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Friday, August 22, 2014

INDIAN BENCHMARKS hits record high… software stocks gain

INDIAN EQUITY BENCHMARKS rose to a record high for the fourth time this week as software stocks gained after upbeat U.S. and German data raised optimism about the sector's business outlook.

Canara Bank rose 1.53% on reports that the bank is planning to sell Rs900 crore of sticky loans to asset reconstruction companies this quarter in an effort to clean balance sheet.

Further, Bank stocks gained after the Reserve Bank of India said it would conduct more frequent term repos but retained the overall borrowing limit for lenders in a bid to make borrowing more flexible without injecting additional liquidity into markets.

The crucial resistance for Nifty is now seen at 7930 and above this 7945. Support for the immediate term is now placed at 7855 and next support will be 7780.

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