Markets were crashed in early trade on Crude hitting multi year lows and reports of explosions in Jakarta but Infosys strong results and WPI nos supported markets to lead above nearest resistances, but profit booking at higher levels again plunged in late trade to settle the indices in red. Nifty future needs to sustain above the immediate resistance of 7620 to gain strength while 7450-7400 is seen as a strong support range for the index in the near term.
SUPPORT : 7490 & 7450
RESISTANCE: 7590 & 7630
- Markets recover from day’s low as WPI fall gives reason to cheer.
- December WPI drop for 14th straight month stood at -0.73% against -1.99% in November.
- Infosys gains 5 pct after reported 2% rise in Q3 net; raises FY16 dollar revenue guidance.
- Tata Steel tanks after S&P downgrade stock ratings to BB Negative from BB.
- Power Grid gains after board approves 7 investment proposals worth Rs 25.10 billion.