INDIAN BENCHMARKS gains as Nifty Stocks is up by 79 points.
INDIAN EQUITY BENCHMARKS gains as Nifty stocks is up by 79 points on to their highest close in nearly 2-1/2 weeks as some blue chips recovered from recent steep falls. The rupee dropped against the dollar in late trades, the partially convertible rupee was trading at 66.21 per dollar against the Friday’s close of 65.71 against the dollar on the Interbank Foreign Exchange..
Further, ITC jumped after a UBS report said the company had raised prices for some of its cigarette brands. Banks gain on hopes of potential reversal of RBI's liquidity tightening measures. Axis Bank Ltd is up 1.8 percent and ICICI Bank Ltd gains 0.94 percent.
The crucial resistance for Nifty is now seen at 5570 and above this 5610. Support for the immediate term is now placed at 5490 and next support will be 5350.
News to watch:
• Watch out for the sales figure of Automobile sector.
INDIAN EQUITY BENCHMARKS gains as Nifty stocks is up by 79 points on to their highest close in nearly 2-1/2 weeks as some blue chips recovered from recent steep falls. The rupee dropped against the dollar in late trades, the partially convertible rupee was trading at 66.21 per dollar against the Friday’s close of 65.71 against the dollar on the Interbank Foreign Exchange..
Further, ITC jumped after a UBS report said the company had raised prices for some of its cigarette brands. Banks gain on hopes of potential reversal of RBI's liquidity tightening measures. Axis Bank Ltd is up 1.8 percent and ICICI Bank Ltd gains 0.94 percent.
The crucial resistance for Nifty is now seen at 5570 and above this 5610. Support for the immediate term is now placed at 5490 and next support will be 5350.
News to watch:
• Watch out for the sales figure of Automobile sector.
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