Are there any sure short stock tips that you have for 09 July 2020? I am looking at some short trading opportunities?
Answer
Answer
On 08 July, the Sensex corrected 350 points on profit backing after concerns over growth and the ability to sustain rich valuations. However, the US and Asian markets are in the positive and the SGX Nifty is also hinting at a strong start to the day. Here are some tips.
· I suggest buying into Century Textiles at Rs.320 for higher targets of Rs.380. The stock offers good opportunities and yields after the restructuring of cement business.
· Traders who purchased Mahindra Logistics at Rs.280 can exit partially around Rs.320 levels. Traders can buy into Tata Steel Rs.333 for upper targets of Rs.380 and Rs.400.
· For a defensive buy, you can look to buy Infosys around Rs.772 for targets of Rs.820. IT spending is likely to fall by about 6%, which will not substantially impact Infy.
The big news for markets is the drawdown of troops on the Indo-China border. It sets the tone for reduced levels of geopolitical risk and is positive for market sentiments.