Moneycontrol
Last Updated : Jan 22, 2018 08:53 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: RIL, ONGC in focus; 3 stocks which could give up to 10% return

According to Pivot charts, the key support level is placed at 10,823.47, followed by 10,752.23. If the index starts to move higher, key resistance levels to watch out are 10,936.37 and 10,978.03.

The Nifty50 is expected to open on a flat note tracking muted trend seen in other Asian markets on Monday. The Nifty which closed at fresh record highs on Friday made a strong bull candle on the daily candlestick charts. The candle engulfed the profit booking seen in the previous session.

According to Pivot charts, the key support level is placed at 10,823.47, followed by 10,752.23. If the index starts to move higher, key resistance levels to watch out are 10,936.37 and 10,978.03.

The Nifty Bank closed at 26,909.5. Important Pivot level, which will act as crucial support for the index, is placed at 26,576.13, followed by 26,242.77. On the upside, key resistance levels are placed at 27,100.33, followed by 27,291.17.

The big news comes from overseas – US govt shutdown where non-essential services are temporality suspended but specifically for stock market – it is business as usual.

New kid on the block, Apollo Micro Systems will make its debut on bourses on January 22: Premium. The issue was met with a phenomenal response from investors, the listing price premium could be around Rs 200 per share over the IPO price. The initial price was Rs275.

29 companies are scheduled to report results today:

As many as 29 companies are scheduled to report their results today which include names like Asian Paints, Axis Bank, Diwan Housing, Havells India, JustDial, Rallis India, Videocon Industries etc. among others.

Asia Paints: The paint company is expected to report 13.2% YoY growth in net profit to Rs527 crore. Even sales are expected to rise by 13-odd%.

Axis Bank ahead of results: Axis Bank is expected to report a 21.9% growth in profit at Rs 706.2 crore for the quarter ended December 2017. The stock has rallied over 6% in the last one month ahead of the result.

Havells India: HDFC Securities expect Havells to register 13% revenue growth. The stock rose 40% in the year 2017 but saw muted performance so far in 2018. Strong results could lead to a breakout.

Trading ideas from 5nance.com

Prakash Industries Ltd: BUY| Target Rs. 267 | Stop-loss: - Rs. 230 | Return 10%

Balrampur Chini Mills Ltd: SELL| Target Rs113| Stop Loss Rs135| Return 9%

GRUH Finance Ltd: BUY| Target Rs. 725 | Stop-loss Rs669 | Return 6%
First Published on Jan 22, 2018 08:47 am
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