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Wednesday, March 23, 2016

Equity Tips

The domestic equity market swung between gains and losses all through Wednesday, as cautious investors lightened long positions going into a long weekend while some others used lower prices to accumulate stocks.

The BSE Sensex had opened with a gap down and then slipped further to record a 174-point loss, but then rallied over 200 points after the European markets opened strong.
A weak rupee and mixed global cues further subdued investor sentiment ahead of an extended weekend, as the market will remain closed Thursday on account of Holi and on Good Friday.

The Sensex finally closed at 25,337.56, up 7.07 points or 0.03 per cent. The NSE's Nifty50 ended at 7,716.50, gaining 1.60 points or 0.02 per cent. On Tuesday, the 30-share BSE benchmark had closed with a gain of 45.12 points at 25,330.49, while the broader Nifty had settled 10.65 points higher at 7,714.90.

HEADLINES OF THE DAY
Kotak Bank gets RBI approval to raise FII limit
Indiabulls Housing to raise Rs250 crore via NCDs
Glenmark Pharma gets USFDA approval for gEvista

The crucial resistance for Nifty SPOT is now seen at 7735 and above this 7801. Support for the immediate term is now placed at 7614 and next support will be 7585.

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