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Friday, June 3, 2016

Equity Tips

INDIAN BENCHMARKS: SENSEX ENDS FLAT, NIFTY 50 AT 8220, IDEA TANKS AROUND 10%

The domestic equity market was in mood to trend higher on Friday, but weekend holidays ahead and subdued signals from European markets caused the benchmark indices to close flat.

The Met department pegged the expected monsoon rainfall at about 112 per cent of the annual average and global cues were also positive.

But the domestic equity market still remained choppy and slipped into the negative zone twice through the day. The S&P BSE Sensex surged 100 points and Nifty50 rose above 8,250 in opening trade. But the market was slow and looked headed nowhere for most part of the day.

The Sensex finally closed unchanged at 26,843.03, up 0.11 per cent, while NSE's Nifty50 settled at 8,220.80, with a gain of 1.85 points or 0.02 per cent.

HEADLINES OF THE DAY
Idea Cellular tanks on stake sale by Providence Asia
Dabur India arm incorporates new subsidiary in Iran
Indiabulls Housing plans to raise Rs40 cr via debentures

The crucial resistance for Nifty spot is now seen at 8252 and above this 8328. Support for the immediate term is now placed at 8134 and next support will be 8070.

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