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Tuesday, July 22, 2014

INDIAN BENCHMARKS ends higher…Sensex above 26000.

INDIAN EQUITY BENCHMARKS
rose more than 1%, approaching their record highs hit earlier this month after telecom stocks surged following Idea Cellular better-than-expected earnings while stronger Asian shares also bolstered sentiments.

Further, Shares of Exide Industries surged over 7%, its highest level since July 2011 The company reported 16% year on year increase in net profit at Rs185 crore for the first quarter ended June 30, 2014 (Q1), due to higher realization.

Shares of telecom services providers such as Bharti Airtel and Idea Cellular ended higher after the telecom regulator authority of India (TRAI) recommended allowing sharing of all categories of airwaves held by operators, the move could help companies to reduce cost of mobile services.

The crucial resistance for Nifty is now seen at 7775 and above this 7800. Support for the immediate term is now placed at 7705 and next support will be 7675.

NEWS TO WATCH:
Watch out Quarterly Earnings of Cairn India, Yes bank, Mcleod Russel, Geometric, Liberty Shoes 23RD July 2014. 

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