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Wednesday, May 21, 2014

INDIAN BENCHMARKS snaps 4-day gains on profit-taking

INDIAN EQUITY BENCHMARKS ended with losses after rebounding form day's lowest levels as investors continued to take profits in cyclicals such as heavyweight banks and capital goods stocks.

Further, Zee Entertainment Enterprises fourth quarter net profit rising 21 percent year-on-year to Rs 217.5 crore on higher revenues and better operational performance. UCO Bank has reported a 5.75 times growth in fourth quarter net profit at Rs 285 crore as against Rs 49.5 crore in same quarter last year.
 
The crucial resistance for Nifty is now seen at 7290 and above this 7350. Support for the immediate term is now placed at 7130 and next support will be 7060.

NEWS TO WATCH:
Watch out for the quarterly earnings of IRB Infra, Motherson Sumi, Sobha Developers on 22ND May 2014. 

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