Story by Asmita Pant: CNBCTV18
Don’t see any fundamental reason for metal stocks to go down: Deven Choksey
“My understanding is that I think not necessarily that the fundamentals of all these sectors have changed overnight. I guess, I think they are pretty much same as they were before. Maybe I think the market technicals are taking wild swings at every new cycle keeps that is coming in,” says Deven Choksey of KR Choksey (Fundamental). “At this point of time, I don’t see any fundamental reason for metal stocks to go down, per se, maybe on the contrary, with the kind of lower crude oil prices and the steady metal prices in the world market, I would think that they will be pretty much in a happier situation to maintain the delta going forward,” he adds.
Buy Mahindra and Mahindra Financial Services, Ambuja Cement: Rajesh Palviya
Here are two recommendations by Rajesh Palviya, Vice President, Technical & Derivative Research, at Axis Securities:
— Buy Mahindra and Mahindra Financial Services (MMFSL) for a target of Rs 255-260 with a stop loss at Rs 230
— Buy Ambuja Cement for a target of Rs 610-615 with a stop loss at Rs 575
Sensex and Nifty open near flatline
Pre-Open Market | Sensex down 10.8 pts and Nifty near 18,600
In the pre-opening session, the Sensex is down 10.8 pts at 62,615.5 and the Nifty at 18,638.8, down marginally from its previous close.
Rupee opens lower vs dollar
Majority of the bankers expect RBI ‘s Monetary Policy Committee to announce a hike of 35 bps in the repo rate
Catch the lastest updates from RBI’s MPC meet here.
08:45:10 IST :Stocks to watch | ONGC, HDFC AMC, Siemens, 5paisa and more
08:38:31 IST:Global Cues | Brent slips below $80/bbl for the first time since January, gold prices steady
08:24:54 IST:Asian markets largely in the red following a weak handover from Wall Street
Asian markets slip into the red following a lower close on Wall Street. MSCI’s broadest index of Asia Pacific shares outside Japan is up 0.2 percent at this hour.
–Japan’s Nikkei 225: marginally down
–Hong Kong’s Hang Seng: up 0.2 percent
–China’s Shanghai Composite: down 0.3 percent
Sensex and Nifty ended lower on Tuesday
Indian equity benchmarks NSE Nifty50 and BSE Sensex ended lower on Tuesday, continuing a two-day losing streak for the headline indices primarily dragged by IT shares. (Read more)
Have a great day ahead. Good luck! Insidesmarket.com