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Last Updated : Apr 26, 2019 08:52 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to start May series on a flat note; Axis Bank, Tata Steel in focus

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 5 points or 0.04 percent. Nifty futures were trading around 11,735 -level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open flat on Friday tracking mixed trend seen in other Asian markets. The index closed 84 points lower at 11,641 on Thursday.

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 5 points or 0.04 percent. Nifty futures were trading around 11,735 -level on the Singaporean Exchange.

The S&P 500 closed just barely lower on Thursday, as a dive in industrial stocks and concerns about slowing global growth eclipsed gains in Facebook and Microsoft, said a Reuters report.

Asian shares got off to a subdued start on Friday, while the dollar held near two-year highs against the euro on speculation that data later in the day will show the US economy outperforming the rest of the developed world, it said.

As many as 18 companies will declare their results for the quarter ended March which include names like Yes Bank, HDFC AMC, Hero MotoCorp, Piramal Enterprises and HDFC Life Insurance Company among others.

Stocks in news:

Axis Bank posted a profit of Rs 1,505 crore for the quarter ended March 2019, as provisions fell sharply and asset quality improved with a decline in slippages.

Deutsche Bank maintains a buy rating with a target of Rs 875

Macquarie maintains a neutral rating with a target of Rs 760

Tata Steel reported a profit of Rs 2,430.92 crore for the quarter ended March 31. Tata Steel board has approved the merger of Bamnipal Steel and Tata Steel BSL (formerly Bhushan Steel Ltd) into the company.

The board has recommended a merger ratio of one equity share of Rs 10 each of Tata Steel for every 15 shares of Rs 2 each of Tata Steel BSL. CLSA on Tata Steel Maintained ‘Sell’ with target price of Rs 395.

Biocon Ltd on Thursday posted a growth of 64% in net profit at Rs 213.7 crore during the quarter ended March 31, 2019, as compared to Rs 130.4 crore during the same period last year.

Technical Recommendations:

We spoke to 5nance.com and here's what they have to recommend:

Wipro Ltd: Buy| Target: Rs. 310| Stop-Loss: Rs. 280 | Upside: 5%

UPL Ltd: Buy| Target: Rs. 995 | Stop-Loss: Rs 930 | Upside: 3%

Tata Steel Ltd: Sell| Target: Rs. 490 | Stop-Loss: Rs. 535 | Downside: 4%

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.
First Published on Apr 26, 2019 08:44 am
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