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Last Updated : Dec 23, 2019 06:11 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening higher; Container Corp, L&T top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 24 points gain. Nifty futures were trading around 12,068-levels on the Singaporean Exchange

The Nifty is expected to open higher on December 6 tracking the positive trend seen in other Asian markets as US President Donald Trump’s rhetoric kept investors’ hopes up on a trade deal with China

On December 5, Trump said that US-China trade talks are 'moving right along', striking an upbeat tone despite a lack of agreement over whether existing tariffs should be dropped as part of a deal, reports Reuters.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 24 points gain. Nifty futures were trading around 12,068-levels on the Singaporean Exchange.

Close

The rupee rose sharply in the last hour of trade on December 5 to settle 24 paise higher at 71.29 to the dollar after the RBI promised to continue with its accommodative stance.

On the institutional front, FPIs were net buyers for the first time in Indian markets in December for Rs 653 crore, while the DIIs were net sellers to the tune of Rs 410 crore, provisional data showed.

Stocks in news:

Mahindra & Mahindra Limited (M&M) on December 5 announced that it has acquired 36.63 percent of the share capital of Meru Travel Solutions at Rs 44.71 crore in the first tranche of investment.

Global rating agency Moody's on December 5 downgraded the ratings on private sector lender Yes Bank with a negative outlook citing asset quality concerns and the shrinking capital buffers.

Cadila Healthcare on December 5 said it has filed the New Drug Application (NDA) of Saroglitazar Mg with the Drug Controller General of India (DCGI).

Technical Recommendations:

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

Bajaj Finserv: Sell| LTP: Rs 8,970| Target: Rs8,500| Stop-Loss: Rs 9,300| Downside: +5.55%

Container Corp: Buy| LTP: Rs 568| Target: Rs 615| Stop-Loss: Rs 544| Upside: +8.27%

L&T: Buy| LTP: Rs 1,302| Target: Rs1,380| Stop-loss: Rs1,260 | Upside: +5.99%

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First Published on Dec 6, 2019 08:17 am
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