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Thursday, June 5, 2014

INDIAN BENCHMARKS record high closing… Nifty ends at 7416.

INDIAN EQUITY BENCHMARKS ended at record high as RBI's stance in the bi-monthly credit policy review is taken as symbolic of good days ahead after the RBI governor Raghuram Rajan surprisingly slashed the mandatory statutory liquidity ratio (SLR) requirement for banks by 50 basis points to 22.5%. However, on expected lines the governor left the repo rate, unchanged at 8%.

Further, DLF rallied 4 percent that finance ministry is likely to announce tax breaks for Real Estate Investment Trust (REITs) in Budget. Shares of IPCA Labs were up 1.5% after the company announced a partnership with US-based Oncobiologics.

The crucial resistance for Nifty is now seen at 7420 and above this 7450. Support for the immediate term is now placed at 7340 and next support will be 7320.

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