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Last Updated : Aug 01, 2019 08:45 AM IST | Source: Moneycontrol.com

Market Headstart: Expect weak start for Nifty; Coal India, Cholamandalam Investment top buy ideas

Trends on SGX Nifty indicate a negative opening for the broader index in India, a with 0.39 percent loss or 43 points. Nifty futures were trading around 11,078-level on the Singaporean Exchange.

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The Nifty50 is seen opening lower on Thursday following Asian markets which were trading lower after the U.S. Federal Reserve delivered a 25-basis-point rate cut as expected but dashed hopes of a lengthy easing cycle.

Overnight, the Dow and the Nasdaq lost 1.2 percent each while the S&P 500 declined 1.1 percent. MSCI’s gauge of stocks across the globe slipped to a five-week low, said a Reuters report.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a with 0.39 percent loss or 43 points. Nifty futures were trading around 11,078-level on the Singaporean Exchange.

Close

As many as 53 companies will declare their results for June quarter which include names like Bharti Airtel, CEAT, Godrej Consumer, HCC, ICRA, JK Tyre, Marico, Raymond, Tata Power, and Varun Beverages among others.

On the provisional front, FPIs were net sellers in Indian markets for Rs 1497 cr, while the DIIs were net buyers to the tune of Rs 2479 cr, provisional data showed.

Stocks in news:

Essel Group July 31 said Invesco Oppenheimer Developing Markets Fund will buy an additional 11 percent stake in Zee Entertainment Enterprises from the company's promoters for Rs 4,224 crore. Oppenheimer held a 7.74 percent stake in Zee Entertainment as of June 30, 2019.

Eicher Motors Q1 profit plunges 22% to Rs 452 cr, subdued volume drags revenue 6%. Royal Enfield maker Eicher Motors has reported a steep 21.6 percent year-on-year fall in June quarter consolidated profit at Rs 451.8 crore, dented by subdued volume performance and weak operating income.

Wipro: Company received final comments on share buyback from SEBI on July 30. Buyback of shares to open on August 14 and close on August 28.

Technical Recommendations:

We spoke to Bonanza Portfolio and here’s what they have to recommend:

Coal India: Buy| CMP: Rs.204.45 | Target: Rs 218|Stop Loss: Rs 195|Upside 6.62%

Britannia Industries Ltd: Sell| LTP: Rs 2605| Target: Rs 2450|Stop Loss Rs.2685| Downside 6%

Cholamandalam Investment and Finance: Buy| CMP: Rs 259.65 | Target: Rs 278| Stop Loss: Rs 249|Upside 7.10%

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 Aug 1, 2019 08:33 am
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