Markets settle volatile session flat, Nifty ends below 10350; DRL top loser

All that happened in today's trade

9:18 AM

Markets open

Benchmark indices open flat following Asian markets, which were trading range-bound on Thursday. At 9:17 am the s&P BSE Sensex was trading at 33,535, down 26 points while the broader Nifty50 index was ruling at 10,332, down 9 points.

9:11 AM

Nifty outlook by Prabhudas Lilladher

Market has been consolidating at the levels of 10,260 and 10,370 for quite some time, however, the support for the day is seen at 10,300 while resistance is seen at 10,390. Nifty has its weekly trend down. It would turn up if it closes above 10,368 at the end of the week.

9:05 AM

Key trading ideas: Buy PNB, Berger Paints, BHEL

 

BUY PNB   

CMP: Rs 189.20      

TARGET: Rs 215     

STOP LOSS: Rs 178

 

BUY BERGER PAINTS  

CMP: Rs 249.80     

TARGET: Rs 275     

STOP LOSS: Rs 238

 

BUY BHEL     

CMP: Rs 88.65      

TARGET: Rs 97    

STOP LOSS: Rs 85

9:04 AM

Top stock recos for today's trade by Tradebulls:

 

ICICI BANK - Sell

CMP: Rs 320

Stop Loss: Rs 331

Target: Rs 295

 

ECLERX - Buy

CMP: Rs 1,308

Stop Loss: Rs 1274

Target: Rs 1410

Click here for rationale

9:00 AM

Nifty Outlook by Tradebulls

 

Occurrence of consecutive Doji’s reflects the ongoing mood of the market. Neither the bulls nor the bears are confident at the current juncture. Increasing IV’s (Implied volatility) & PCR at 1.30 coupled with the resistance faced around the 61.8% (10340) & 78.60% (10405) retracement zone of the previous down move highlight a good probability of the trend eventually turning in favor of the bears. Highest CE OI remains firm at 10,500 while PE OI around 10,300 could be a make or break level for the expiry. 

 

The above setup is indicating the upside to remain capped & we believe that pullback should be utilized to create fresh shorts with a provisional stop loss above 10,588 (On closing basis) with an expectation of a move towards the lower end of the weekly megaphone pattern placed near 10,000-9,940.

 

8:59 AM

Cabinet approves 15th finance panel

 

The Cabinet has approved the setting up of the 15th Finance Commission (FFC), which will recommend ways to distribute funds between the Centre and states. 

 

Addressing journalists after the Cabinet meeting on Wednesday, Finance Minister Arun Jaitley said the members of the commission and its terms of reference would be notified in due course. Recommendations would have to be in place before April 1, 2020, he said. “Normally, it takes two years for the finance panel to give its recommendations." READ MORE

8:55 AM

Tweaks in Insolvency and Bankruptcy Code to block wilful defaulters

 

Wilful defaulters, dubious promoters as well as those involved in fraudulent transactions would not be able to bid for companies going insolvent, with the Centre deciding to amend the Insolvency and Bankruptcy Code.

 

The Cabinet approved an ordinance on Wednesday. The amendments would come in force with immediate effect (after the President promulgates it), Finance and Corporate Affairs Minister Arun Jaitley said after the meeting. 

 

The ordinance was necessitated as the winter session of Parliament will begin in the middle of December, and a number of insolvency cases are coming up for bidding. Apart from adding a new section that tightens bid guidelines, the government has tweaked a few other sections in the existing Code. READ MORE

8:54 AM

US crude settles at 2-year high after pipeline disruption

 

Oil settled at a two-year high Wednesday after the shutdown of one of the largest crude pipelines from Canada cut supply to the United States. Brent crude settled up 75 cents, or 1.2%, at $63.32 a barrel, 

8:53 AM

Minutes of Fed meeting

The minutes of the Fed’s Oct.31-Nov.1 policy meeting showed that Fed policymakers expect that interest rates will have to be raised in the near term, reinforcing market expectations for the Fed to raise interest rates in December.

 

The minutes, however, also highlighted concern among some of the members over the inflation outlook, with the emphasis placed on economic data in determining the timing of future rate rises.

8:50 AM

SGX Nifty

 

The Nifty50 futures on the Singapore Stock Exchange were trading 8 points higher at 10361 indicating a flat to positive opening for the domestic market.

8:49 AM

Asian Markets trade flat

 

Asian markets were little changed on Thursday, taking the lead from a quiet overnight session on Wall Street. 

 

MSCI’s broadest index of Asia-Pacific shares outside Japan eked out a fresh 10-year peak with a rise of 0.15%, as did Hong Kong’s main index.

8:49 AM

Currency Check

The dollar touched a two-month low against the yen on Thursday, having tumbled after the minutes of the Federal Reserve’s latest meeting showed some policymakers were concerned about persistently low inflation in a blow to rate hawks.

 

The dollar eased to as low as 111.07 yen in holiday-thinned Asian trade, its weakest level since September 18, and last fetched 111.22 yen, little changed from late US trade on Wednesday.

8:48 AM

US Markets end mixed, Nasdaq hits record high

 

US stocks were little changed on Wednesday, with telecom services shares among the biggest movers while the energy sector rose in line with gains in crude oil.

 

The Dow Jones Industrial Average fell 64.65 points, or 0.27%, to 23,526.18, the S&P 500 lost 1.95 points, or 0.08%, to 2,597.08 and the Nasdaq Composite added 4.88 points, or 0.07%, to 6,867.36. 

 

Wall Street is closed today on account of Thanksgiving

8:47 AM

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