Moneycontrol
Last Updated : Jan 30, 2018 08:45 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty may open flat; these 3 stocks can return up to 9%

According to Pivot charts, the key support level is placed at 11,080.43, followed by 11,030.47. If the index starts to move higher, key resistance levels to watch out are 11,175.93 and 11,221.47.

The Nifty50 is likely to open flat on Tuesday tracking muted trend seen in other Asian markets. A weak handover from Wall Street is also likely to weigh on sentiment.

The Nifty formed a small bull candle on the daily candlestick charts on Monday which suggest that there was profit booking at higher levels.

According to Pivot charts, the key support level is placed at 11,080.43, followed by 11,030.47. If the index starts to move higher, key resistance levels to watch out are 11,175.93 and 11,221.47.

The Nifty Bank closed at 27,498.4. Important Pivot level, which will act as crucial support for the index, is placed at 27,386.5, followed by 27,274.6. On the upside, key resistance levels are placed at 27,631.2, followed by 27,764.

Wall Street pulled back from record highs on Monday, with the Dow and the S&P 500 indexes marking their biggest one-day percentage declines in about five months, weighed down by a slide in Apple shares.

Asian indexes traded moderately lower early on Tuesday, tracking declines seen on Wall Street in the previous session. Nikkei 225 index traded lower by 0.51 percent. The Kospi edged lower by 0.29 percent after rising nearly 1 percent to notch a record close in the previous session, CNBC reported.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 26 points or 0.24 percent. Nifty futures were trading around 10,940-level on the Singaporean Exchange.

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109 companies are scheduled to report Q3 results today:

Ashok Buildcon, Bharat Electronics, Bharat Financial Inclusion, EIH, EIL, GIC Housing Finance, Godrej Consumer Products, Graphite India, IFB Industries, IOC, Oberoi Realty, Reliance Power, SBI Life Insurance, Suven Life, TVS Motor Company, TeamLease Services among others.

Stock recommendations from Sanctum Wealth:

Bajaj Auto: BUY| Target 3650| Stop loss 3290| Return 9%

Zee Entertainment: BUY| Target 660| Stop loss 593| Return 8%

Tata Steel: BUY| Target 840| Stop loss 760| Return 7%
First Published on Jan 30, 2018 08:22 am
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