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Monday, August 18, 2014

INDIAN BENCHMARKS end at record closing high

INDIAN EQUITY BENCHMARKS ended at fresh life time high on positive global cues and a sharp decline in crude oil prices.

Tata Motors DVR jumped 5.6 percent after a report in the Times of India newspaper that Indian exchanges may consider admitting such shares on their benchmark indexes.

Further, Jubilant Foodworks gained 6.2 percent after Bank of America Merrill Lynch started coverage with a buy rating and a target price of 1,375 rupees, saying the company is in a "sweet spot" in the large and high-growth quick service restaurants market.

The crucial resistance for Nifty is now seen at 7910 and above this 7945. Support for the immediate term is now placed at 7780 and next support will be 7740.

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