Indian stock markets are likely to start Monday's session on a positive note with the SGX Nifty trading 45 points higher at 10,625.50 on Singapore Exchange. Shares in the other Asian markets neared all-time peaks. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent having climbed 3.1 per cent last week, its strongest performance in six months. At 587.99 the index was close to of the record top of 591.50 hit in November 2007. Australian stocks gained 0.3 per cent to notch another decade summit, while South Korean stocks rose 0.1 per cent. Japan's Nikkei was closed for a holiday but touched its highest since 1992 last week.
On Friday, the domestic shares marked record closing highs, posting their fifth consecutive weekly gain. The BSE Sensex closed up 0.54 per cent at 34,153.85 and the NSE Nifty ended 0.51 per cent higher at 10,558.85.
“…Going ahead, as far as index is concerned, we do not expect any major movement as we expect the index to remain lethargic and see some profit booking in the zone of 10,600-10,630. On the flipside, 10,500 followed by 10,400 would be seen as a crucial support zone,” said Sameet Chavan, chief analyst-technical and derivatives, Angel Broking.
Market experts shared their trading picks.
Research analyst Simi Bhaumik:
Buy BHEL for a target price of Rs 107 with stop loss at Rs 98
Buy UBL for a target price of Rs 1,189 with stop loss at Rs 1,130
Buy USL for a target price of Rs 4,015 with stop loss at Rs 3,920
Buy Yes Bank for a target price of Rs 347 with stop loss at Rs 320
Lovelesh Sharma of Epic Research:
Buy Aurobindo Pharma for a target price of Rs 705 with stop loss at Rs 655
Buy Indiabulls Housing Finance for a target price of Rs 1,260 with stop loss at Rs 1,172
Disclaimer: Investors are advised to make their own assessment before acting on the information.