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Last Updated : May 30, 2019 08:53 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat ahead of May F&O expiry

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a loss of 2 points or 0.02 percent. Nifty futures were trading around 11,862-level on the Singaporean Exchange.

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The Nifty50 is likely to open flat on Thursday following mixed trend seen in other Asian markets as trade war dispute between the US and China shows no visible sign of cooling off.

Overnight, U.S. stocks fell with the S&P 500 and Nasdaq closing just above key support levels, as worries that a lengthy U.S.-China trade war would crimp global growth pushed investors into the safety of government bonds, said a Reuters report.

“Adding to worries, China’s Huawei Technologies Co Ltd filed a lawsuit against the U.S. government late on Tuesday in its latest bid to fight sanctions from Washington,” added the report.

Close

The S&P BSE Sensex dropped 247 points to 39,502 while the Nifty50 fell by 67 points to close at 11,861 on Wednesday.

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a loss of 2 points or 0.02 percent. Nifty futures were trading around 11,862-level on the Singaporean Exchange.

Sliding for the second straight day, the rupee lost 14 paise to close at 69.83 against the US dollar May 29 as investors sought safe-haven currencies like the greenback and yen amid global growth concerns.

On the earnings front, more than 1000 companies will declare their results for the March quarter which include names like Coal India, Berger Paints, BGR Energy, D B Realty, Deepak Fertilisers, IVRCL, JMT Auto, Kwality, MMTC, ONGC, Ujjivan Financial Services, Unitech, etc. among others.

Stocks in news:

Adani Power on May 29 reported a consolidated net profit of Rs 634.64 crore for the fourth quarter ended March 31, mainly on the back of higher revenues. It had posted a consolidated net loss of Rs 653.25 crore in the same period previous fiscal, the company said in a BSE filing.

Cadila Healthcare's March quarter consolidated profit fell 22.1 percent year-on-year to Rs 460 crore hit by weak operating income.

State-run Power Grid Corporation on May 29 reported about 52 percent jump in standalone net profit at Rs 3,053.56 crore in March quarter, mainly on the back of higher revenues.

Technical Recommendations:

We spoke to ICICIdirect Research and here’s what they have to recommend:

Oberoi Realty: Buy| CMP: Rs 559| Target: Rs 655| Stop Loss: Rs 509| Upside – 17%| Time Frame 6 months

Union Bank: Buy| CMP: Rs 78| Target: Rs 85| Stop Loss: Rs 74| Upside 9%| Time Frame 14 days

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 May 30, 2019 08:47 am
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