
The Nifty is likely to remain weak and trade in a sideways band on Friday as investors and traders refrain from taking long positions ahead of the weekend and as overseas cues continue to be muted.
Meanwhile, stocks in Asia posted minor gains after Chinese authorities stepped into absorb panic from their markets. Markets on
The Nifty is likely to see resistance coming in at 8,420-8,370 levels and the support at 8,325-8,275 points. The Index closed at 8,328, down 35 points on Thursday, falling for a 3rd day in a row.
Foreign funds continued to remain net sellers on Indian equities on Thursday. The sold net 254 crore rupees of stocks, their 5th straight day of sales and their sales in the derivatives markets stood at 1,247 crore rupees in Index Futures and 497 crore rupees in Stock Futures. These numbers point to further weakness in Indian stocks.
And now for a bit of good news: the IMF has retained its forecast for global growth at 3.8 percent for 2016. It pegs India's
STOCKS TO WATCH:
BHARAT HEAVY ELECTRICALS: Brokerage CLSA has upgraded the stock to `Buy' from `Sell' and raised its price target to `320 per share from `205 earlier, citing the company to be the biggest beneficiary of the surge in orders in FY16. CLSA sees EPS double over FY15 - 17 as raises FY16 order flow by 17%.
JSW ENERGY: signed a non-binding pact to buy out Monnet Ispat's 1,050 MW power plant in Odisha.
MAHINDRA & MAHINDRA: The auto giant is set to enter the branded oils and pulses category with a sales target for `1,000 crore rupees in the first year of operation.
TITAGARH WAGONS: Sets floor price of `104.64/share for its placement process that is aimed at raising 250 crore rupees from institutional investors.
(Image credits: openmarkets)