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Thursday, February 20, 2014

INDIAN BENCHMARKS snaps 4-day winning streak.

INDIAN BENCHMARKS snapped its four day winning streak and closed almost 1 percent lower led by a sell-off in heavyweight banking stocks. The investor sentiment went for a toss on cues emerging from world's biggest economies. Macro-economic data from China and minutes of the US Federal Reserve's last meeting caused the turmoil as stocks tumbled around the globe.

Further, Tata Sponge Iron has rallied 13% to Rs 424, extending its previous day’s 5% gain, on back of heavy trading volumes. A combined 2.55 million shares representing 16.6% of total equity of the company changed hands on the counter. Thomas Cook 's fourth quarter  consolidated net profit grew 52 percent to Rs 13.1 crore compared to same quarter last year on account of higher revenues.

The crucial resistance for Nifty is now seen at 6190 and above this 6250. Support for the immediate term is now placed at 6065 and next support will be 5990.


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