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Last Updated : Sep 24, 2019 11:00 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open on positive note; SBI, Siemens top buy ideas

The Nifty50 is expected to witness a positive opening on September 24 following news of Sino-US tariff trade talk which will resume in early October.

Sandip Das @Im_Sandip1

The Nifty50 is expected to witness a positive opening on September 24 following news of Sino-US tariff trade talk which will resume in early October.

The recent measures by the government, including the reduction in the corporate tax rate, the abolition of enhanced tax surcharge and updated norms of FDI and CSR spending, are seen as long-term positives by most foreign brokerages.

While the market is riding the wave of positivity, analysts say, there is a risk of consolidation as well.

Close

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 49 points gain or 0.42 percent. Nifty futures were trading around 11,650-level on the Singaporean Exchange.

Sensex closed the day with a robust gain of 1,075 points or 2.83 percent at 39,090.03, with 16 stocks in the green and 14 in the red. The Nifty index jumped 326 points or 2.89 percent to settle at 11,600.20. Among the 50 stocks in the index, 32 logged gains.

The rupee ended flat at 70.94 against dollar despite steller stocks rally. The local currency settled at against major currencies and lower crude prices. At the interbank foreign exchange, the domestic unit opened weak and shuttled between a high of 70.87 and a low of 71.03 during the day.

Foreign institutional investors (FIIs) bought shares worth Rs 2,684.05 crore, while domestic institutional investors (DIIs) too bought Rs 291.95 crore worth of shares in the Indian equity market on September 23, as per provisional data available on the NSE.

Stocks in news:

Wipro collaborated with FEBRABAN to develop noomis, an online platform for the financial services industry in Brazil.

Manappuram Finance approved raising upto Rs 465 crore via NCDs.

NCC: Promoter released a pledge on 1 lakh shares (0.02 percent equity) on September 17.

Zensar Technologies has expanded operations in Cape Town, South Africa.

Technical Recommendations:

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

Siemens: Buy | LTP: Rs 1,445.10 | Target: Rs 1,490-1,530 | Stop Loss: Rs 1,350

State Bank of India: Buy | LTP: Rs 313.60 | Target: Rs 335-345 | Stop Loss: Rs 295

Indraprastha Gas: Buy | LTP: Rs 354.80 | Target: Rs 385-395 | Stop loss: Rs 335

(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 24, 2019 08:40 am
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