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Friday, May 23, 2014

INDIAN BENCHMARKS end on a high…Nifty above 7,300.

INDIAN EQUITY BENCHMARKS ended on a high due to strength in banking and oil stocks. HDIL has posted a consolidated net profit after taxes, minority interest and share of profit of associates of Rs. 1775.70 million for the year ended March 31, 2014.

Further, State Bank of India has moved higher by nearly 9%, its highest level since May 2011, after reporting a better-than-expected net profit of Rs 3,041 for the quarter ended March 31, 2014. ITC fourth quarter net profit rising 18 percent year-on-year to Rs 2,276 crore, driven by higher revenue. Net sales grew 11.8 percent to Rs 9,145 crore in the quarter ended March 2014 from Rs 8,180 crore in same quarter last year.

The crucial resistance for Nifty is now seen at 7380 and above this 7430. Support for the immediate term is now placed at 7250 and next support will be 7200.

NEWS TO WATCH:
Watch out for the quarterly earnings of Canara Bank,Wock Pharma, Rural Electrification, GAIL India on 26TH May 2014.   

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