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Tuesday, November 11, 2014

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INDIAN EQUITY BENCHMARKS edged higher on Tuesday as rate-sensitive stocks such as ICICI Bank rose on hopes lower retail inflation data would lead to early interest rate cuts, although profit-taking prevented the indexes from hitting further record highs.

Redington (India) surged 6% after Reliance Mutual Fund bought nearly 4% stake in the company for about Rs160 crore through open market.

Further, Ucal Fuel Systems extended gains and surged 40% in two straight trading sessions. The stock zoomed 20%, to  its 52-week high on the BSE, after reporting over four-fold jump in net profit at Rs 8.40 crore for the second quarter ended September 30, 2014 (Q2), on back of strong operational performance

The crucial resistance for Nifty is now seen at 8420 and above this 8475. Support for the immediate term is now placed at 8325 and next support will be 8265.

Watch Out For...

IIP and CPI data on 12 Nov...

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