INDIAN BENCHMARKS end flat amid volatility
INDIAN EQUITY BENCHMARK ended with mild gains, reversing a two-day losing streak, on value buying in beaten down rate-sensitive shares. The overall trend remained weak due to lack of positive triggers in the near term, while the expiry of equity derivatives contracts in this week was expected to increase the volatility. Gains in auto shares helped offset losses in IT majors.
Further, Glenmark Pharmaceuticals Ltd rose 1.5 percent after the U.S. Food and Drug Administration approved a key drug for the company. Bharti Airtel ended down 1.5% despite easing competition in the Indian wireless market, Bharti’s revenue market share trends continue to be choppy.
The crucial resistance for Nifty is now seen at 5965 and above this 6015. Support for the immediate term is now placed at 5875 and next support will be 5810.
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