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Tuesday, January 21, 2014

INDIAN BENCHMARKS ended higher, banks gain.

INDIAN EQUITY BENCHMARKS closed in the positive territory for the day as gains in financials helped the benchmark indices to recover some of the lost ground due to profit taking in IT heavyweights. Bank shares gained ahead of the Policy on January 28, on hopes that the Reserve Bank of India will keep interest rates unchanged after inflation cooled last month.

Further, Kotak Mahindra Bank disappointed street with its third quarter earnings (October-December) on every parameter with the asset quality weakening. The Foreign Investment Promotion Board considers a proposal by HDFC Bank to increase the overseas shareholding limit in the first week of the next month.

The crucial resistance for Nifty is now seen at 6350 and above this 6365. Support for the immediate term is now placed at 6240 and next support will be 6185.

News to watch:

·         Watch out for the quarterly earnings of L&T on 22ND Jan.
·         Watch out for the quarterly earnings of Biocon on 22ND Jan.

·         Watch out for the quarterly earnings of Dabur India on 22ND Jan.


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