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Saturday, February 28, 2015

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INDIAN BENCHMARKS ends higher after bumpy budget-day trading

INDIAN EQUITY BENCHMARKS  rose in a volatile trading session after the government delivered a federal budget with investment-friendly measures, including a delay in tax avoidance rules for foreign investors and a cut in the corporate tax rate. The S&P BSE Sensex and CNX Nifty ended 0.48%-0.65% higher each.
Arun Jaitley Presents Union Budget 2015
Initial reaction to Union Budget 2015-16: Infra push but no big-bang reforms
India to cut corporate tax to 25% over 4 years
FM: Defers anti-tax avoidance rules by 2 years

The crucial resistance for Nifty is now seen at 8995 and above this 9025. Support for the immediate term is now placed at 8925 and next support will be 8885.

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