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Market Outlook

Expect market to open on a negative note on account of global cues. US market fell over 1% andmost of the Asian markets are down by half to one percent. CPI number for the month ofDecember is at 9.87% against 11.2% previous month. We are expecting stability in RBI’s creditpolicy. ONGC is expected to be a major beneficiary of higher gas prices notified, fall in Brent crudeto below $107/bbl and appreciation of INR vs the USD to 61.5

Nifty Observations Futures added fresh longs Options witnessed simultaneous hedges being created for longs via fresh longs in at the money puts, calls saw long unwinding Stocks Observations IT stocks added longs HCLTECH, INFY, TCS and TECHM added longs,PTC         added shorts IOC and BPCL saw short covering Take away Longs   in
futures favor bullish bias Stock futures open interest activity on the long side was not secular in nature,          which remains a concern OIPCR at the upper band led by long puts advocates need to continue a hedged long approach Immediate range for the Nifty remains    at64006100 Immediate range for the Nifty remains at 6400 6100.