Do you have some good trading tips on the buy side or the sell side for 29 June 2020?
Answer
Answer
The week ended positive and Nifty is up nearly 36% from the lows. However, US markets fell by over 2.8% on Friday and SGX Nifty is showing pressure in early trades. A lot will depend on COVID-19 cases and the unlocking plan for this week. Here are some tips for the day.
· Buy ITC near Rs.192 for targets of Rs.220 in one month time frame. Latest quarter results showed a shift from cigarettes to FMCG which is positive for the stock.
· I reiterate my buy call on Bank of Baroda at Rs.51 for targets of Rs.65 in one month time frame. Apart from impressive results, NPA cycle may be nearing a peak.
· Sell PVR at Rs.1030 for lower targets of Rs.950. Social distancing and delay in unlocking could further disrupt profit and growth plans of PVR.
The Indian markets are likely to be under pressure due to the weak sentiments in the US markets and the rising COVID cases in India too.