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Market Headstart: Nifty seen opening flat; Union Bank, Lupin top buys

December 02
09:02 2019

The Nifty is expected to open flat on December 2, following muted trend seen in other Asian markets, as the US-China discord over Hong Kong fuelled investor anxiety about trade talks.

China on November 28 threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong, with potential measures including barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China’s state-backed Global Times tabloid said in a tweet.

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 14.5 points loss. Nifty futures were trading around 12,086-levels on the Singaporean Exchange.

On November 29, the Sensex fell 336 points to 40,793 and the Nifty closed 95 points lower at 12,056 levels.

The rupee on November 29 settled 12 paise lower at 71.74 against the dollar, tracking heavy selling in domestic equities.

Foreign institutional investors (FIIs) sold shares worth Rs 1,892.29 crore, while domestic institutional investors (DIIs) bought shares worth Rs 953.62 crore in the Indian equity market on November 29, provisional data available on the NSE showed.

Stocks in news:

Ujjivan Financial Services: Ujjivan Small Finance Bank, whose initial public offering (IPO) will hit Dalal Street on Monday, has raised Rs 303.75 crore in anchor allotment.

Auto stocks will be in focus: Auto sales in the month of November are expected to be a mixed bag with likely fall in the commercial vehicle, two-wheeler and tractor segments, but the passenger vehicle part could see stable numbers.

The board of directors of Yes Bank, on November 29, has taken a decision to raise up to $ 2 billion through the preferential allotment of the company’s shares, according to release filed with the exchanges.

Technical Recommendations:

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

Union Bank: Buy| LTP: Rs 63.05| Target: Rs 75| Stop Loss: Rs 56| Upside 19%

Lupin: Buy| LTP: Rs 800.65| Target: Rs 850| Stop Loss: Rs 781| Upside 6%

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