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Last Updated : Jun 12, 2019 08:50 AM IST | Source: Moneycontrol.com

Nifty Headstart: Nifty likely to open flat; CPI inflation data eyed

Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 16 points or 0.14 percent. Nifty futures were trading around 11,964-level on the Singaporean Exchange.

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The Nifty50 is likely to open flat on Wednesday following a mixed trend seen in other Asian markets after White House took a tough line on a trade deal with China.

Overnight, US markets ended near flat and the Dow snapped a six-day winning streak on Tuesday, as investors paused following a run of gains and fresh worries emerged over the U.S. trade war with China, said a Reuters report.

Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 16 points or 0.14 percent. Nifty futures were trading around 11,964-level on the Singaporean Exchange.

Close

Macro data will be in focus and is all the more important post RBI policy review. On Wednesday, June 12 we have CPI (YoY) data for the month of May and WPI Inflation (YoY) for May would be on Friday, June 14, 2019.

The Indian rupee June 11 recuperated by 21 paise to 69.44 to the US dollar in line with strong Asian currencies and rally in domestic equities.

Stocks in news:

Crisis-ridden DHFL said Tuesday it has paid Rs 962 crore towards interest payment on debt instruments which fell due on June 4, and met the seven-day "cure period" to pay off its obligation.

Oriental Bank of Commerce June 11 said it has cut marginal cost based lending rate for a one-year tenor loan by 5 basis points to 8.70 percent.

Tata Motors-owned Jaguar Land Rover (JLR) on June 11 reported a 12.2 percent decline in global sales at 42,370 units in May.

Technical Recommendations:

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

Container Corporation of India Ltd: Buy| Target: Rs 585| Stop Loss: Rs 500| Upside 10%

Bata India Ltd: Buy| Target: Rs 1520| Stop Loss: Rs 1330| Upside 8%

Infosys Ltd: Buy| Target: Rs 805| Stop Loss: Rs 720| Upside 7%

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.

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First Published on Jun 12, 2019 08:46 am
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