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8155-8373 IS THE IMMEDIATE RANGE

8155-8373 IS THE IMMEDIATE RANGE
WORLD MARKETS
US and European markets were shut yesterday for Christmas.
On Wednesday’s shortened session, US indices ended little changed, with S & P 500 ending absolutely flat, Dow gaining 6 points while Nasdaq was up 0.2%.
The Labor Department reported jobless claims fell by 9,000 to 280,000 last week, with the four-week moving average dropping to 290,250 last week from 298,750. Separately, the Mortgage Bankers Association reported more Americans applied for mortgages last week, with refinance activity also rising.
Nymex crude lost $1.28 on Wednesday to settle at $55.84 a barrel and Brent fell $1.45 to $60.24 a barrel.
AT HOME
After a flattish start, benchmark indices saw a sustained downward move through the session, with the selling accelerating in last half an hour, and finally ended lower by more than a percent. Sensex slumped 298 points points to settle at 27209 while Nifty finished at 8174, down 93 points. BSE mid-cap and small-cap indices however outperformed, gaining 0.2% and 0.02% respectively. Except a 1.1% rise in BSE Realty index, all other sectoral indices ended in red with IT and Oil & Gas indices leading the tally, giving away 1.4% each.  
UltraTech Cement surged after the company signed a memorandum of understanding to buy two cement plants of Jaiprakash Associates, a deal which will help consolidate its position as India’s biggest cement-maker.
FIIs net sold stocks, index futures and stock futures worth Rs 2808 cr, 1303 cr and 1646 cr respectively. DIIs were net buyers to the tune of Rs 509 cr.
Rupee fell 23 paise to end at 63.51/$.
The Cabinet, as expected, approved ordinance on Insurance Bill and Coal. With Coal Mines Bill yet to be cleared by Parliament, the government approved re-promulgation of an Ordinance to facilitate e-auction of coal blocks for private companies for captive use and allot mines directly to state and central PSUs.
OUTLOOK
Today morning, Asian markets are trading mixed with modest changes and SGX Nifty is suggesting about 20 points higher opening for our market.
In Wednesday’s report we had mentioned that 8200-8170, where a gap on hourly chart is placed, is the immediate support area, a breach of which would generate a sell on the hourly chart and would pave the way for the further downside.
The benchmark, after getting resisted near our indicated 8373 level on Tuesday, plunged 93 points on Wednesday to end at 8174.
8155, the low made on Friday, is now the immediate support, below which Nifty can slide to 8050-7960 region.

Traders can initiate fresh shorts if Nifty breaks 8155. Fresh longs should be initiated only above 8373.
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