INDIAN BENCHMARKS ended higher, banks gain.
INDIAN EQUITY BENCHMARKS closed in the
positive territory for the day as gains in financials helped the benchmark
indices to recover some of the lost ground due to profit taking in IT
heavyweights. Bank shares gained ahead of the Policy on January 28, on hopes
that the Reserve Bank of India will keep interest rates unchanged after
inflation cooled last month.
Further, Kotak Mahindra Bank
disappointed street with its third quarter earnings (October-December) on every
parameter with the asset quality weakening. The Foreign Investment Promotion Board
considers a proposal by HDFC Bank to increase the overseas shareholding limit
in the first week of the next month.
The crucial resistance for Nifty is now
seen at 6350 and above this 6365. Support for the immediate term
is now placed at 6240 and next
support will be 6185.
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News to watch:
·
Watch out for the quarterly earnings of
L&T on 22ND Jan.
·
Watch out for the quarterly earnings of
Biocon on 22ND Jan.
·
Watch out for the quarterly earnings of
Dabur India on 22ND Jan.
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