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Tuesday, August 26, 2014

INDIAN BENCHMARKS continues retreat from record high

INDIAN EQUITY BENCHMARKS ended flat, amid a volatile trading session, even metal stocks rebounded while power stocks extended losses after the apex court's verdict on coal block allocations.

Tata Power fell another 2.8 percent on the Supreme Court’s order that stayed an interim order of the Appellate Tribunal for Electricity (APTEL) to allow payment of compensatory tariffs.

Further, Oil and Natural Gas Corp ended down 2.5 percent on equity dilution concerns due to a potential share sale by the government.

The crucial resistance for Nifty is now seen at 7915 and above this 7970. Support for the immediate term is now placed at 7855 and next support will be 7780.

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