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Last Updated : Nov 21, 2019 04:33 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening lower; PSU, telecom stocks eyed

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 11 points loss at 12,001 levels


The Nifty is expected to open lower in morning trade on November 21, tracking the muted trend seen in other Asian markets, as a fresh row between Washington and Beijing over US bills on Hong Kong could complicate their trade negotiation.

The US House of Representatives on November 20 passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights, reports Reuters.

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 11 points loss at 12,001 levels.

Close

On November 20, the Sensex rose 181 points to close at 40,651 and the Nifty ended 59 points higher at 11,999 levels.

The rupee tumbled 10 paise to close at 71.81 against the dollar on November 20, in lock-step with weak Asian currencies, following a flare-up in US-China tensions.

On the institutional front, FPIs and DIIs were net buyers in Indian markets to the tune of Rs 566 crore and Rs 183 crore, respectively, provisional data showed.

Stocks in news:

Finance Minister Nirmala Sitharaman on November 20 announced that the Cabinet has approved deferring receipts due from Telecom Service Providers (TSPs) for spectrum payment for a period of two years.

Finance Minister Nirmala Sitharaman said the Cabinet has given the in-principle approval for disinvestment in select CPSEs.This includes the government's stake of 53.2 percent Bharat Petroleum Corporation Limited (BPCL). This is excluding BPCL’s equity shareholding in Numalighar Refinery, based in Assam.

Zee Entertainment Enterprises: Essel Group is to sell a 16.5 percent stake in Zee to financial investors, reported CNBC-TV18.

Technical Recommendations:

We spoke to Bonanza Portfolio Ltd and here’s what they have to recommend:

Canara Bank: Buy| LTP: Rs 221.95| Target: Rs 238.50| Stop Loss: Rs 213| Upside 7.50%

Torrent Pharma: Buy| LTP: Rs 1,742.20| Target: Rs 1,890 |Stop Loss: Rs 1655| Upside 9%

Aditya Birla Fashion & Retail Ltd: Buy| LTP: Rs 216.05| Target: Rs 242 | Stop Loss: Rs 200| Upside 12%

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 21, 2019 08:27 am
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