Market Report

It was a very volatile session yesterday and finally we managed to close at 4800 on Nifty spot.Nifty futures ended with a 36 points premium as the Markets rallied in the last 30 minutes of trade.Index heavy weight Reliance almost touched August 2011 lows and finally managed to close at 742,up by 2%. After the retail and 4G wireless services, there is a news that, Reliance is in talks to start a fast food restaurant chain like McDonald's and Domino's with a standardized menu and express delivery service.It is expected to take shape in the first quarter of 2012-2013.And the company has plans to scale up its investments in US shale gas sector.

Inflation data for the month of November 2011 is to be released today.Analysts expect it to ease to 9%.(October Inflation was at 9.73% and September 9.72%). Markets may give thumbs-up to a lower inflation number.I expect the inflation to come lesser than 8.56%(Strictly my personal view based on my own research).

Rupee had hit all time lows of 53.52 against the USD and closed at 53.22.Yen falls to 9 day lows against the USD in early trades,today.

In US, the last FED meeting for the year 2011 took place yesterday and it was Ben Bernanke's Birthday yesterday.I did not expect any stimulus out of the last meet of the year.But the Markets reacted sharply and erased its initial gains as no stimulus was announced.

Asian Markets have opened negative tracking the US cues and Nikkei hits 2 week's lows in early trade.Keep an eye on inflation data for the day.

Alex sir's view on Nifty(spot) for the day.

4828, 4872 are the Resistances for the day and 4780, 4744 & 4721 are the supports for the day.