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Tuesday, February 11, 2014

INDIAN BENCHMARKS end flat ahead of key economic data


INDIAN BENCHMARKS  ended flat with a positive bias, amid a range bound trade as investors remained cautious ahead of key economic data due for release tomorrow and to new Federal Reserve Chair Janet Yellen's first testimony before lawmakers. AstraZeneca Pharma India surged 16% to Rs 854 after reporting a net profit of Rs 1.52 crore for the quarter ended December 31, 2013.


Further, Dr Reddy's Laboratories third quarter profit growing over 70 percent compared to same quarter last year.  Consolidated net profit increased to Rs 618.53 crore from Rs 363.3 crore. Shares of Bharat Forge were up 5% at Rs 367.55 as the company after market hours on announced plans to merge two of its subsidiaries.


The crucial resistance for Nifty is now seen at 6100 and above this 6170. Support for the immediate term is now placed at 6030 and next support will be 5965.


 News to watch:
·         Watch out for the quarterly earnings of Apollo Tyres, BPCL, Cipla, Coal India, Tata Comm.  on 12th Feb.
·         Watch out for the Consumer Price Index (CPI) & Indian Industrial Production (IIP) on 12th Feb.

·         Watch out for the Wholesale Price Index (WPI) on 14th Feb.

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