Moneycontrol
Last Updated : May 24, 2018 08:45 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty likely to open flat; next support placed at 10,240

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 26.5 points, or 0.25 percent. Nifty futures were trading around 10,447.50 on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat-to-positive on Thursday following muted trend seen in other Asian markets. The index closed 106 points lower at 10,430 on Wednesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 26.5 points, or 0.25 percent. Nifty futures were trading around 10,447.50 on the Singaporean Stock Exchange.

US stocks ended with small gains on Wednesday after minutes from the Federal Reserve's latest meeting suggested higher inflation may not result in faster interest rate hikes, said a Reuters report.

Asian shares moved lower on Thursday as investors fretted about new setbacks in US-China trade talks, but negative sentiment was tempered by US Federal Reserve meeting minutes suggesting it would not raise the tempo at which it increases interest rates, it said.

As long as Nifty50 trades below 10,500 levels, bears will remain in control and the selling pressure could take the index towards 10,350 levels on the downside, suggest experts. The next crucial support is placed at 200-DMA around 10,240.

Stocks in news:

Tata Motors Q4 YoY: Consolidated profit down 50 percent at Rs 2,175 crore versus Rs 4,336.4 crore, revenue up 18 percent at Rs 91,279 crore versus Rs 77,217 crore; standalone net loss at Rs 500 crore versus loss of Rs 806 crore due to one-time loss of Rs 963 crore on account of impairment; JLR profit before tax down 46 percent at 364 million pound

Binani Cement: Committee of creditors meeting scheduled for May 24 postponed.

Ramco Cements: Company posts Q4 net profit of Rs 108 crore

Shalimar Paints: Company approves Rights Issue worth upto Rs 300 crore

Indiabulls Housing Finance: Company approves raising of funds via issue of NCDs upto Rs 15,000 crore

NMDC: Company fixes prices Lump Iron Ore at Rs 3,050 per tonne w.e.f. May 23 and Iron Ore Under Fines at Rs 2,660 per tonne

NLC India: Company's 300 MW out of 500 MW solar PV projects U/Implementation in Tamil Nadu, commissioned

Godrej Industries: Company's Q4 consolidated net profit at Rs 199 crore against Rs 46 crore (YoY)

DSP Blackrock Mutual Fund sold 9,99,334 shares of Indian Terrain at Rs 180

Sebi fines AstraZeneca Pharma, 3 ex-officials Rs 4 lakh

Technical Recommendations:

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

United Breweries Ltd: Buy | Close: 1,177.65 | Target: Rs 1,265 | Stop loss: Rs 1,126 | Return: 7.42%

Divi's Laboratories Ltd: Sell | Close: 1,093.65 | Target: Rs 1,040 | Stop loss: Rs 1,138 | Return: 5.45%

Tata Communications Ltd: Sell | Close: 610.75 | Target: Rs 598 | Stop loss: Rs 627 | Return: 3.40%

Disclaimer: The views and investment tips expressed by investment expert 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.
First Published on May 24, 2018 08:40 am
Loading...
Sections
Follow us on
Available On