5 stock ideas for the day
Kingfisher employees have stopped short of saying that they would strike work in their letter to Vijay Mallya, the company chairman.
The BSE Sensex is likely to start the new fiscal on a negative note. The SGX Nifty, indicative of early trading, declined 20 points or 0.38% at 08.30 hours Monday.
Asian markets were mixed with the benchmark Nikkei index in Japan rising 0.80% while the Hong Kong's Hang Seng index falling 0.6%. Markets in China are closed today.
On Friday, the BSE Sensex had jumped 345.59 points or 2% to end at 17,404 after Finance Minister Pranab Mukherjee said there will be no tax liability on Participatory Note holders. There had been nervousness in markets over the lack of clarity on the general anti-avoidance rule or GAAR, which came into force on 1 April.
"Markets eagerly await fine print on the GAAR tax changes. Given an action-packed fortnight ahead, the markets will also remain clued on to fuel price hike, Q4 earnings season & RBI policy," Nandan Chakraborty of Enam said in a note.
Meanwhile, here are the stock ideas recommended by independent market analyst Sarvendra Srivatava.
1) Hindalco:
Buy with a target of 145 and a stop loss of 123.7.
2) Reliance Communication:
Buy with a target of 92 and a stop loss of 79.9.
3) Sesa Goa:
Buy with a target of 210 and a stop loss of 186.4.
4) Axis Bank:
Buy with a target of 1270 and a stop loss of 1094.4.
5) Book profits in HUL/ITC pairs trade.