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Wednesday, January 8, 2014

INDIAN BENCHMARKS rose to mark their first daily gain this year.

INDIAN EQUITY rose to mark their first daily gain this year, snapping a five-session losing streak led by Reliance Industries and IT major TCS, as well as exporters such as Tata Consultancy services rose on earnings optimism while Coal India surged on plans for an interim dividend, amid a range bound trading session.

Further, Shares of Infosys were trading down by at 3475 ahead of its third quarter earnings due for release on Friday. Shares of public sector underrating (PSU) banks are in demand, trading higher by up to 8% on hopes of interim dividend. Aban Offshore shares were up after company has won a contract worth rupees 380 crore for deploying jack-up rig Deep Driller.
The crucial resistance for Nifty is now seen at 6225 and above this 6275. Support for the immediate term is now placed at 6140 and next support will be 6100.

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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