followed weakness on Wall Street overnight. The Dow Jones Industrial Average fell 0.38 per cent, the S&P 500 lost 0.3 per cent, and the Nasdaq Composite dropped 0.4 per cent.

Asian equity markets followed the US markets to trade a tad lower on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan was down just 0.04 per cent. Australian shares were also 0.04 per cent lower, while Japan's Nikkei lost 0.23 per cent.

The SGX Nifty, though, suggested a flat to positive start for the domestic indices.

In commodities, oil prices fell on Monday and Brent futures settled down 14 cents at $64.25 per barrel

Back home, the markets ended a rangebound session with modest gains on Monday. The BSE Sensex closed 42 points up at 40,487, while Nifty ended 16 points higher at 11,937.

Going forward, analysts say that Nifty seems to have completed a three wave falling structure. Now, even if the fall is a corrective pattern, a significant retracement till 12,020 cannot be ruled out till the lows of the ongoing correction isn't broken. So, traders can buy Nifty for the target of 12,000 with a stop loss of 11,880.

In the end, here's a trading idea for you by Anand Rathi Shares and Stock Brokers who recommend buying SRF at current levels for the target of 3,450 with stop-loss at 3,200.