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Last Updated : Dec 13, 2019 02:42 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty is seen opening higher; HDFC Life, Avanti Feeds top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 30 points gain. Nifty futures were trading around 12,050 levels on the Singaporean Exchange

The Nifty is expected to open higher on December 13, following a positive trend seen in other Asian markets, after media reports suggested that the United States has agreed to reduce some tariffs on Chinese goods and delay a tranche of tariffs as part of a phase one deal.

China also has agreed to make $50 billion in agricultural purchases in 2020 as part of the deal, reports Reuters.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 30 points gain. Nifty futures were trading around 12,050 levels on the Singaporean Exchange.

Close

On December 12, the 30-shares Sensex closed 169 points, or 0.42 percent, higher at 40,581.71 and Nifty shut shop at 11,971.80, with a gain of 62 points, or 0.52 percent.

The rupee pared most of its early gains and settled marginally up at 70.83 against the dollar amid uncertainty over the delay in the deadline for imposition of higher US tariffs on Chinese goods.

On the institutional front, foreign institutional investors (FIIs) sold shares worth Rs 683.83 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 810.23 crore in the Indian equity market on December 12, provisional data available on the NSE showed.

Stocks in news:

US-based Schall Law Firm has said it will file a class-action lawsuit against Infosys to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.

Wipro has bagged a multi-year order from Olympus for cloud services.

Biocon on December 12 said it has granted exclusive rights to Equillium to develop and commercialise Itolizumab in Australia and New Zealand.

Technical Recommendations:

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

HDFC Life Insurance Company: Buy | LTP: Rs 584 | Target: Rs 630 | Stop Loss: Rs 564 | Upside 8%

Avanti Feeds: Buy | LTP: Rs 500.85 | Target: Rs 540 | Stop Loss: Rs 480 | Upside 8%

Havells India: Sell | LTP: Rs 652.15 | Target: Rs 610 | Stop Loss: Rs 677 | Downside 6%

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First Published on Dec 13, 2019 08:11 am
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