INDIAN BENCHMARKS consolidates as May 16 nears… Nifty ends flat.

INDIAN EQUITY BENCHMARKS consolidated as investors remained wary of mounting aggressive bets and booked profits ahead of the general elections results due on Friday.

Further, Tech Mahindra Ltd has posted Q4 sales at Rs5058 crores, net profit for the quarter stood at Rs614 crores. Tata Coffee fell 4.64% after consolidated net profit fell 35.3% to Rs 16.32 crore on 0.3% decline in net sales to Rs 374.27 crore in Q4 March 2014 over Q4 March 2013.

The crucial resistance for Nifty is now seen at 7140 and above this 7170. Support for the immediate term is now placed at 7060 and next support will be 7000.

 NEWS TO WATCH:

Watch out for the quarterly earnings of Adani Ports, Apollo Tyres, Arvind Ltd, Bajaj Auto, Bank of India, Elder Pharma, Gujarat Gas, Kalindee Rail and NTPC on 15^TH May 2014