Asian stocks were broadly higher early Wednesday, as trad- ers looked ahead to the Bank of Japan's announcement of its monetary decision, after a two-day policy meeting.

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Global markets at a glance
Asian stocks were broadly higher early Wednesday, as trad-
ers looked ahead to the Bank of Japan's announcement of
its monetary decision, after a two-day policy meeting. Ja-
pan's benchmark Nikkei 225 index fell early Wednesday, as
the yen strengthened 0.3 percent against the US dollar to
fetch 118.4. Automaker stocks suffered as a result; Toyota
Motor and Nissan fell 1.7 and 0.1 percent, while Suzuki Mo-
tor plunged 2.6 percent. Tokyo-based electrical equipment
manufacturing company Fujikura was the top loser with a
3.9 percent slump.
Wall Street Update
US stocks closed little changed on Tuesday after the IMF
Fund reduced its growth forecasts for 2015 and 2016, in-
creasing speculation central banks would take more aggres-
sive policy moves to spark economic improvement. The
lower forecasts implied less demand for fuel through 2016,
contributing to another fall in crude oil, although some
bullish results from major energy companies kept the sec-
tor afloat. The Dow Jones industrial average rose 3.66
points, or 0.02 percent, to 17,515.23, the S&P 500 gained
3.12 points, or 0.15 percent, to 2,022.54 and the Nasdaq
Composite added 20.46 points, or 0.44 percent, to
4,654.85.
Previous day Roundup
India's benchmark share indices Sensex and the Nifty
ended at fresh record closing highs on Tuesday led by fi-
nancials and index heavyweight ITC while metal stocks
surged after better-than-expected fourth quarter economic
growth from China. The 30-share Sensex ended 523 points
higher at 28,785 after hitting fresh all-time high level of
28,829.29 and the 50-share Nifty closed up 145 points at
8,695 after touching life-time high level of 8,707.90. In the
broader market, both the BSE Midcap and Smallcap indices
underperformed the front-liners with gains of around 0.4%
each. Market breadth in BSE ended positive with 1,556 ad-
vances against 1,417 declines.
Index stats
The Market was very volatile in last session. The sartorial
indices performed as follow; Consumer Durables [down
6.88pts], Capital Goods [up 74.30pts], PSU [up 43.99pts],
FMCG [up 137.08pts], Realty [up 19.49pts], Power [down
0.36pts], Auto [up 136.84Pts], Healthcare [up 65.15pts], IT
[up 45.48pts], Metals [up 305.94Pts], TECK [up 37.99pts],
Oil& Gas [up 130.68pts].
World Indices
Index Value % Change
D J l 17515.23 +0.02
S&P 500 2022.55 +0.15
NASDAQ 4654.85 +0.44
EURO STO 3244.92 +0.75
FTSE 100 6620.10 +0.52
Nikkei 225 17287.85 -0.45
Hong Kong 24185.02 +0.98
Top Gainers
Company CMP Change % Chg
SSLT 204.50 11.35 5.88
HDFC 1,250.00 68.30 5.78
TATASTEEL 403.00 18.25 4.74
AXISBANK 552.15 23.20 4.39
TATAMOTORS 559.95 21.45 3.98
Top Losers
Company CMP Change % Chg
GAIL 429.00 11.55 -2.62
TATAPOWER 81.85 0.95 -1.15
DRREDDY 3,300.00 23.90 -0.72
POWERGRID 146.90 0.95 -0.64
MARUTI 3,605.50 20.75 -0.57
Stocks at 52 Week’s Low
Symbol Prev. Close Change %Chg
- -
Indian Indices
Company CMP Change % Chg
NIFTY 8695.60 +144.90 +.169
SENSEX 28784.67 +522.66 +1.85
Stocks at 52 Week’s High
Symbol Prev. Close Change %Chg
AMARAJABAT 840.25 18.30 2.23
ASIANPAINT 842.00 8.15 0.98
DABUR 253.60 17.85 7.57
DHFL 449.00 16.15 3.73
MARUTI 3,510.00 41.75 1.20
TECHM 2,795.00 33.90 1.23

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STOCK RECOMMENDATIONS [FUTURE]
1. SSLT [FUTURE]
SSLT FUTURE is looking strong on charts, long build up has
been seen, we may see more upside, if it sustains above
200 levels. We advise buying around 202-205 levels with
strict stop loss of 198 for the targets of 208-212 levels.
2. TATA STEEL [FUTURE]
TATA STEEL FUTURE is looking strong on charts, long build
up has been seen, we may see more upside, if it sustains
above 408 levels. We advise buying above 408 levels with
strict stop loss of 400 for the targets of 416-425 levels.
EQUITY CASH & FUTURE
STOCK RECOMMENDATION [CASH]
1. BAJAJ FINSERV (CASH)
BAJAJ FINSERV is looking strong on charts, we may see
more upside, if it sustains above 1300 levels. We advise
buying around 1300-1320 levels with strict stop loss of
1280 for the targets of 1340-1360 levels.
MACRO NEWS
Morgan sees six Asian economies facing a ‘3D’ challenge
of worsening demographics, debt and deflation. The
challenges imposed by weaker demographics, high debt
and deflationary pressures are most keenly felt in China,
Hong Kong, Korea, Singapore, Taiwan and Thailand. In
contrast, India, the Philippines and Indonesia are not
facing challenges on this front.
Singapore's sovereign wealth fund GIC is investing 10.2
bn rupees ($165.5 mn) in Bandhan Financial Services,
which is setting up one of India's two newest banks
The RBI's move asking banks to notify the base rate, or
the minimum lending rate, at least once in every three
months based on cost of funds is seen as a nudge to
lenders to pass on changes in policy rate to borrowers.
The IMF has slightly cut projections for India's economic
growth to 6.3% for 2015-16 against 6.4% made in Oct
last year, while retaining the forecast for current finan-
cial year at 5.6%. In its World Economic Outlook Update,
IMF pegged country's growth rate at 6.5% for 2016-17.
Power Minister Has Formed Expert Committee To Re-
view SBDs For UMPPs & Case 2.

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FUTURE & OPTION
MOST ACTIVE PUT OPTION
Symbol Op-
tion
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
NIFTY PE 8,500 25.7 9,90,040 56,29,675
NIFTY PE 8,600 40.15 8,27,822 43,55,325
NIFTY PE 8,400 17 6,29,732 59,42,025
BANKNIFTY PE 19,000 55 48,066 5,35,950
RELIANCE PE 860 3.15 5,708 7,47,000
RELIANCE PE 840 1.5 3,319 6,49,250
AXISBANK PE 530 3.6 2,641 6,25,500
TATASTEEL PE 380 2.1 2,634 6,47,500
MOST ACTIVE CALL OPTION
Symbol Op-
tion
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
NIFTY CE 8,700 81.85 11,05,652 49,05,250
NIFTY CE 8,800 37.15 8,34,074 37,73,875
NIFTY CE 8,600 146.9 7,95,669 41,79,575
BANKNIFTY CE 20,000 138 90,007 5,48,375
TATASTELL CE 400 10.95 7,539 11,34,000
RELIANCE CE 920 8.5 5,510 5,96,000
SBIN CE 320 6 5,409 50,37,500
RELIANCE CE 880 30 5,079 4,32,750
FII DERIVATIVES STATISTICS
BUY OPEN INTEREST AT THE END OF THE DAYSELL
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
NET AMOUNT
INDEX FUTURES 169323 3894.58 85620 2145.52 819583 19700.64 1749.06
INDEX OPTIONS 837189 20880.47 798425 19879.41 2767691 72308.82 1001.07
STOCK FUTURES 100535 3114.54 88103 2819.76 1794402 54026.69 294.78
STOCK OPTIONS 82772 2454.10 85114 2528.02 101190 3441.62 -73.92
TOTAL 2970.99
STOCKS IN NEWS
Results Today: ITC, ING Vysya Bank, L&T Finance Hold-
ings, Zee Entertainment, TTK Healthcare, Tata Elxsi,
TTK Prestige, Century Plyboards, Emco, Everest Indus-
tries, IFB Agro, KPIT, Mcleod Russel, Raj TV, Raymond,
Siyaram Silk Mills, Supreme Petrochem
Tata Motors Co to start selling trucks in Malaysia via its
Thai based subsidiary
Jet Airways Co seeks shareholders’ nod to raise Rs
1800 Cr from Eithad
NIFTY FUTURE
Nifty Future closed upside in the last trading session. We
advise buying around 8730-8740 with strict stop loss
8680 for the targets of 8780-8830
INDICES R2 R1 PIVOT S1 S2
NIFTY 8,792.73 8,744.17 8,659.33 8,610.77 8,525.93
BANK NIFTY 20,035.48 19,901.27 19,674.03 19,539.82 19,312.58

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NCDEX
RECOMMENDATIONS
SILVER
TRADING STRATEGY:
BUY SILVER MAR ABOVE 39800 TGTS 40000,40300 SL BE-
LOW 39500
SELL SILVER MAR BELOW 39450 TGTS 39250,38950 SL
ABOVE 39750
GOLD
TRADING STRATEGY:
BUY GOLD FEB ABOVE 28100 TGTS 28180,28280 SL BE-
LOW 28010
SELL GOLD FEB BELOW 27900 TGTS 27820,27720 SL
ABOVE 27990
COMMODITY ROUNDUP
Gold advanced to the highest level in almost five months as
precious metals climbed on demand for a haven, amid con-
cerns that the global economic growth is slowing.
The IMF made the steepest cut to its global growth forecast
in three years in an outlook released late Monday in Wash-
ington. It said slowing growth almost everywhere, except
the US, will more than offset the boost to expansion from
the slump in oil prices. Bullion for immediate delivery rose
as much as 1.5% to $1,294.26 an ounce, the highest since
August 28, and was at $1,292.44 by 10:13 am in London.
Oil declined about 5 percent on Tuesday after the Interna-
tional Monetary Fund cut its 2015 global economic forecast
on lower fuel demand and key producer Iran hinted prices
could drop to $25 a barrel without supportive OPEC action.
US crude finished 4.7 percent lower at $46.39 a barrel, near
its intraday bottom of $46.23. Brent crude dropped 70
cents to $48 a barrel
Crude oil prices fell nearly 2 percent after the International
Monetary Fund cut its 2015 global economic forecast on
lower fuel demand and key producer Iran hinted prices
could drop to $25 a barrel without support from the Or-
ganization of the Petroleum Exporting Countries. U.S. crude
futures closed off 85 cents at $47.99 per barrel, keeping the
commodity near its lowest level since 2009 after a fall of
more than 55 percent since June. MCX Crude oil futures
edged up from their lows amid bargain buying as rising eq-
uitiessupported sentiments for the commodity in world
markets. WTI crude slipped earlier butedged up in Euro-
pean trades on rising equity benchmarks.
As the gap between prices of primary copper and scrap nar-
rows, secondary producers are increasingly turning to the
primary metal for their raw material needs. This month,
prices have declined 11 per cent to a five and a half year
low, following ‘index re-balancing’, through which global
hedge funds pull out from asset classes with prospects of
weak returns and invest elsewhere. Currently, copper is
being traded at $5,596/ tonne, a level not seen since June
2009. Aluminium, nickel and zinc prices have declined four
to seven per cent in two weeks. India’s import of copper
scrap has declined 25-30 per cent in three months.

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RECOMMENDATIONS
DHANIYA
BUY DHANIYA APR ABOVE 7630 TGTS 7660,7710 SL 7580
SELL DHANIYA APR BELOW 7460 TGTS 7430,7380 SL 7510
GUARSGUM
BUY GUARGUM FEB ABOVE 11200 TGTS 11250,11350 SL
11110
SELL GUARGUM FEB BELOW 10900 TGTS 10850,10750 SL
10980
NCDEX
NCDEX ROUNDUP
Barley prices corrected slightly in the spot markets yester-
day as the cold wave in North India is seen auguring well for
the commodity. Though the acreage is down, the traders
are expecting impressive yields and not much of buying is
emerging at elevated levels. Major moves are expected to
emerge only after new crop arrivals hit the markets.
Turmeric futures settled the day lower on short selling amid
anticipation of crop arrivals in the coming weeks. The
NCDEX turmeric for the April delivery ended the day at Rs
8940, down Rs 176 over last day close. The spot prices have
already soared by around 30% in last three weeks, hitting
highs above Rs 8000 per quintal. The crop-harvesting sea-
son starts between end of January and March in India. It will
start entering into the market by March. The peak arrivals
season will be between March and April. Turmeric futures
off the high of Rs 9240 level and settled the day at Rs 8940,
down Rs 176 over last day close. The open interest added
125 tonnes to 35,215 tonnes, indicating short selling.
Jeera futures pared prior gains on profit taking amid heavy
inflow of the arrivals in the spot markets. The NCDEX Jeera
Feb delivery ended the day at Rs 16,790, down Rs 45 or
0.27% over last close. The spot Jeera prices in Unjha stabi-
lized after breaking above Rs 16000 per quintal. Jeera fu-
tures touched new high of Rs 16,835 level on last day on
strong buying amid crop worries. Prices eased from the high
on profit taking and improved arrivals in the local markets.
The counter touched the low of Rs 16,465 and ended the
day at Rs 16,790, down Rs 45 or 0.27% over last close. The
open interest dipped 360 tonnes to 15,408 tonnes, indicat-
ing profit taking.
NCDEX INDICES
Index Value % Change
Castor Seed 4344 -3.62
Cahna 3448 +0.35
Coriander 10851 +0.42
Cotton Seed Oilcake 1424 -1.45
Guar Seed 10MT 4280 -0.58
Jeera 16690 +0.39
Maize– Feed 1240 +0.32
Mustard Seed 3927 +0.31
Soy Bean 3418 +0.50
Turmeric 8940 -1.93

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USD/INR
BUY USDINR JAN ABOVE 62.00 TGT 62.15,62.30 SL 61.80
SELL USDINR JAN BELOW 61.60 TGT 61.45,61.30 SL 61.80
JPY/INR
BUY JPYINR JAN ABOVE 52.40 TGT 52.55,52.70 SL 52.20
SELL JPYINR JAN BELOW 52.00 TGT 51.85,51.70 SL 52.20
CURRENCY MARKET UPDATES:
The dollar rose on Tuesday to a one-week high against the
yen, at 118.87 yen, as the Chinese data stirred speculation
among currency traders that Japan's central bankers might
ease policy and curb demand for the safe-haven Japanese
currency. The dollar was last at 118.77 yen. U.S. govern-
ment bond prices rose, as investors took positions for
higher yields ahead of anticipated rate cuts outside the
United States. The benchmark 10-year note rose 3/32 to
yield 1.8034 percent. The 30-year jumped 1-10/32 and
yielded 2.3784 percent, near record lows set last week.
The yen nursed broad losses early on Wednesday as inves-
tors sold the Japanese currency in a precautionary move
against any further policy easing by the Bank of Japan. U.S.
Treasury prices gained on Tuesday with 30-year bonds lead-
ing the rally, as investors bet the European Central Bank will
launch new quantitative easing this week, keeping longer-
dated debt in demand as investors hunt for higher yields.
The RBI said on Tuesday it accepted all 53 bids for 208.58
billion rupees ($3.37bn) at its one-day repo auction,
through which it injects liquidity into the banking system.
Indian banks' refinancing with RBI rises to 82.34 bn rupees.
Indian banks' cash balances with RBI flat at 3.41 trn rupees.
The partially convertible rupee ends marginally stronger at
61.69/70 versus Monday's close of 61.71/72 as gains in the
domestic share market were offset by losses in Asian peers.
India's benchmark bond yield ends steady at its previous
close of 7.72 percent in the absence of any fresh triggers.
However, sentiment remains bullish as oil prices continue to
remain low.
The benchmark five-year rate ends down 1 basis point at
6.85 percent and the one-year rate ends steady at 7.53 per-
cent. India's cash rate ends at 7.80/7.85 percent versus its
previous close of 7.90/7.95 percent.
RBI Reference Rate
Currency Rate Currency Rate
Rupee- $ 61.8475 Yen-100 52.2300
Euro 71.5699 GBP 93.2660
MCX COMMODITIES & CURRENCY

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CALL REPORT
PERFORMANCE UPDATES
Date
Commodity/ Currency
Pairs
Contract Strategy Entry Level Target Stop Loss Remark
20/01/15 NCDEX GUARGUM FEB. BUY 11350 11400-11500 11260 NOT EXECUTED
20/01/15 NCDEX GUARGUM FEB. SELL 11000 10950-10850 11090 BOOKED PROFIT
20/01/15 NCDEX DHANIYA APR. BUY 7600 7630-7680 7550 NOT EXECUTED
20/01/15 NCDEX DHANIYA APR. SELL 7340 7310-7260 7390 BOOKED PROFIT
20/01/15 USD/INR JAN. BUY 61.90 62.05-62.20 61.70 NO PROFIT NO LOSS
20/01/15 USD/INR JAN. SELL 61.70 61.55-61.40 61.90 NOT EXECUTED
20/01/15 MCX GOLD FEB. BUY 27800 27880-27980 27710 BOOKED FULL PROFIT
20/01/15 MCX GOLD FEB. SELL 27530 27450-27350 27620 NOT EXECUTED
20/01/15 MCX SILVER MAR. BUY 39300 39500-39800 39000 BOOKED FULL PROFIT
20/01/15 MCX SILVER MAR. SELL 38800 38600-38300 39100 NOT EXECUTED
Date Scrip
CASH/
FUTURE/
OPTION
Strategy Entry Level Target Stop Loss Remark
20/01/15 NIFTY FUTURE BUY 8595-8600 8650-8700 8550 BOOKED FULL PROFIT
20/01/15 KTK BANK FUTURE BUY 150-152 155-158 147 CALL OPEN
20/01/15 WOCKPHARMA FUTURE BUY 1080 1100-1120 1060 BOOKED PROFIT
20/01/15 RAJESH EXPORTS CASH BUY 160-165 175-180 155 CALL OPEN
19/01/15 NIFTY FUTURE BUY 8555-8560 8610-8660 8505 BOOKED FULL PROFIT
16/01/15 TCS FUTURE BUY 2530-2550 2600-2620 2500 SL TRIGGERED
14/01/15 VAIBHAV GLOBAL CASH BUY 700 750-800 650 CALL OPEN

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NEXT WEEK'S U.S. ECONOMIC REPORTS
ECONOMIC CALENDAR
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TIME REPORT PERIOD ACTUAL
CONSENSUS
FORECAST
PREVIOUS
MONDAY, JAN. 19
NONE SCHEDULED
MARTIN LUTHER KING JR. DAY
TUESDAY, JAN 20
10 AM HOME BUILDERS' INDEX JAN. 57 57
WEDNESDAY, JAN 21
8:30 AM HOUSING STARTS DEC. 1.035 MLN 1.03 MLN
THURSDAY, JAN. 22
8:30 AM WEEKLY JOBLESS CLAIMS JAN. 17 N/A N/A
9 AM FHFA HOME PRICE INDEX NOV. -- 4.5% Y-O-Y
9:45 AM MARKIT PMI FLASH JAN. -- 53.9
FRIDAY, JAN. 23
8:30 AM CHICAGO FED NATIONAL ACTIVITY INDEX DEC. -- 0.48 (3-MONTH)
10 AM EXISTING HOME SALES DEC. 5.04 MLN 4.93 MLN
10 AM LEADING INDICATORS DEC. -- 0.6%