Market Headstart: Nifty likely to open lower; Escorts, Siemens top stocks to buy

The Nifty50 is seen opening lower on Tuesday tracking Asian markets which were trading with a mixed bias after Washington and Beijing placed new taxes on each other’s goods.

The United States imposed 15% tariffs on a variety of Chinese goods and China began to impose new duties on a $75 billion target list. U.S. President Donald Trump said both sides would still meet for talks later this month, said a Reuters report.

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 0.05 percent loss or 6 points. Nifty futures were trading around 10,935-level on the Singaporean Exchange.

The rupee appreciated by 38 paise to close at a two-week high of 71.42 against the US dollar on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks.

On the institutional front, FPIs were net buyers in Indian markets for Rs 1,162 cr while on the other hand DIIs were also net buyers to the tune of Rs 1502 cr, provisional data showed.

Stocks in news:

Mahindra and Mahindra (M&M) sold 36,085 units (domestic + export) in the month of August 2019, a drop of 25 percent from August 2018 sale of 48,324 units.

Maruti Suzuki India has sold a total of 1,06,413 units in August 2019, a drop of 32.7 percent from August 2018 sale of 1,58,189 units.

Home grown auto major Tata Motors on Sunday reported a 58% decline in its domestic passenger vehicle sales at 7,316 units in August.

Technical Recommendations:

We spoke to Angel Broking and here’s what they have to recommend:

Escorts: Buy| Target: Rs 543| LTP: Rs. 510.20| Stop Loss: Rs 486| Upside 6%

Siemens: Buy| LTP: Rs 1,202| Target: Rs 1,308| Stop Loss: Rs 1,154| Upside 8%

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