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Last Updated : Jul 02, 2019 09:05 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; SBI, Federal Bank top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 20 points or 0.17 percent. Nifty futures were trading around 11,923-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open higher on Tuesday tracking Asian markets which were trading slightly mixed. Overnight, S&P 500 managed to close at a record high after the United States and China agreed on Saturday to resume trade talks.

The S&P BSE Sensex rose 291 points to 39,686 while the Nifty50 closed 76 points higher at 11,865 on Monday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 20 points or 0.17 percent. Nifty futures were trading around 11,923-level on the Singaporean Exchange.

Close

The Indian rupee surrendered most of its early gains and settled for the day 9 paise higher at 68.94 against the US dollar on Monday as investor sentiments were revived by US-China trade truce.

On the provisional front, FPIs were net buyers in Indian markets for Rs 426 cr while the DIIs were net sellers to the tune of Rs 50 cr, provisional data showed.

Stocks in news:

Homegrown auto major Tata Motors on July 1 reported a 14 percent decline in total sales at 49,073 units in June. The company had sold a total of 56,773 units in the same month last year, Tata Motors said in a regulatory filing.

Lenders to the troubled non-banking finance company (NBFC) Dewan Housing Finance (DHFL) have decided to sign the inter-creditor agreement to implement the resolution plan by July 5.

Chennai-based TVS Motor Co July 1 reported an 11 percent decline in total sales at 2,79,102 units in June. The company, which makes two-wheelers and three-wheelers, had sold 3,13,614 units in the same month last year, TVS Motor Co said in a statement.

Technical Recommendations:

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

SBI: Buy| LTP: Rs 361| Target: Rs 400| Stop-Loss: Rs 340| Upside 11%

Federal Bank: Buy| LTP: Rs 109| Target: Rs 120| Stop-Loss: Rs 103 | Upside 10%

CESC: Buy| LTP: Rs 785| Target: Rs 850| Stop-Loss: Rs 760 | Upside 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 Jul 2, 2019 08:39 am
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