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Last Updated : Jun 18, 2019 09:04 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Ashok Leyland, Canara Bank top shorting ideas

Trends on SGX Nifty indicate a flat-to-positive opening for the benchmark index in India, a rise of 10 points or 0.09 percent. Nifty futures were trading around 11,708-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open higher on Tuesday following a mixed trend seen in other Asian markets. Investors are cautious ahead of the Federal Reserve’s interest rate meeting on June 18-19.

“Wall Street edged higher on Monday, supported by Facebook, Amazon, and Apple, as investors awaited a key Federal Reserve meeting that is expected to lay the groundwork for an interest rate cut later this year,” said a Reuters report.

Trends on SGX Nifty indicate a flat-to-positive opening for the benchmark index in India, a rise of 10 points or 0.09 percent. Nifty futures were trading around 11,708-level on the Singaporean Exchange.

Close

The Indian rupee June 17 fell by another 11 paise to close at 69.91 to the US currency, its third straight-session loss, in line with intense sell-offs in domestic equities amid concerns over Indo-US trade tariff disagreements.

On the institutional front, FPIs were net sellers in Indian markets for Rs 331 crore while the DIIs were net buyers to the tune of Rs 1257 cr, provisional data showed.

Stocks in news:

Engineering major L&T‘s open offer to buy 31 percent of Mindtree shares at Rs 980 per share opened on June 17, 2019.

Lenders of Jet Airways, led by State Bank of India (SBI), have decided to seek resolution for the grounded airline under the Insolvency and Bankruptcy Code (IBC) after a failed stake sale attempt and months of deliberations to find new investors.

HDFC Asset Management Company (AMC) has decided to acquire the scrips (non-convertible debentures or NCDs) of two of Essel group companies, namely Edisons Infrapower & Multiventures and Sprit Infrapower & Multiventures on its books from its fixed maturity plans (FMP) that had invested in them.

Technical Recommendations:

We spoke to Religare Broking and here’s what they have to recommend:

Power Grid Corporation of India Ltd: Buy| Target: Rs 203| Stop-Loss: Rs 188| Upside 5.2 %

Ashok Leyland Ltd: Sell June Futures| Target: Rs 78| Stop-Loss: Rs 89 |Downside 8.2%

Canara Bank: Sell June Futures| Target: Rs 245| Stop-Loss: Rs 268| 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 Jun 18, 2019 08:54 am
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