What are some good trading and investment ideas that I can use for trading in the stock markets on 29 April 2020?
Answer
Answer
The theme of short covering continued on Tuesday and that theme is likely to continue till F&O expiry. Oil and the pandemic update could be two more issues to watch out for. Global markets are getting lacklustre as is evident from tepid moves by the Dow and NASDAQ. Next week could be crucial. Here are some trading ideas for 29 April for the stock markets.
· In an uncertain world, gold could be a safe bet and use gold finance as a proxy. Look to buy Mannapuram Finance at around Rs.130 for targets of Rs.165.
· Axis Bank results for Mar-20 raised some serious questions. Be wary of the slippages and the proposal to raise Rs.35,000 crore, making the capital base heavy. Use bounces to sell.
For now, you must be prepared for the F&O expiry volatility. With the lockdown likely to continue substantially beyond May 03, expect some pressure on the markets.