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Last Updated : Aug 21, 2019 07:59 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; United Breweries, Asian Paints top sell ideas

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 0.10 percent loss or 11 points. Nifty futures were trading around 11,017.50-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat on Wednesday tracking Asian markets which are trading lower as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China.

Wall Street rally ends as financial shares slide: Financial shares led US stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week, reported Reuters.

On August 20, the BSE Sensex shed 74.48 points at 37,328 while the Nifty50 was down 36.90 points to 11,017.

Close

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 0.10 percent loss or 11 points. Nifty futures were trading around 11,017.50-level on the Singaporean Exchange.

Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in US crude inventories, but ongoing worries about a global economic recession capped gains.

The Indian rupee ended 28 paise lower at a new six-month low of 71.71 against the US dollar.

On the institutional front, FPI were net buyers in Indian markets for Rs 373 crore, while DIIs also remained net buyers to the tune of Rs 296 crore, provisional data showed.

Stocks in news:

Sun Pharma Advanced Research: US company Abraxis Biosciences LLC filed plea against the company, alleging that company's filing of New Drug Application (NDA) for Taclantis injection is an act of infringement of the Orange Book listed patents for Abraxane. Company believes that the lawsuit is without merit and will vigorously defend against these allegations.

NMDC: Karnataka government withdraws approval to extend mining lease for Donimalai and company filed revision application against Karnataka government w.r.t. Donimalai order.

SpiceJet: Company will shift its entire operations at Mumbai to Terminal 2 of Chhatrapati Shivaji Maharaj International Airport from October 1 and single terminal operations will lead to better synergies and cut down costs substantially for the airline.

Alembic Pharmaceuticals: Company's Bioequivalence facility in Vadodara inspected by US Food & Drug Administration (USFDA) with no 483s observations.

Technical Recommendations:

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

Tech Mahindra: Buy | LTP: 669.15 | Stop Loss: Rs 640 | Target range: Rs 710-740 | Upside 6-11%

United Breweries (UBL): Sell | LTP: Rs 1,321 | Stop Loss: Rs 1,380 |Target range: Rs 1,250-1,200 | Downside 6-10%

Asian Paints: Sell | LTP: Rs 1,590.30 | Stop Loss: Rs 1,640 | Target range: 1,500-1,460 | Downside 5-8%

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 Aug 21, 2019 08:52 am
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