Monday 30 June 2014

INDIAN BENCHMARKS edge higher… power and capital goods drive the rally


INDIAN EQUITY BENCHMARKS maintained its momentum supported by heavy buying in financials, infra and power shares amid strong global cues. Fiscal deficit figures for the month of May and auto numbers for the month of June will be announced today.

Further, Ranbaxy rose 3% extending its Friday’s 5% rally, after US Food and Drug Administration's nod for generic version of Novartis blood pressure drug Diovan. Cipla surged 0.8% after signing a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $21 million.

The crucial resistance for Nifty is now seen at 7625 and above this 7665. Support for the immediate term is now placed at 7530 and next support will be 7480.

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