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Monday, May 26, 2014

INDIAN BENCHMARKS end flat… await Modi's cabinet

INDIAN EQUITY BENCHMARKS came off their day's highs to end flat, amid a volatile trading session, as investors turned cautious ahead of key cabinet portfolios that are likely to be announced post Shri Narendra Modi's swearing-in ceremony as the 15th Prime Minister of India later this evening.

Further, India Cements reported Rs 30.56 crore standalone net loss for the January-March quarter on lower income and higher finance costs. Muthoot Finance's fourth quarter net profit fell 17.7 percent year-on-year to Rs 181 crore on lower income.

The crucial resistance for Nifty is now seen at 7500 and above this 7560. Support for the immediate term is now placed at 7250 and next support will be 7200.

Watch out for the quarterly earnings of Bharat Forge, Dish TV, JP Associate, UBL, JSW Steel, STC India, PFC, Oil India on 27TH May 2014.

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