Market Headstart: Nifty seen opening lower; BEL, Apollo Hospitals top buys

The Nifty is expected to open lower on November 8 tracking the muted trend seen in other Asian markets.

Trends on SGX Nifty indicate a negative opening for the index in India, with a loss of 48 points. Nifty futures were trading around 12,010 levels on the Singaporean Exchange.

The final tally on D-Street – the Sensex rose 183 points to a fresh closing high of 40,653 and the Nifty rallied 46 points to close at 12,012 on November 7.

The rupee pared its initial losses to settle flat at 70.97 against the dollar on November 7 after the US-China trade deal hopes enthused investor sentiments.

On the institutional front, FPIs were net buyers in Indian equity markets to the tune of Rs 926 crore while DIIs were net sellers to the tune of Rs 635 crore, according to provisional data.

Stocks in news:

Realty major DLF Ltd on November 7 reported a 19 percent increase in consolidated net profit at Rs 445.85 crore for the second quarter of this fiscal year.

Indraprastha Gas Ltd, the city gas distributor in the national capital and adjoining cities, on Thursday reported more than doubling of its September quarter net profit on lower tax rate and rise in gas sales.

Raymond on November 7 announced the restructuring of its core lifestyle business into a separate entity. Every shareholder of Raymond Ltd will be issued the shares of the new company in the ratio of 1:1.

Technical Recommendations:

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

Bharat Electronics: Buy| LTP: Rs.108.90| Target: Rs 118 |Stop Loss: Rs.103 | Upside 8%

Apollo Hospitals: Buy| LTP: Rs.1467| Target: Rs 1550| Stop Loss: Rs.1400 | Upside 5.6%

RIL: Sell| LTP: Rs.1458 | Target: Rs 1390| Stop Loss: Rs 1500 | Downside 4.6%

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