INDIAN BENCHMARKS marks a relief rally today
INDIAN BENCHMARKS ended in relief rally today, the market staged smart performance on first day of the week with the Sensex rising more than 400 points in intraday trade. The rally was on the hopes that fall in crude oil prices may ease current account deficit (by reducing oil import cost) and inflation going ahead.
Further, Banks and capital goods were the stars today with the BSE Bank and Capital Goods indices rising nearly 4 percent followed by FMCG and Auto with 2 percent gains. Brent crude oil prices fell 2 percent. It is a positive sign for the Indian economy that relies heavily on Iran for its crude oil needs.
The crucial resistance for Nifty is now seen at 6070 and above this 6125. Support for the immediate term is now placed at 5970 and next support will be 5875.
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