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Monday, January 6, 2014

INDIAN BENCHMARKS ended the day on a negative down.


INDIAN EQUITY fell on for a fourth consecutive session, as a weak start to the year continues as investors trim positions in blue-chips such as ICICI Bank on risk aversion ahead of quarterly earnings results. Tata Motors also rebounded today after the recent correction following dismal December sales. The stock was up 1.5%.

Further, Bank shares were down after fall in December services PMI raised concerns of economic growth revival. HDFC Bank and Axis Bank were down 0.5-1% each. Shares of Tata Power and Reliance Infrastructure were down on media reports that the State of Maharashtra may announce reduction power tariff.

The crucial resistance for Nifty is now seen at 6225 and above this 6275. Support for the immediate term is now placed at 6170 and next support will be 6125.

News to watch:
·         Watch out for the quarterly earnings of Infosys & Indusind Bank on Jan. 10.

·         Watch out for Consumer Price Index (CPI) on Jan 13.

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