Market Headstart: Nifty likely to open higher; JK Cement, Navin Fluorine top buys

The Nifty50 is expected to open higher on Thursday tracking Asian markets which were trading cautiously ahead of the ECB meeting. Overnight, US markets hit another fresh record high.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 21.50 points or 0.19 percent. Nifty futures were trading around 11,294-level on the Singaporean Exchange.

India's monsoon rains were 35% below average in the week ending on July 24, with little rainfall over the central, western and northern parts of the country, the weather office said, raising concerns over the output of summer-sown crops.

The Indian rupee furthered its weakening trend for a third session in a row on July 24, edging lower by 4 paise to 68.98 against the US dollar as foreign fund outflows and higher crude oil prices weighed on sentiment

On the institutional front, FPIs were net sellers in Indian markets for Rs 1393 cr while the DIIs were net buyers to the tune of Rs 2140 cr, provisional data showed.

Stocks in news:

ICRA has downgraded Basel III Compliant Tier I and Tier II Bonds of Yes Bank Limited (YBL) with a negative outlook.

State-run Syndicate Bank on July 24 reported narrowing down of its net loss to Rs 980.46 crore in the quarter ended June 2019 due to a fall in provisioning for bad assets.

Contract research and manufacturing firm Syngene International on July 24 reported a 9 per cent rise in its consolidated net profit to Rs 72 crore for the first quarter ended June 30

Technical Recommendations:

We spoke to Bonanza Portfolio and here’s what they have to recommend:

JK Cement: Buy| CMP: Rs.971.95 | Target: Rs 1040|Stop Loss: Rs 933|Upside 7%

Navin Fluorine International Ltd: Buy| CMP: Rs 596.55 | Target: Rs 644|Stop Loss: Rs 570| Upside 8%

Canara Bank: Sell| LTP: Rs 248.10| Target: Rs 228| Stop Loss: Rs 260| Downside 8%

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