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Tuesday, March 18, 2014

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NIFTY flatten after fresh highs

INDIAN EQUITY BENCHMARK after hitting fresh life-time highs in the early trades on Tuesday, the Indian equity markets were unable to build on the momentum as investors and traders preferred to stay cautious ahead of the US Federal Reserve's policy review. An announcement on the Crimea front to be addressed by Vladimir Putin later today also kept trader on the tenterhook.

Further, Maruti Suzuki Ltd surged as much as 9.8 % to a record high after it said that it would seek minority shareholder approval for a plan to outsource production at a new factory to Japan's Suzuki Motor Corp.

 Also, AstraZeneca Pharma gained 2.6 % after the company board had approved a proposal from promoter AstraZeneca Pharma AB, Sweden, to delist the company from India.

The crucial resistance for Nifty is now seen at 6605 and above this 6640. Support for the immediate term is now placed at 6515 and next support will be 6460.

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