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Thursday, April 10, 2014

INDIAN BENCHMARKS end flat… Nifty ends below 6800.

INDIAN EQUITY BENCHMARKS ended with marginal gains as the Nifty slipped below 6800. Cairn India is trading higher by 1.7% after reporting 11% year on year growth in oil and gas production to 20.20 million barrels of oil equivalent during fourth quarter of 2013-2014.

Further, Shares of Piramal Enterprises gained 2% after the company agreed to divest its entire stake in Vodafone India for a total consideration of Rs 8,900 crore. Tata Motors surged nearly 3 percent after brokerage house Citi has maintained a buy rating on the stock and also revised its target price to Rs 486 as against Rs 421 earlier.

The crucial resistance for Nifty is now seen at 6830 and above this 6870. Support for the immediate term is now placed at 6700 and next support will be 6670.

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