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Friday, March 14, 2014

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INDIAN BENCHMARKS rebound in late trades...Nifty regains 6,500.

INDIAN BENCHMARKS staged a smart recovery from day lows, in late trades, to close the week in green. The closing hour gains were led by index heavyweights and short covering in financial shares. The wholesale-price index rose 4.68% from a year earlier, compared with 5.05% in January.

Further, Dr Reddy’s Laboratories has voluntarily recalled 58,656 bottles of its Lansoprazole formulation from the American market due to microbial contamination. The Supreme Court issued a notice the government and Ranbaxy on a public-interest litigation seeking a CBI probe against the company for allegedly supplying adulterated drugs in the country.

The crucial resistance for Nifty is now seen at 6562 and above this 6600. Support for the immediate term is now placed at 6410 and next support will be 6340.

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