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Last Updated : Jul 01, 2019 08:50 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; Canara Bank, HDFC Life top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 9.5 points or 0.08 percent. Nifty futures were trading around 11,847-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat-to-higher on Monday tracking Asian markets which were trading higher after the United States and China agreed on Saturday to restart trade talks.

On Friday, Wall Street advanced with the S&P 500 and the Dow closing the book on their best June in generations. “The S&P 500 had its best June since 1955. The Dow posted its biggest June percentage gain since 1938, the waning days of the Great Depression,” said a Reuters report.

Oil prices rose more than USD 1 a barrel on Monday after Saudi Arabia, Russia, Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting this week, added the report.

Close

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 9.5 points or 0.08 percent. Nifty futures were trading around 11,847-level on the Singaporean Exchange.

The S&P BSE Sensex was down 191 points to 39,394 while the Nifty50 closed 52 points down at 11,788 on Friday.

The Indian Rupee June 28 notched a marginal 4 paise gain at 69.03. On a weekly basis, the Indian currency has gained 55 paise.

Foreign investors infused a net amount of Rs 10,384 crore into the Indian capital markets in June and remained net buyers for the fifth month in a row on expectations of continued economic reforms.

Stocks in news:

Price Waterhouse & Co Chartered Accountants LLP has resigned as the auditor of Eveready Industries citing reservations on certain inter-group transactions that promoter group made during FY19.

Reliance Home Finance has missed payment towards maturing non-convertible debentures (NCDs) worth Rs 400 crore to Reliance Mutual Fund on June 28, and on June 29, the NCD was extended by four months till October 31.

JSW Steel, the largest steelmaker in India, has taken a step closer in its pursuit of Asian Colour Coated Ispat, which had debts of Rs 4,900 crore and was referred to the insolvency courts.

Technical Recommendations:

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

HDFC Life: Buy| LTP: Rs 464.60| Target: Rs 486| Stop Loss: Rs 448| Upside 6%

Canara Bank Ltd: Buy| LTP: Rs 284| Target: Rs 299| Stop Loss: Rs 271| Upside 7%

Apollo Hospitals Ltd: Buy| LTP: Rs 1,365.15| Target: Rs 1440| Stop Loss: Rs 1322| Upside 6%

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 Jul 1, 2019 08:48 am
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