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Last Updated : Sep 25, 2019 10:50 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; Godrej Properties Finolex Cables top buying idea

The market will take directional cues from the upcoming September quarter earnings of the corporates and RBI's monetary policy outcome on October 4.

Sandip Das @Im_Sandip1

Nifty50 is expected to open on a negative note on September 25 following weak global cues. US lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world’s largest economy.

While some consolidation was expected as the market is trading near peak valuations, analysts are of the view that it will offer fresh buying opportunities.

The market will take directional cues from the upcoming September quarter earnings of the corporates and RBI's monetary policy outcome on October 4.

Close

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 36.5 points loss or 0.31 percent. Nifty futures were trading around 11,695-level on the Singaporean Exchange.

The Sensex index added just 7 points to its previous close to end at 39,097.14 on September 24, with 15 stocks up and 15 down. On the other hand, Nifty lost 12 points to settle at 11,588.20, with 22 stocks in the green and 28 in the red.

Midcaps and smallcaps closed mixed. While the BSE Midcap index slipped 0.51 percent, the Smallcap index settled with a gain of 0.17 percent.

The Indian rupee slipped 9 paise to settle at 71.02 per dollar

Foreign institutional investors (FIIs) sold shares worth Rs 828.49 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 472.81 crore in the Indian equity market on September 24, as per provisional data available on the NSE.

Stocks in news:

State Bank of India - The proposed 2-day bank strike has been deferred.

Bodal Chemicals: The company informed that Bodal Bangla has been incorporated in Dhaka, Bangladesh as a subsidiary company of Bodal Chemicals.

Kaveri Seed Company: The board of directors, at its meeting held on September 24, approved the proposal for buyback.

AGC Networks: Rating agency CARE has given "CARE D" to the company's long-term bank facility (term loan) worth Rs 21.37 crore. On fund-based long-term facility worth Rs 100 crore, CARE has "CARE C" rating with a stable outlook.

Munjal Auto: ICRA has reaffirmed its rating assigned to the company's long-term, short-term bank facilities and commercial papers.

Technical Recommendations:

We spoke to HDFC Securities and here’s what he has to recommend:

Godrej Properties: Buy | LTP: Rs 1,006.90 | Target: Rs 1,110 | Stop loss: Rs 950 | Upside: 9%

Deepak Nitrite: Buy | LTP: Rs 301 | Target: Rs 335 | Stop loss: Rs 287 | Upside: 11%

Finolex Cables: Buy | LTP: Rs 412 | Target: Rs 462 | Stop loss: Rs 386 | Upside: 12%

(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 Sep 25, 2019 08:34 am
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