Monday, 16 December 2013

INDIAN MARKET OUTLOOK - 16 December 2013

INDIAN BENCHMARKS closed lower for the fifth consecutive session as higher-than-expected November wholesale price inflation has upped the probability of a rate hike by the Reserve Bank of India (RBI) in its upcoming monetary policy review on December 18. As well as investors remained jittery ahead of RBI and US Fed meetings on their respective monetary policies, later in the week.

Further, Sesa Sterlite has surged nearly 6% to Rs 203 on hopes of the restarting its iron ore mines in the state of Karnataka. Shares of Tata Chemicals fell 5 percent after the Reserve Bank of India placed a cap on further foreign institutional investments in the company.

The crucial resistance for Nifty is now seen at 6210 and above this 6290. Support for the immediate term is now placed at 6140 and next support will be 6100.

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