INDIAN BENCHMARKS snap 5-day winning streak...Nifty stays above 6500
INDIAN BENCHMARKS snapped a five day winning streak as market participants turned cautious ahead of the Jan IIP and Feb CPI data scheduled to be released on March 12. Trade deficit narrowed in February on a sharp fall in imports. The trade deficit stood at US$8.13bn, more than 40% lower from a year ago.
Further, Shares of Sun Pharma was down nearly 2.5%. According to FDA statement, Sun Pharma began recalling the bottles of metformin HCL extended-release tables on January 28, 2014. Godrej Properties Limited announced that it has entered into an agreement with Godrej & Boyce to develop a new project on the latter’s property on the Eastern Express Highway, Vikhroli, Mumbai
The crucial resistance for Nifty is now seen at 6570 and above this 6600. Support for the immediate term is now placed at 6410 and next support will be 6340.
NEWS TO WATCH:
• Watch out for the CPI and Indian Industrial Production (IIP) on 12TH March.
• Watch out for the Wholesale Price Index (WPI) on 14TH March.