INDIAN BENCHMARKS edged higher on FIIs inflows.
INDIAN EQUITY ended flat after the profit booking session succeeding four consecutive sessions of gains. Metals, realty, banks and capital goods stocks are landed strength to the market while FMCG are growing weak. Sharp appreciation in rupee is another reason that boosted the market and attracted huge foreign money.
Further, banking shares rose on value buying with the State Bank of India rising 3.5 percent and Axis Bank ending 3.15 percent higher. Cairn India Ltd fell 2.6 percent as Brent crude futures declined more than 4 percent in the previous two days as fears of an imminent strike against Syria eased.
The crucial resistance for Nifty is now seen at 5995 and above this 6060. Support for the immediate term is now placed at 5850 and next support will be 5770.
News to watch:
• Watch out for the IIP and CPI numbers on 12 SEPT.
• Watch out for the RBI policy on 18 SEPT.
• Watch out for the MONITORY POLICY STATEMENT on 20 SEPT .
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