INDIAN BENCHMARKS: NIFTY TOOK A SMART BOUNCE CLOSES ABOVE 7650
A rally in European stocks, a stronger-than-expected 9.8 per cent growth in October industrial output and a negative November WPI reading helped the domestic equity benchmarks register a smart rebound on Monday despite fears of a Fed liftoff in the two-day rate-setting meeting that begins on Tuesday. Most Asian markets tumbled deep into the red earlier in the day.
The BSE benchmark Sensex opened in the negative and briefly fell below the psychological 25,000 mark to hit a three-month low, but soon pulled off a smart rebound to end the day 105.92 points, or 0.42per cent, higher at 25,150.35. NSE barometer Nifty50 gained 39.60 per cent or 0.52points to settle for the day at 7,650.05. The 50-stock index had fallen below its psychological mark of 7,600 earlier in the day.
HEADLINES OF THE DAY
- WPI Inflation November 2015 comes at -1.99%
- DCB Bank reduces Base Rate by 15 bps
- Natco receives Generic Daclatasvir approval for India
The crucial resistance for Nifty Trading Tips SPOT is now seen at 7703 and above this 7775. Support for the immediate term is now placed at 7612 and next support will be 7540.
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