Do you have any good trading ideas for 08 May 2020? Can I look to buy Nifty stocks on Friday?

I would agree with Archita that Reliance and Hindustan Unilever are the two best bets in the market condition due to their favorable risk reward ratio. For mid cap stocks look at Sequent Scientific after the recent deal with private equity player, Carlyle group. It could be a game changer and at Rs.80, Sequent appears to be very reasonably priced.

Let me talk about the market outlook first. The US has reported record unemployment (nearly 21% of the workforce) and that is not good news for growth. FPI buying was heavy on Thursday but that was largely on the back of the Hindustan Unilever block deal.

· With RIL planning to sell $1 billion worth of Asian Paints shares, the stock could come under pressure. Sell for targets of Rs.1450 in the next one month as lockdown hurts.

· It may be time to revisit Hindustan Unilever. Stock is likely to bottom out after Glaxo completed its sale. Buy with target of Rs.2300 in the next one month.

Global cues are positive but you must watch out for the weekend selling effect, which normally happens ahead of trading holidays. There could be pressure in the second half.

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