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Thursday, June 26, 2014

INDIAN BENCHMARKS end lower on June F&O expiry

INDIAN EQUITY BENCHMARKS ended 1% lower following the expiry of June F&O series dragged down by oil shares after the government defers its decision on gas price hike by three months till December 31, 2014.

Further, ITC marginally positive after Morgan Stanley upgraded the stock to overweight from equal-weight and increased the price target to Rs 400 rupees from Rs 360. Aban Offshore closed nearly 5% up after Macquarie upgraded the stock from underperform to outperform and raised its target to Rs 1,090 from Rs 430.

The crucial resistance for Nifty is now seen at 7570 and above this 7595. Support for the immediate term is now placed at 7480 and next support will be 7440.

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