Epic Research Special Stock Market Report 21 December 2017

Global markets at a glance
Wall Street’s main indexes dipped on Wednesday, pausing after recent record highs as both houses of Congress approved a long-anticipated tax overhaul.
The Republican-controlled U.S. House of Representatives gave final approval to a sweeping tax bill, which will be the largest overhaul of the U.S. tax code in 30 years. The Senate had already voted in favour of the bill.The proposed changes include cutting the corporate tax rate to 21 percent from 35 percent from Jan.

MACRO NEW
The Nifty50 futures on the Singapore Stock Exchange were trading 15 points lower at 10453 indicating a negative opening for the domestic market.

Risks to inflation due to the rise in oil prices, uncertainties on the fiscal and external front will keep the central bank vigilant, said the Reserve Bank of
India (RBI) Governor Urjit Patel in the minutes of the fifth bi-monthly and 7th meeting of the Monetary Policy Committee (MPC).

The Republican-controlled US House of Representatives gave its final approval on Wednesday to the biggest overhaul of the US tax code in 30 years,sending a sweeping USD 1.5 trillion tax bill to President Donald Trump for his signature, reports Reuters.

STOCKS IN NEWS
Dalmia Bharat to acquire Murli Industries
Varun Beverages to acquire Pepsico India’s franchised sub territory in Jharkhand

COMMODITY ROUNDUP
Gold and silver were trading in the red in morning trade on Tuesday on account of subdued demand of precious metals from jewellers, industries, retailers and investors.MCX Gold futures were down 0.11 per cent, or Rs 30, at Rs 28,440 per 10 gram at around 10.40 am (IST). MCX Silver futures were down 0.19 per cent, or Rs 71, at Rs 37,470 per 1 kg at around the same time.

TRADING STRATEGY:
BUY GOLD DEC ABOVE 28500 TGT 28550 28650 SL BELOW 28400
SELL GOLD DEC BELOW 28350 TGT 28300 28200 SL ABOVE 28450

CURRENCY MARKET UPDATE
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 93.09 by 05:15 a.m.ET (09:15 GMT).The euro and the pound were steady, with EUR/USD at 1.1838 and with GBP/USD at 1.3392.The yen and the Swiss franc were lower, with USD/JPY adding 0.26% to 113.17 and withUSD/CHF up 0.20% at 0.9870.

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