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Tuesday, February 23, 2016

Equity Tips
Domestic equity benchmark crashed on Tuesday to snap a four-day winning streak after Moody's Investors Service said India's fiscal metrics would remain weaker than its peers in the near term even if Finance Minister Arun Jaitley sticks to the fiscal consolidation roadmap.

Also, a fresh slump in crude oil prices dragged equity markets down the world over and while at home concerns rose over Government’s ability to support PSU Banks.

With just three more sessions left ahead of the Union Budget, investors looked nervous amid mixed signals about what Finance Minister Arun Jaitley may have in store for the B-Day, which dragged the 30-pack Sensex down as much as 379 points.

HEADLINES OF THE DAY
NSE to add 4 companies, drop Cairn India, Vedanta, and PNB from INDEX.
Infosys gains on setting revenue growth target of 16% for FY2017
L&T in talks with Blackstone to sell Seawood shopping mall

The crucial resistance for Nifty SPOT is now seen at 7146 and above this 7252. Support for the immediate term is now placed at 7037 and next support will be 6960.

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