INDIAN BENCHMARKS snap 5-day winning streak...Nifty stays above
6500
INDIAN BENCHMARKS snapped a five
day winning streak as market participants turned cautious ahead of the Jan IIP
and Feb CPI data scheduled to be released on March 12. Trade deficit
narrowed in February on a sharp fall in imports. The trade deficit stood at
US$8.13bn, more than 40% lower from a year ago.
Further, Shares of Sun Pharma was down
nearly 2.5%. According to FDA statement, Sun Pharma began recalling the bottles
of metformin HCL extended-release tables on January 28, 2014. Godrej
Properties Limited announced that it has entered into an agreement with Godrej
& Boyce to develop a new project on the latter’s property on the
Eastern Express Highway, Vikhroli, Mumbai
The
crucial resistance for Nifty is now seen at 6570 and above this 6600.
Support for the immediate term is now placed at 6410 and next support
will be 6340.
NEWS TO WATCH:
• Watch out for the CPI and Indian
Industrial Production (IIP) on 12TH March.
• Watch out for the Wholesale
Price Index (WPI) on 14TH March.
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