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Last Updated : Jul 24, 2019 09:02 AM IST | Source: Moneycontrol.com

Market Headstart: Expect Nifty to open flat; Power Grid, Thermax top buy ideas

Trends on SGX Nifty indicate a flat-to-negative opening for the broader index in India, a fall of 2 points or 0.02 percent. Nifty futures were trading around 11,322-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat on Wednesday following Asia markets which were trading cautiously amid hints of progress in the Sino-U.S. trade talks.

Overnight, S&P 500 and Nasdaq approached record highs, lifted by upbeat quarterly reports from Coca-Cola and United Technologies, said a Reuters report.

Trends on SGX Nifty indicate a flat-to-negative opening for the broader index in India, a fall of 2 points or 0.02 percent. Nifty futures were trading around 11,322-level on the Singaporean Exchange.

Close

The S&P BSE Sensex fell 48 points to 37,982 while the Nifty50 closed 15 points lower at 11,331 on Tuesday.

The rupee pared most of its initial losses and closed with a marginal 2 paise drop at 68.94 against the US dollar on Tuesday amid strengthening of the greenback against major currencies and sustained foreign fund outflows.

On the institutional front, FIIs were net sellers in Indian markets for Rs 2607 cr while DIIs were net buyers to the tune of Rs 2625 cr, provisional data showed.

Stocks in news:

Engineering & infrastructure major Larsen & Toubro on July 23 reported a 21.2 percent growth in June quarter consolidated profit at Rs 1,473 crore year-on-year, with order inflow rising 11 percent.

FMCG major Hindustan Unilever (HUL) has on July 23 reported 14.8 percent jump in its standalone net profit at Rs 1,755 crore on the back of better volume growth.

NIIT Technologies registered consolidated net profit of Rs 83.4 crore, down 11 percent year-on-year for the quarter ended June 30, 2019.

Technical Recommendations:

We spoke to SMC Global Securities and here’s what they have to recommend:

Power Grid Corporation of India Ltd: Buy| Target: Rs 224| Stop Loss: Rs 199| Upside 7%

Garden Reach Shipbuilders & Engineers Ltd: Buy| Target: Rs 147| Stop Loss: Rs 120| Upside 13%

Thermax Ltd: Buy| Target: Rs 1222| Stop Loss: Rs 1020| Upside 11%

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Jul 24, 2019 08:52 am
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