Nifty likely to open flat; Sun Pharma, Tata Elxsi top buy ideas

Trends on SGX Nifty indicate a flat opening for the broader index in India, a rise of 5 points or 0.05 percent. Nifty futures were trading around 10,655-level on the Singaporean Exchange.

The Nifty50 is likely to open flat on Tuesday but with a positive bias tracking muted trend seen in other Asian markets. The index closed 57 points lower at 10,657 on Monday.

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Wall Street ended higher on Monday after a choppy session, with gains in Apple and other technology stocks offsetting worries about an escalating trade war between Washington and its trading partners, said a Reuters report.

Asian markets edged cautiously higher on Tuesday, retracing some of the sharp declines seen in the overnight session as stocks tracked gains seen on Wall Street although worries over US trade policy lingered in the background, it said.

Oil prices climbed on Tuesday after Libya declared force majeure on significant amounts of its supply, but rising overall output from OPEC as well as in the United States was dragging on markets.

Stocks in news:

Dr Reddy’s Labs: Company announces launch of Repatha in India

Aurobindo Pharma: The firm has received USFDA approval for Ibuprofen OTC capsules. It is a painkiller drug.

Tata Power: Tata Power Renewable Energy commissioned 100 MW solar capacity in Andhra Pradesh

NCC: Gets four orders worth Rs 2,061 crore in June

Mahindra Lifespace: MD Anita Arjundar resigns, effective September 30

Hero MotoCorp: Total sales rise 12.9 percent at 7.04 lakh units against 6.24 lakh units (YoY)

Nestle India introduces NESPLUS - an exciting new range of breakfast cereals

Technical Recommendations:

Here’s what HDFC Securities have to recommend for intraday trading:

Sun Pharma: Buy| LTP: Rs 563 | Target: Rs 600 | Stop-loss Rs 545 | Return 7%

Tata Elxsi Ltd: Buy| LTP: Rs 1,344 | Target: Rs 1,425 | Stop-loss: Rs 1,300 | Return 6%

Shriram Transport Finance Ltd: Sell| LTP: Rs 1,286 | Target: Rs 1,180 | Stop-loss: Rs 1,365 | Return 8%

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Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.


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