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Last Updated : Jul 23, 2019 08:52 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty may open higher; Bata India, SBI top selling ideas

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 18 points or 0.16 percent. Nifty futures were trading around 11,356-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open higher on Tuesday following Asian markets which were trading mixed. Overnight, the S&P 500 climbed towards a record high supported by expectations of lower interest rates across the world.

“The European Central Bank meets on Thursday and money markets are pricing in a more than 50% chance of a 10-basis-point cut in interest rates. Federal Reserve officials are set to meet just days later, and are widely expected to lower rates by at least 25 basis points,” said a Reuters report.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 18 points or 0.16 percent. Nifty futures were trading around 11,356-level on the Singaporean Exchange.

Close

The rupee depreciated by 12 paise to close at 68.92 against the US dollar on July 22 tracking heavy losses in the domestic equity market and a spike in crude oil prices following Iran's seizure of a British tanker.

On the institutional front, FPIs were net sellers in Indian markets for Rs 1916 cr while DIIs were net buyers in Indian markets for Rs 1829 cr, provisional data showed.

Stocks in news:

Kotak Mahindra Bank on July 22 said its standalone profit in the April-June period grew 32.7 percent year-on-year to Rs 1,360.2 crore.

Chennai-based TVS Motor Co July 22 reported a 5.5 percent decline in consolidated net profit at Rs 151.24 crore for the first quarter ended June 30.

United Spirits on July 22 reported a 25.66 percent jump in consolidated net profit to Rs 181.7 crore in the first quarter of 2019-20. The company had posted a consolidated net profit of Rs 144.6 crore in the year-ago quarter, United Spirits said in a regulatory filing.

Technical Recommendations:

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

MCX: Buy| LTP: 877| Target: Rs. 940| Stop-Loss: Rs 840| Upside 7%

SBI: Sell| LTP: 351| Target: Rs 330| Stop-loss Rs 363 | Downside 6%

Bata India: Sell| LTP: Rs 1280| Target: Rs 1200| Stop-Loss: Rs 1325| 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 Jul 23, 2019 08:48 am
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