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Last Updated : Feb 12, 2020 09:18 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 likely to reclaim 12,150; Siemens, BHEL in focus post Q3 show

Trends on SGX Nifty indicate a positive opening in India with a 30 points, or 0.25 percent, gain. The Nifty futures were trading around 12,157-level on the Singaporean Exchange


The Nifty50 is likely to head towards 12,150 levels on February 12 tracking positive trend seen in other Asian markets. The Nifty50 snapped two-day losing streak to reclaim 12,100 levels on February 11.

Trends on SGX Nifty indicate a positive opening in India with a 30 points, or 0.25 percent, gain. The Nifty futures were trading around 12,157-level on the Singaporean Exchange.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 236 points to 41,216 while the Nifty50 closed with gains of 76 points at 12,107.

Close

Sectorally, action was seen in power, metals, bankex, energy, healthcare, and consumer durables space while profit-taking was seen FMCG, and telecom space.

Mixed performance was seen from the broader market space as the S&P BSE Midcap index rose 0.35 percent while the S&P BSE Smallcap index fell 0.18 percent.

Some good news for the economy after a report suggested that India has received foreign direct investment (FDI) of $463.44 million in the food processing sector in the first half of the current fiscal, the government informed Parliament on Tuesday.

The country had received $628.24 million FDI in the food processing sector during the full fiscal year 2018-19 and $904.90 million during 2017-18, it added.

On the macro front, the Indian rupee on Tuesday settled almost flat at 71.28 (provisional) against the US dollar ahead of release of the key domestic macro-economic data.

On the institutional front, FPIs were net sellers in Indian markets for Rs 209 cr while the DIIs were net buyers to the tune of Rs 344 cr, provisional data showed.

Big News:

As many as 482 companies on the BSE will declare their results for the December quarter which include prominent names like Hindalco, Info Edge, ABB, Ashok Leyland, IRCTC, PI Industries, Aarti Industries, Ipca Laboratories, Torrent Power, Natco Pharma, VIP Industries, NBCC, Dish TV, Suzlon, Prakash Industries, etc. among others.

Hindalco: PAT likely to fall by 27% YoY

Ipca Laboratories: PAT likely to rise by 6% YoY

Torrent Power: PAT likely to fall by 5% YoY

Ashok Leyland: PAT likely to fall by 83% YoY

(All estimates are from Motilal Oswal)

Technical View:

Nifty formed a Grave Stone Doji kind of pattern on daily charts

It closed below its 50-DMA placed at 12,120

In the next trading session if the index trades below 12099 levels then it can come under selling pressure which can eventually drag it down towards recent lows of

11990.

If bulls manage to defend 12099 levels then the sideways trend may prevail but a strong close above 12170 is required for resumption of the upmove towards 12266 levels

Traders are advised to wait for at least a strong close above 12138 levels before initiating fresh longs whereas intraday traders shall consider a short side trade if Nifty remains below 12099 levels suggest experts.

Three levels: 12099, 12172, 12200

Max Call OI: 12500, 12200

Max Put OI: 12000, 11500

Stocks in news:

State-owned engineering firm BHEL on Tuesday reported 17 per cent decline in consolidated net profit at Rs 161.81 crore for December quarter 2019, mainly due to lower revenue.

Public lender IDBI Bank on Tuesday said its loss widened to Rs 5,763.04 crore for the December quarter from Rs 4,185.48 crore in the year-ago period.

Siemens Ltd on Tuesday said its consolidated net profit rose 15 per cent to Rs 265.8 crore for the quarter ended on December 31, 2019, mainly on account of reduced expenses.

Healthcare services provider Aster DM Healthcare on Tuesday reported a 33.77 per cent rise in consolidated net profit at Rs 151.43 crore for the quarter ended on December 31, 2019.

Technical Recommendations:

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

Dabur India | Buy | LTP: Rs 508.75 | Target price: Rs 546 | Stop loss: Rs 480 | Upside: 7.32%

Nippon Life India Asset Management | Buy | LTP: Rs 403.65 | Target price: Rs 441 | Stop loss: Rs 360 | Upside: 9.25%

Godrej Agrovet | Buy | LTP: Rs 570 | Target price: Rs 622 | Stop loss: Rs 525 | Upside: 9.12%

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Feb 12, 2020 08:41 am
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