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Last Updated : Aug 22, 2019 08:59 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; NIIT Tech, Nestle top buy ideas

Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.24 percent loss or 26 points. Nifty futures were trading around 10,906-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open lower on Thursday following Asian markets which were trading mostly mixed.

US markets ended higher after minutes from last month’s Federal Reserve meeting showed policymakers had debated a more aggressive interest rate cut, said a Reuters report.

The Dow Jones Industrial Average rose 240.29 points, or 0.93%, to 26,202.73, the S&P 500 gained 23.92 points, or 0.82%, to 2,924.43 and the Nasdaq Composite added 71.65 points, or 0.90%, to 8,020.21.

Close

Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.24 percent loss or 26 points. Nifty futures were trading around 10,906-level on the Singaporean Exchange.

The S&P BSE Sensex fell 267 points to 37,060 while the Nifty50 closed 98 points down at 10,918 on Wednesday.

The Indian rupee on August 21 clawed back some lost ground to close at 71.55, up 16 paise against the US dollar in line with stronger emerging market currencies.

On the institutional front, FPIs were net sellers in Indian markets for Rs 770 cr while the DIIs were net buyers to the tune of Rs 353 cr, provisional data showed.

Stocks in news:

Wipro announced a strategic partnership with the Indian Institute of Science (IISc) to conduct advanced applied research in autonomous systems, robotics and 5G space.

LIC Housing Finance: Fidelity Management to sell stake in company, the book size at $200 million – CNBC-TV18 sources.

Jai Corp: Company decided to merge a wholly owned subsidiary, Jai Realty Ventures Limited with itself.

Technical Recommendations:

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

NIIT Tech: Buy| LTP: Rs 1365.45 | Target: Rs 1460|Stop Loss: Rs 1310|Upside 7%

Nestle India: Buy| LTP: Rs.12,594.10| Target: Rs 13,350|Stop Loss: Rs 12,210| Upside 6%

IndusInd Bank: Sell| LTP: Rs. 1,367.20 | Target: Rs 1,285|Stop Loss: Rs 1,415|Downside 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 22, 2019 08:50 am
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