Moneycontrol
Last Updated : Jan 29, 2018 08:54 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty to open gap-up; 3 stocks can return up to 24%

According to Pivot charts, the key support level is placed at 11,020.73, followed by 10,971.77. If the index starts to move higher, key resistance levels to watch out are 11,107.13 and 11,144.57.

The Nifty50 is expected to open higher on Monday tracking strong global cues. The index closed 1.6 percent higher for the week ended January 25.

But, on Thursday, bulls failed to keep the momentum going as Nifty snapped its 6-day winning streak and made a ‘Hanging Man’ kind of pattern on the daily charts.

The Nifty opening level of 11,095 was also its intraday high and bears quickly took control of D-Street and pushed the index towards 11,000 levels which made a long lower shadow on the daily charts.

According to Pivot charts, the key support level is placed at 11,020.73, followed by 10,971.77. If the index starts to move higher, key resistance levels to watch out are 11,107.13 and 11,144.57.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 62 points or 0.56 percent. Nifty futures were trading around 11,136-level on the Singaporean Exchange.

Global Cues:

The US market closed higher supported by strong earnings reports, including from Intel and AbbVie, along with continued weakness in the dollar lifted each of the major Wall Street indexes to closing records on Friday.

The Dow Jones Industrial Average rose 223.92 points, or 0.85 percent, to 26,616.71, the S&P 500 gained 33.62 points, or 1.18 percent, to 2,872.87 and the Nasdaq Composite added 94.61 points, or 1.28 percent, to 7,505.77, Reuters reported.

Asian shares traded higher early on Monday following significant gains stateside in the last session, which saw major US indexes touch record highs. Japan's Nikkei 225 rose 0.43 percent as most large caps advanced. The Kospi climbed 1.05 percent, driven by solid gains in the technology sector, CNBC reported.

Stocks in news:

Maruti Suzuki Q3 profit up 3%; revenue, operational nos in line; cuts royalty payment

Indoco Remedies: The firm's Unit 1 in Goa inspected by USFDA in Jan 2018 received 8 observations

Avenue Supermarts Q3 net profit soars 66% to Rs 251.8 crore; revenues rise 23%

LIC Housing Finance: The company’s Q3 net profit has fallen around 2 percent at Rs 491 crore.

JSPL: Net loss for Q3 trimmed to Rs 272.7 crore against Rs 453.3 crore year on year.

Future supply chain solutions buys Vulcan Express from Snapdeal

Vakrangee announces alliance with Cinestaan Digital

Deepak Nitrite fixes issue price of QIP at Rs 264

Kokuyu Camlin to wind up Camlin International

Idea Cellular seeks government nod for raising FDI limit to 100 percent

Newgen Software Technologies to debut on bourses on January 29

75 companies are scheduled to report results today:

As many as 75 companies are scheduled to report results for the quarter ended December later today which include names like Century Textiles, Emami, HDFC, IDFC Ltd, Inox Leisure, Laurus Labs, Novartis India, Reliance Communications, SPARC, Tech Mahindra, Wockhardt etc. among others.

Stock recommendations from Way2Wealth Brokers Pvt. Ltd

LIC Housing Finance: Buy at CMP 559| Target Rs627| Stop loss Rs535| Timeframe 15 to 21 sessions| Return 12%

Motherson Sumi Systems Ltd: Sell around Rs370 – 375| Target Rs340| Stop loss Rs389| Time frame 15 to 21 trading sessions| Return 8%

Suven Life Sciences: Buy above Rs223| Target Rs268| Stop loss Rs196| Time frame 15 to 21 trading session| Return 24%
First Published on Jan 29, 2018 08:30 am
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