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Last Updated : Aug 29, 2019 10:01 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; Bata, ICICI Lombard top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 0.32 percent loss or 35 points. Nifty futures were trading around 11,013-level on the Singaporean Exchange.

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The Nifty50 is expected to open lower on Thursday following Asian markets which were trading lower as global bond yields flirted with record low levels.

Sharp falls in U.S. Treasury yields also meant equities might be attractive for some investors even though traders in stocks globally have bailed out in droves in the past several months due to recession worries, said a Reuters report.

Overnight, US markets closed higher. The Dow Jones Industrial Average rose 258.2 points to 26,036.1, the S&P 500 gained 18.78 points to 2,887.94 and the Nasdaq Composite added 29.94 points to 7,856.88.

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Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 0.32 percent loss or 35 points. Nifty futures were trading around 11,013-level on the Singaporean Exchange.

The rupee declined by 29 paise to close at 71.77 against the US dollar on Wednesday as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen.

On the institutional front, FPIs were net sellers in Indian markets for Rs 935 cr while the DIIs were net buyers to the tune of Rs 359 cr, provisional data showed.

Stocks in news:

Indiabulls Housing Finance: Shareholders approved up to Rs 1.5 lakh crore NCDs in FY20.

Nestle India: NSE to include Nestle in Nifty50 from September 27, and will remove Indiabulls Housing Finance.

Coffee Day Enterprises has got a 45-day extension from the Registrar of Companies (RoC) for its annual general meeting for the financial year 2018-19.

Technical Recommendations:

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

ICICI Lombard General Insurance Co Ltd: Buy| CMP: Rs.1,249.85 | Target: Rs 1,343 |Stop Loss: Rs 1,200| Upside 7.5%

Bata India: Buy| CMP: Rs.1,507.70 | Target: Rs 1,620 |Stop Loss: Rs.1,445|Upside 7.5%

Jubilant FoodWorks Ltd: Sell | CMP: Rs 1,185.25 | Target: Rs 1,115 |Stop Loss: Rs 1,230| Upside 6%

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 29, 2019 08:36 am
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