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Tuesday, May 20, 2014

INDIAN BENCHMARKS ended positive led by IT shares

INDIAN EQUITY BENCHMARKS ended marginally positive amid range bound trades as gains in IT and index heavyweight shares like ITC and HDFC helped offset losses in oil shares.

Further, Tata Communications rallied nearly 10% after the company has sealed a deal to sell its 67.3% stake in Neotel, its South African unit, for Rs 3,950 crore to Vodacom, a subsidiary Vodafone. HCL Technologies has bagged a deal estimated to be around Rs 3,000 crore from beverage giant PepsiCo for offering infrastructure management services.

The crucial resistance for Nifty is now seen at 7350 and above this 7400. Support for the immediate term is now placed at 7130 and next support will be 7060.

Watch out for the quarterly earnings of Zee Entertainment, UCO Bank, Texmaco Rail on 21ST May 2014.   

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