Trends on SGX Nifty indicate a negative opening for the broader indices in India, a loss of 87.50 points or 0.71 percent. Nifty futures were trading around 12,239-level on the Singaporean Exchange.
She further said the task force in 4 months held 70 stakeholders' consultations on infra investment and recommended infra investment of Rs 102 lakh crore.
Experts feel this is definitely a positive move for not only infrastructure but also construction and cement stocks. stocks that are likely to benefit the most from the move are L&T, Dilip Buildcon, Sadbhav Infrastructure, JK Cement, Heidelberg Cement.
Nifty formed a long negative candle on the daily chart after the formation of a slightly lower top at 12,286 levels of the last session. Experts say, technically, this pattern could be a cheering factor for bears to make a comeback from the highs.
"Nifty is currently placed near the immediate support of 12,120 and a move below this support could open up short-term downward correction in the market. The important reversal pattern is yet to be confirmed at the highs," said Nagaraj Shetti, Technical Research Analyst at HDFC securities.
Three levels to track – 12,152 | 12247| 12,294
Max Call OI: 12500, 12200
Max Put OI: 12000, 11500
Stocks in news: Aster DM Healthcare: Company entered into a share purchase agreement to acquire a 100 percent stake in Wahat Al Aman Home Healthcare.
Skipper: CARE downgraded long term rating on the company's bank facilities to BBB+ with a stable outlook, from A with a negative outlook.
Care Ratings downgraded YES Bank infrastructure bonds, lower tier II bonds and Tier II bonds totaling Rs 16,430.60 crore to Care A from CARE A+, and assigned a negative outlook, the bank said on Tuesday.Technical Recommendations:
We spoke to SMC Global Securities and here’s what they have to recommend:
Axis Bank Ltd: Buy| LTP: Rs 754| Target: Rs 810| Stop Loss: Rs 715| Upside 7%
DCM Shriram Ltd: Buy| LTP: Rs 396| Target: Rs 451| Stop Loss: Rs 360| Upside 14%
Bata India Ltd: Buy| LTP: Rs 1750| Target: Rs 1895| Stop Loss: Rs 1650| Upside 8%
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