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Last Updated : May 24, 2019 08:51 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Eicher Motors, Hindustan Zinc top sell ideas

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 57 points or 0.49 percent. Nifty futures were trading around 11,736-level on the Singaporean Exchange.

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The Nifty50 is likely to open higher on Friday despite muted trend seen in other Asian markets. Asian shares are trading near four-month lows on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute.

On Wall Street, the Dow Jones Industrial Average fell 1.1 percent, the S&P 500 lost 1.2 percent and the Nasdaq Composite dropped 1.6 percent, as traders dumped cyclical names on fears that the escalating U.S.-China trade war would stymie global economic growth, said a Reuters report.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 57 points or 0.49 percent. Nifty futures were trading around 11,736-level on the Singaporean Exchange.

Close

The Indian rupee fell against the US dollar on May 23. The rupee ended at 70.01 against the dollar, as compared to close of 69.66 in the previous close.

On the earnings front, as many as 172 companies will announce their March quarter earnings today including names like Ashok Leyland, Bata India, Coffee Day, Dish TV, Grasim Industries, IDFC, JSW Steel and PAGE Industries among others.

Stocks in news:

South-based broadcaster Sun TV Network Ltd Thursday reported a decline of 2.30 percent in its standalone profit after tax to Rs 283.07 crore for the fourth quarter ended March 2019.

General Insurance Corporation (GIC Re) of India Thursday reported a 19.7 percent fall in standalone net profit at Rs 603.37 crore in the last quarter of the fiscal ended March 2019.

Media and entertainment firm Eros International Media on May 23 reported a 14.21 percent rise in its consolidated net profit at Rs 67.03 crore for the quarter ended March 2019.

Technical Recommendations:

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

Eicher Motors: Sell May Futs| LTP: Rs 20341| Target: Rs 19,410| Stop Loss: Rs 20,940| Downside 5%

Divis Laboratories Ltd: Buy| LTP: Rs 1731| Target: Rs 1819| Stop Loss: Rs 1688.5| Upside 5%

Hindustan Zinc: Sell May Futs| LTP: Rs 248| Target: Rs 236| Stop Loss: Rs 255.5| 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 May 24, 2019 08:46 am
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