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Wednesday, February 12, 2014

INDIAN BENCHMARKS gains for third consecutive day ahead of key economic data


INDIAN BENCHMARKS ended with smart gains tracking positive vibes from the US and the Asian markets. Oil India rose 0.54% after net profit declined 3.97% to Rs 902.96 crore on 5.37% growth in total income to Rs 3052.37 crore in Q3 December 2013 over Q3 December 2012.


Further, BPCL lost 0.18% after the company reported a net loss of Rs 1088.94 crore in Q3 December 2013 as against net profit of Rs 1647.57 crore in Q3 December 2012. Piramal Enterprises announced it will join with Canada Pension Plan Investment Board to set up a $500 million fund to finance residential property projects in India.


The crucial resistance for Nifty is now seen at 6170 and above this 6200. 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 Amtek India, Hindalco, IOC,ONGC, United Spirits on 13th Feb.

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

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