Moneycontrol
Last Updated : Oct 17, 2018 08:46 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open gap up; Torrent Power, Tata Elxsi among top intraday ideas

Nifty futures on the Singaporean exchange are trading strong, gaining almost 100 points. It points to a gap-up opening on the index here as well.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open higher on Wednesday following a positive trend seen in other Asian markets. The index closed 72 points higher at 10,584 on Tuesday.

Nifty futures on the Singaporean exchange are trading strong, gaining almost 100 points. It points to a gap-up opening on the index here as well.

Asian equities got some much needed relief omuch-needed after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies, said a Reuters report.

US stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs and solid economic data, as equities rebounded from a recent sharp sell-off, it said.

On the earnings front, the big index heavyweight, Reliance Industries, will be declaring its September quarter earnings later in the day. Apart from it, names such as Mindtree, Havells India, DCB Bank, ACC, and NIIT Technologies will also be in focus due to earnings announcements.

Stocks in news:

Infosys reported a net profit of Rs 4,110 crore for the quarter ended September which was better than Reuters estimate of Rs 4,088 crore.

Crisil Ratings Tuesday reported a 30 per cent growth in net income at Rs 90 crore, driven by new new client additions and focus on efficiencies in the September quarter.

Two-wheeler major Hero MotoCorp's second quarter (July-September) profit declined 3.4 percent year-on-year to Rs 976.28 crore, dented by weak operational performance.

Shakti Pumps Q2: Consolidated profit jumps to Rs 9.27 crore versus Rs 3.02 crore; revenue surges to Rs 138.7 crore versus Rs 67.7 crore YoY.

Mahindra CIE Automotive Q2: Profit surges 73.9 percent to Rs 42.6 crore versus Rs 24.5 crore; revenue rises 21.7 percent to Rs 652.4 crore versus Rs 536.2 crore YoY.

Technical Recommendations:

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

Torrent Power: Buy| LTP: Rs 245.10|Target: Rs 250| Stop Loss: Rs 240| Return 2%

Tata Elxsi: LTP: Rs 1039| Target: Rs 1060| Stop Loss: Rs 1035| Return 2%

Equitas Holdings Ltd: Buy| LTP: Rs 131.40| Target: Rs 138| Stop Loss: Rs 128| Return 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.
First Published on Oct 17, 2018 08:46 am
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