INDIAN EQUITY MARKET WRAPUP-02 JAN 2015

INDIAN BENCHMARK  Bulls spring a New Year surprise: Nifty nears 8400

INDIAN EQUITY BENCHMARKS  rose more than 1% on Friday, heading towards their sixth straight session of gains, helped by banking stocks ahead of an industry meet while a survey showing manufacturing activity expanded at its fastest pace in two years in December also boosted sentiment. The S&P BSE Sensex and CNX Nifty ended 1.38%-1.35% higher each.
                                                                                                                    

• India December HSBC Mfg PMI at 2 year high
• Tata Motors Dec 2014 volumes up 10% (YoY)
• S&P BSE Bankex surges by 2% on hopes of reforms
• IT sector: Q3FY2015 earnings preview

The crucial resistance for Nifty is now seen at 8480 and above this 8550. Support for the immediate term is now placed at 8415 and next support will be 8358.