Epic Research Special Stock Market Report 28 December 2017

Global markets at a glance
US stocks were little changed on Wednesday, as gains in the technology sector offset losses in energy and helped keep major indexes nearly flat.The S&P technology index was up 0.1 percent and poised to snap a five-session losing streak, its longest since April, led by gains in Facebook , up 1.0 percent, and Visa , up 0.8 percent.Trading volumes remained muted in the holiday-shortened
week between Christmas and New Year. Trading on Tuesday marked the thinnest volume of the year for a full session.Advancing issues outnumbered declining ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

MACRO NEW
Nifty futures on the Singaporean exchange were trading mildly higher, up around 19 points. A positive opening on the Nifty is likely on Thursday.

The Centre will borrow additional Rs 50,000 crore during January-March, raising the gross market borrowing target of the government to Rs 6.3 lakh crore for the financial year 2017-18.“The government will raise additional market borrowings of Rs 50,000 crore only in fiscal 2017-18 through dated government securities,” the finance ministry said in a statement.in November as sanctions bite .

STOCKS IN NEWS
Granules India gets US FDA nod for Cetirizine Hydrochloride (10 mg) tablets (used to treat hay fever, allergies, angioedema).

Corporation Bank :K Srinivasa Murthy nominated as a part-time non-official director.

Alkem Labs gets US FDA nod for Ezetimibe & Simvastatin (10mg) tablets (a drug combination used to treat dyslipidemia)

COMMODITY ROUNDUP
Gold prices were nearly unchanged early on Wednesday as the dollar held steady on expectations of a US tax overhaul. Spot gold was steady at $1,261.79 an ounce at 0051 GMT. US gold futures were little changed at $1,264.80 an ounce. The dollar was supported on Wednesday after the House of Representatives approved the biggest US tax overhaul in 30 years on Tuesday, though Congressional Republicans will likely need to hold another vote later on Wednesday due to procedural issues.

TRADING STRATEGY:
BUY GOLD DEC ABOVE 29000 TGT 29050 29150 SL BELOW 28950
SELL GOLD DEC BELOW 28850 TGT 28800 28700 SL ABOVE 28950

CURRENCY MARKET UPDATE
The dollar held steady in Tuesday’s holiday-thinned trade, shrugging off upbeat Japanese economic data as market participants pondered about next year’s potential catalysts.Markets in Australia and Hong Kong remained closed after Monday’s Christmas holiday, and many financial centres in Europe will also be shut on Tuesday.

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