Merry Monday! - IIFL

It's the season to be jolly and Monday morning promises to be merry for a change. While investors are dreaming of a 'cliff-mas' miracle, the fact remains that fiscal cliff negotiations continue to be in a gridlock as US politicians have struck down their 'Plan B.' The hope is they will try to reach a consensus after the Christmas holiday.

The outlook is positive and any weakness will be used to rollover happily into the New Year. The bias is positive with some more rollovers expected in the banking counters. The market could turn choppy as December contracts expire on Thursday amid the festive week which usually sees low volumes. The Sensex is less than 400 points away from its 52-week high of 19,612.

Asian markets are mixed. The Nikkei is trading lower. The US indices ended slightly lower on Friday. Foreign investment cap on ARCs has been increased from 49% to 74%, aimed to attract foreign expertise in the sector.

Source : Equity Bulls

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