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Friday, May 2, 2014

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INDIAN BENCHMARKS halted by April PMI, US Jobs report, Ukraine.

INDIAN EQUITY BENCHMARKS concluded range bound trades by registering marginal losses as sentiment turned sombre after data released today showed that manufacturing activity remained stagnant in April.

Further, Shares of Bata India fell 6 percent after it reported mute growth in March quarter earnings. Its earnings were below estimates of most analysts on the street with same store sales growth at 3-4 percent versus estimates of 4-5 percent. Shares of Maruti Suzuki was down 1% after reporting 11.4% year-on-year decline in volumes at 86,196 units during the month of April.

The crucial resistance for Nifty is now seen at 6780 and above this 6800. Support for the immediate term is now placed at 6650 and next support will be 6600.

NEWS TO WATCH:

Watch out for the quarterly earnings of Ajanta Pharma, Canara bank, Piramal Enterprises, Century Textile on 5THApril 2014.

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