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Last Updated : Oct 10, 2019 10:46 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening lower; Bharti Airtel, Axis Bank top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 51 points loss or 0.45 percent. Nifty futures were trading around 11,287-level on the Singaporean Exchange.

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The Nifty50 is expected to open lower on October 10 tracking Asian markets which were trading lower as initial signs suggest that Washington and Beijing were still wide apart on trade issues and were making no progress in deputy-level talks.

Chinese government officials told Reuters that Beijing had lowered expectations for significant progress from this week’s trade talks with the United States, upset by the blacklisting of Chinese companies.

The S&P BSE Sensex rose 645 points to 38,177 while the Nifty50 closed 186 points higher at 11,313 on October 10.

Close

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 51 points loss or 0.45 percent. Nifty futures were trading around 11,287-level on the Singaporean Exchange.

The rupee pared most of its initial losses and settled the day marginally down by 5 paise as China offering to buy additional US goods to ease trade tensions.

On the institutional front, FPIs were net sellers in Indian markets for Rs 485 cr while the DIIs were net buyers to thr tune of Rs 956 cr, provisional data showed.

Stocks in news:

Lakshmi Vilas Bank Ltd (LVB) said on October 9 the central bank had not approved its merger with Indiabulls Housing Finance Ltd, making it the latest bank to face struggles in an already troubled sector.

RIL: Country's largest telecom operator Reliance Jio on October 9 announced that its customers would now have to pay 6 paise per minute for voice calls made to rival phone networks.

Drug firm Torrent Pharmaceuticals on October 9 said it had received a warning letter from the US health regulator for its Indrad facility in Gujarat.

Technical Recommendations:

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

Bharti Airtel: Buy | LTP: Rs 359 | Target: Rs 390 | Stop Loss: Rs 328 | Upside 8 percent

Axis Bank: Buy | LTP: Rs 686 | Target: Rs 750 | Stop Loss: Rs 620 | Upside 9 percent

LIC Housing Finance: Buy | LTP: Rs 378 | Target: Rs 425 | Stop Loss: Rs 350 | Upside 12 percent

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 Oct 10, 2019 08:55 am
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