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Last Updated : Sep 23, 2019 10:57 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to give a power-packed opening; VIP Ind, Deepak Nitrite top buys

Trends on SGX Nifty indicate a robust opening for the broader index in India, with a 133.5 points gain or 1.18 percent. Nifty futures were trading around 11,473-level on the Singaporean Exchange.

Sandip Das @Im_Sandip1

The Nifty50 is expected to witness a gap up opening on Monday following Asian markets which were trading higher on hopes of an interim Sino-US tariff deal after the two countries described their talks as “productive” and “constructive”, while oil gained more than 1 percent as Middle East tensions remained elevated.

Trends on SGX Nifty indicate a robust opening for the broader index in India, with a 133.5 points gain or 1.18 percent. Nifty futures were trading around 11,473-level on the Singaporean Exchange.

The Sensex closed with a massive gain of 1,921 points, or 5.32 percent, at 38,014.62 on Friday, with 25 stocks in the green and 5 in the red. Meanwhile, the Nifty50 closed at 11,274.20, up 569 points or 5.32 percent.

Close

The rupee on Friday rose by 40 paise to settle at 70.94 to the US dollar after forex market sentiment was buoyed by the government decision to slash corporate taxes.

Foreign investors have pulled out a net sum of Rs 4,193 crore from the Indian capital markets in September so far, but the trend is expected to reverse on the back of fiscal relief measures announced by the government, experts said.

Stocks in news:

Petronet LNG Ltd, India's biggest liquefied natural gas importer, has signed a preliminary deal to buy a stake in Tellurian Inc's proposed Driftwood project in Louisiana and import 5 million tonnes a year of LNG.

Drug firm Torrent Pharmaceuticals is expanding its voluntary recall for tablets used to control hypertension in the US due to detection of traces of N-Methylnitrosobutyric acid, according to health regulator USFDA.

Hero MotoCorp might see a reduction in its earlier-projected capex of Rs 1,500 crore for the current financial year, as the two-wheeler industry continues to face headwinds with no relief in sight from the prolonged slowdown, a senior company official said.

Technical Recommendations:

We spoke to Angel Broking and here’s what they have to recommend:

VIP Industries: Buy| LTP: Rs 459.30| Target: Rs 510| Stop Loss: Rs 429.40| Upside 11%

Deepak Nitrite: Buy| LTP: Rs 286.55| Target: Rs 325| Stop Loss: Rs 267| Upside 13%

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 Sep 23, 2019 08:29 am
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