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Last Updated : Nov 01, 2019 08:37 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening lower; Ceat, Apollo Tyres top buys

Trends on the SGX Nifty indicate a negative opening for the broader index

The Nifty is expected to open lower on November 1 tracking weak trends seen in other Asian markets, which were trading lower on fresh concerns over Sino-US trade prospects.

Trends on the SGX Nifty indicate a negative opening for the broader index in India, with a cut of 22 points. Nifty futures were trading around 11,905 levels on the Singaporean Exchange.

The Sensex rose 77 points to close at 40,129 and the Nifty rose 33 points to close at 11,877 on October 31.

Close

The rupee pared all its morning gains and ended marginally lower at 70.92 per dollar on October 31.

On the institutional front, FPIs were net buyers in Indian markets to the tune of Rs 1,870 crore while DIIs were net sellers to the tune of Rs 650 crore, provisional data showed.

Stocks in news:

Bharti Airtel: S&P placed Bharti Airtel on Credit Watch Negative on adverse SC ruling.

Jindal Saw: Q2 profit jumps sharply to Rs 301 crore versus Rs 97.18 crore, revenue falls 9.4 percent to Rs 2,681.6 crore versus Rs 2,960.1 crore YoY.

Indian Oil Corporation (IOC) reported standalone net profit at Rs 563.4 crore for the July-September period, an 84.3 percent quarter-on-quarter drop due to higher inventory losses.

Technical Recommendations:

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

V-Guard: Buy| LTP: Rs.250| Target: Rs 284 |Stop Loss: Rs.234 | Upside 13%

Ceat: Buy| LTP: Rs.1008| Target: Rs 1140 |Stop Loss: Rs.930 | Upside 13%

Apollo Tyre: Buy| LTP: Rs.190| Target: Rs 214 |Stop Loss: Rs.178 | Upside 12.63%

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 1, 2019 08:08 am
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