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Wednesday, July 9, 2014

INDIAN BENCHMARKS slip on caution ahead of the Budget.

INDIAN EQUITY BENCHMARKS ended lower amid volatile trading session as the domestic and global investors turn cautious ahead of the Union Budget to be presented by the Finance Minister tomorrow in the Parliament.

Further, Shares of Tata Power dropped on reports that Tata Power and Reliance Power are betting big on renewable energy and are willing to spend about Rs 1,500 crore each on clean energy projects. ONGC Videsh raised US$2.23bn from global markets through long term bonds to refinance loans for acquiring stake in oil field in Mozambique.

The crucial resistance for Nifty is now seen at 7670 and above this 7730.Support for the immediate term is now placed at 7555 and next support will be 7510.

NEWS TO WATCH :
Watch out for Quaterly Earning of Infosys on 11 July 2014.

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