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Wednesday, April 23, 2014

INDIAN BENCHMARKS vault to record highs on F&O expiry

INDIAN BENCHMARKS scaled fresh all-time highs on the last day of April derivatives series due to strength in capital goods and banking stocks. Natco Pharma extended gains for the third straight session rising 10% after a US Supreme Court ruling paved the way for the company to launch the generic version of Teva's Copaxone.

Further, Reliance Industries Ltd has raised USD 550 million loan for part-funding expansion of its petrochemical plant and new gasification unit from Japanese banks. YES Bank reported fourth quarter (January-March) net profit at Rs 430 crore, up 18.8 percent compared to same quarter last year, driven by non-interest income.

The crucial resistance for Nifty is now seen at 6880 and above this 6900. Support for the immediate term is now placed at 6700 and next support will be 6650.

NEWS TO WATCH: 

Watch out for the quarterly earnings of Axis Bank, ICICI Bank, IDFC, UPL, Maruti, Exide Industries on 25TH April.

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