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Last Updated : Sep 20, 2019 09:22 AM IST | Source: Moneycontrol.com

Market Headstart: Apollo Tyre, Bata India top stocks to sell

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 15.5 points gain or 0.14 percent. Nifty futures were trading around 10,720-level on the Singaporean Exchange.

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The Nifty50 is expected to open flat on Friday following Asian markets which were trading higher as economic stimulus around the world eased fears of economic deceleration.

“Monetary easing by the U.S. Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment, while the latest U.S. economic data also eased worries about a slowdown in the world’s largest economy,” said a Reuters report.

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 15.5 points gain or 0.14 percent. Nifty futures were trading around 10,720-level on the Singaporean Exchange.

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The S&P BSE Sensex fell 470 points to 36,093 while the Nifty50 closed 135 points lower at 10,704 on Thursday.

The rupee dropped 10 paise to close at 71.34 against the US dollar on September 19 as heavy selling in domestic equities, unabated foreign fund outflows and rising crude oil prices kept investors edgy.

On the institutional front, FPIs were net sellers in Indian markets for Rs 892 cr while the DIIs were net buyers to the tune of Rs 645 cr, provisional data showed.

Stocks in news:

Axis Bank has announced the floor price for its equity issue by qualified institutional placements (QIP) at Rs 661.50 per equity share, according to a release filed with the exchanges.

Morgan Credits (MCPL) on September 19 said it has sold 2.3 percent stake in Yes Bank. MCPL held about 3.03 percent stake in the bank.

JSW Steel's promoter companies have repaid Rs 1,150 crore to release 5.07 crore pledged shares.

Technical Recommendations:

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

Apollo Tyre Ltd: Sell| LTP: Rs 175 | Target: Rs 168 |Stop Loss: Rs.183 | Downside 4%

Bata India: Sell| LTP: Rs 1,530 | Target: Rs 1,450 |Stop Loss: Rs 1,580| Downside 5%

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 20, 2019 08:34 am
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