The Nifty50 is likely to open flat-to-higher on Monday tracking positive trend seen in other Asian markets. The index closed flat at 10,906 on Friday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 19 points or 0.17 percent. Nifty futures were trading around 10,954-level on the Singaporean Exchange.
US stocks rallied on Friday, helping Wall Street’s major indexes advance for the fourth consecutive week, as increased hopes the United States and China would resolve their trade dispute lifted shares across sectors, said a Reuters report.
Asian markets were in limbo early on Monday ahead of data likely to show the Chinese economy slowed at the end of last year, underlining the urgent need for more stimulus as Beijing wrestles with the United States over trade, it said.
On the earnings front, as many as 26 companies will declare their results for the quarter ended December on Monday which includes names like Amtek Auto, HDFC AMC, Hindustan Zinc, JustDial, Kotak Mahindra Bank, Union Bank of India etc. among others.
Stocks in news:
HDFC Bank posted a 20.3 percent year-on-year (YoY) growth in Q3 net profit at Rs 5,585.85 crore on strong growth in its net interest income (NII). Net Interest Income rose by 21.9% YoY basis.
CLSA maintains buy and raised its target price to Rs 2730 from Rs 2670 earlier
IT firm Wipro on Friday reported 31.83 percent year-on-year rise in profit at Rs 2,544.50 crore for the quarter ended December 31. The board also recommended issuing bonus equity shares in the proportion of 1:3, which is one bonus equity share of Rs 2 each for every three fully paid-up equity shares held.
Morgan Stanley maintained an underweight rating with a target price of Rs 300
Nomura maintained its neutral rating with a target price of Rs 320
L&T: SEBI has asked the company to not proceed with buyback offer due to likely adverse debt-equity ratio.
Technical Recommendations:
We spoke to 5nance.com and here’s what they recommended:
Indraprastha Gas Ltd: Buy| Target: Rs 295| Stop-Loss: Rs 265 | Upside: 5%
Sun TV Network Ltd: Sell | Target: Rs. 504 | Stop-Loss: Rs. 560 | Downside 4%
ICICI Securities Ltd: Sell| Target: Rs. 221 | Stop-Loss: Rs. 240 | Downside: 3%
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