Friday 21 March 2014

Another choppy day, Nifty ends below 6500

INDIAN EQUITY BENCHMARK struggled for any kind of direction. Indices did manage to open with a gap up amid overnight gains in the US and the Asian markets; however, it was very short lived as traders continued to lighten their positions ahead of the F&O expiry in the coming week.

Further, Government today sold 9% stake held through SUUTI in Axis Bank through a block deal. The Government is expected to garner over Rs. 5,500 crore through the sale of 4.2 crore shares or 9% stake.

And, Shares of Sunil Hitech Engineers rallied 6% to close at Rs 65.5 after board allotted 13,50,000 Equity Shares of the Company upon Conversion of 13,50,000 Warrants to the Allottees belo.

The crucial resistance for Nifty is now seen at 6525 and above this 6575. Support for the immediate term is now placed at 6470 and next support will be 6430.

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