Today’s Stock Recommendation

Sensex slips over 100 points from day’s high, Nifty below 7,770

The BSE Sensex slipped over 100 points from day’s high. Sensex was up 64.37 points at 25,558.74. The index had touched a high and low of 25,659.32 and 25,551.79, respectively, in trade so far. 
On the US Fed rate hike, Nikhil Kamath, director, trading & risk, Zerodha said, “With the increase in rates, the Fed has finally aligned its intent and action. I think they have made it amply clear that further rate hikes would be ‘gradual’ and well spaced, which probably means to say we may get to see another marginal uptick in rates toward the end of 2016. The markets have already factored in yesterday’s hike, and I suppose the participants would be happy that the event is through. We may even witness a rally in the market. The focus in now back on domestic macro factors.” 
The S&P BSE Midcap Index was up 0.77 per cent and BSE S&P Smallcap Index was trading 0.95 per cent higher. 

Today’s Stock Recommendation

Technical Overview: Stock recommendation for 17/12/2015 is HDFC ltd. In today’s trading session it was up by 1.03%. Its long term trend is up. It has made a small green candle indicating further buying in daily chart. Its short term support level is 1165. All the indicators are suggesting that one can go for long position in this stock above 1220 levels. The stock may test level of 1250-1300 in coming days.

An intraday trading guide for the day 
Currently Nifty is going through a final leg of bearish shark pattern, which suggests a pullback towards 7850-7900 i.e. potential reversal zone for the pattern.
The same coincides with the downward sloping trendline on the larger timeframe.

Only a weekly close above 7765 would suggest index has made a short-term bottom at Monday's low of 7551. 

Indian Rupee UpdateThe Indian rupee has opened at 1 week high on Thursday due to weakness in dollar after Federal Reserve hiked interest rates by 25 basis points (the first rate hike in last seven years). The currency rose 11 paise to 66.62 a dollar compared to 66.73 per dollar in previous session.
GLOBAL MARKET OVERVIEW  

Asian stocks gained early on Wednesday, with sentiment lifting as Wall Street rose before a likely hike in US interest rates, while the dollar held to large gains made as Treasury yields picked up.

The The Dow Jones industrial average rose 156 points to 17525, the S&P 500 gained 21 points to 2043 and the Nasdaq Composite added 43 points to 4995.

The dollar was steady at 121.67 yen, pulling further away from a six-week trough of 120.35 struck Monday. The euro traded near USD 1.0900 after recoiling from a seven-week peak of USD 1.1060.

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