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Wednesday, June 11, 2014

INDIAN BENCHMARKS retreats after 4-day record run

INDIAN EQUITY BENCHMARKS ended lower after earlier hitting record highs for the fourth straight session on profit taking on disappointing trade deficit data.Trade deficit in May widened to US$11.23bn from US$10.1bn in April.

Further, Tech Mahindra ended higher by 0.5% after the company has entered into a global services alliance agreement with HPS, a Morocco-based provider of solutions to the cards and payments industry. Coal India decided to amend the object clause of its memorandum of association for foraying into the business of producing fertilisers and chemicals using coal gas.

The crucial resistance for Nifty is now seen at 7700 and above this 7730. Support for the immediate term is now placed at 7580 and next support will be 7500.

Watch out for the Indian CPI and IIP data on 12th June 2014.

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