Market Headstart: Nifty seen opening flat; Axis Bank, ZEE top buys

The Nifty is expected to open flat on December 24 tracking muted trend seen in other Asian markets. Overnight, US markets closed at record highs after President Donald Trump said an initial US-China trade pact would be signed soon.

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a nine-point loss. Nifty futures were trading around 12,270-level on the Singaporean Exchange.

On December 23, the Sensex fell 38 points to close at 41,642 and the Nifty ended with losses of just nine points at 12,262.

The rupee depreciated six paise to close at 71.18 against the dollar on December 23 amid muted activity in domestic equities and steady rise in crude oil prices.

On the institutional front, FPIs were net buyers in Indian market to the tune of Rs 1,463 crore while DIIs were net sellers to the tune of Rs 1,947 crore, provisional data showed.

Stocks in news:

Leading stock exchange BSE on December 23 said as many as four companies, including Housing Development Finance Corporation (HDFC) and JSW Steel, have filed applications to list their commercial papers (CPs).

Prestige Estates Projects Ltd's board has approved issuing 1.34 crore equity shares to Singapore's sovereign wealth fund GIC on preferential basis for Rs 434 crore. GIC held 4.36 per cent stake in the company as on September 30, 2019.

The board of NIIT Technologies approved the proposal to buyback 19.6 lakh shares of Rs 1725 per share.

The creditors of shuttered Jet Airways have decided to seek fresh initial bids for the airline. The Committee of Creditors (CoC) would seek fresh Expression of Interest (EoI), according to a regulatory filing on Monday.

Technical Recommendations:

We spoke to Religare Broking and here's what they have to recommend:

Axis Bank | LTP: Rs 743.15 | Target: Rs 780 | Stop loss: Rs 725 | Return: 5%

Zee Entertainment Enterprises | LTP: Rs 294.80 | Target: Rs 310 | Stop loss: Rs 285 | Return: 5%

Tata Chemicals | LTP: Rs 667.90 | Target: Rs 695 | Stop loss: Rs 650 | Return: 4%

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.