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Tuesday, February 4, 2014

INDIAN BENCHMARKS ends flat amid volatility

INDIAN BENCHMARKS fell sharply in last nine trading sessions. Nifty slipped below 200-DMA but again managed to hold around 6,000. Hero MotoCorp has registered sales of 6.18 million units in 2013, the highest-ever sales for any calendar year.

Further, Bharat Forge reported 98 percent growth in net profit supported by strong operational performance and higher revenues that grew 23.7 percent year-on-year in the quarter ended December 2013. Divi's Laboratories gained 2.36% to 1344.20 after its net profit increased by 51.84% to Rs 219.02 crore, largely due to a 25.24% increase in total income in Q3 December 2013 over Q3 December 2012 to Rs 697.18 crore.

The crucial resistance for Nifty is now seen at 6085 and above this 6170. Support for the immediate term is now placed at 5930 and next support will be 5875.
News to watch:
·         Watch out for the quarterly earnings of BHEL, Power Grid, Ranbaxy on 5th Feb.

·         Watch out for the Indian HSBC Services PMI on 5th Feb.


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