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Tuesday, January 7, 2014

INDIAN BENCHMARKS closed in the negative territory for the fifth consecutive day.

INDIAN EQUITY closed in the negative territory for the fifth consecutive day as FIIs turned sellers over the last one week. This comes in the wake of weak economic data and emerging political uncertainties. Also, weak Asian cues compounded the negative sentiment. Share of Apollo Tyres were trading higher after Brokerage house Credit Suisse has an outperform rating on the stock, citing uncertainty over Cooper Tire transaction is over.

Further, Financial Tech was locked in upper circuit of 10% at Rs 271, also its highest level since August, with no sellers are seen on the counter in otherwise weak market. Shares of Tata steel were trading down as after considering an increase in the prices of its products in the January-March (Q4) of the 2014 financial year.

The crucial resistance for Nifty is now seen at 6225 and above this 6275. Support for the immediate term is now placed at 6125 and next support will be 6100.

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

·         Watch out for consumer price index (CPI) on Jan 13.


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