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Last Updated : Dec 09, 2019 01:19 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening flat; Dr Reddy’s, Axis Bank top buys

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a four-point loss. Nifty futures were trading around 12,083-levels on the Singaporean Exchange


The Nifty is expected to open flat on November 27 despite a positive trend seen in other Asian markets, which were largely trading higher on upbeat signals from Sino-US trade talks.

Overnight, US stocks touched record levels, as upbeat comments by President Donald Trump on trade talks with China eclipsed some softer-than-anticipated economic data, reports Reuters.

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a four-point loss. Nifty futures were trading around 12,083-levels on the Singaporean Exchange.

Close

The Sensex hit a record high of 41,120 before closing 68 points lower at 40,821 and the Nifty surged to a fresh high of 12,132 before closing 36 points lower at 12,037.70 on November 26.

The rupee on November 26 appreciated 24 paise to close at 71.50 against the dollar buoyed by persistent foreign fund inflows and hopes of a breakthrough in the US-China trade logjam.

On the institutional front, FPIs were net buyers in the Indian markets to the tune of Rs 4,677 crore while the DIIs were net sellers to the tune of Rs 4,242 crore, provisional data showed.

Stocks in news:

PIMCO RAE Fundamental Emerging Markets Fund bought 23,88,702 shares of Reliance Infrastructure at an average price of Rs 26.96 per share on November 26 through a bulk deal on NSE.

Reliance Capital on Tuesday said it has defaulted on payments towards its obligations on bonds and interest generated towards the same.

Moody's Investors Service on November 26 said it has placed Bharat Petroleum Corp Ltd's rating on review for downgrade after the government decided to privatize the country's second-biggest state oil refiner.

Technical Recommendations:

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

Dr. Reddy's Laboratories Ltd: Buy| Target: Rs 3200| Stop Loss: Rs 2800| Upside 8%

Carborundum Universal Ltd: Buy| Target: Rs 352| Stop Loss: Rs 300| Upside 10%

Axis Bank Ltd: Buy| Target: Rs 825| Stop Loss: Rs 700| Upside 10%

Disclaimer: The views and investment tips expressed by investment experts 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 Nov 27, 2019 08:07 am
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