Epic Research Special Stock Market Report 18 December 2017

Global markets at a glance
Wall Street’s three major indexes climbed to record closing highs on Friday with broad-based gains as a long-awaited bill to cut corporate tax rates looked like it would win enough support from lawmakers to pass.US congressional Republicans were expected to release final details of their plan late on Friday, with decisive votes planned for next week after lawmakers who had previously criticized the bill started to voice their support.Republican Senator Bob Corker joined Senator Marco Rubio in signaling support in the late afternoon.

Japan’s Nikkei 225 added 1.15 percent early in the session as trading houses and banks rose. Tech and automaker blue-chips also saw gains. Toyota rose 2.37 percent, Sony gained 2.22 percent and SoftBank climbed 1.14 percent.Korea’s Kospi came under slight pressure, trading 0.08 percent under the flat line.Steelmakers traded lower, with Posco and Hyundai Steel down 3.6 percent and 4.68 percent, respectively, even though Samsung Electronics inched higher by 0.36 percent.
In Sydney, the S&P/ASX 200 gained 0.64 percent as resource stocks gave a boost to the overall index. Rio Tinto climbed 0.98 percent and Fortescue Metals rose 1.75 percent.
US stocks closed at record levels, with the Dow Jones industrial average gaining 0.58 percent, or 143.08 points, to close at 24,651.74.The dollar held onto gains
made in the last session. The dollar index, which tracks the greenback against a basket of six currencies, rose as high as 93.997 on Friday. At 8:26 a.m. HK/SIN, the dollar index stood at 94.010.

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Gold futures traded higher on MCX as participants created fresh positions due to a firm trend overseas, where gold inched up as the dollar was nearly unchanged after tumbling in the previous session following the US Federal
Reserve’s widely expected decision to raise interest rates.The contract for February delivery was trading at Rs 28350.00, up by 0.55% or Rs 155.00 from its previous closing of Rs 28195.00. The open interest of the contract
stood at 7344 lots.

BUY GOLD DEC ABOVE 28370 TGT 28420 28520 SL BELOW 28270
SELL GOLD DEC BELOW 28170 TGT 28120 28020 SL ABOVE 28270

The dollar remained moderately lower against other major currencies on Friday, amid fresh concerns over U.S. tax reform plans and as the Federal Reserve’s most recent policy statement continued to weigh. The greenback came under pressure after two U.S. Republican senators on Thursday sought changes to the
proposed U.S. tax reform bill.The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats.

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