Monday, April 28
The current trend of weakening rupee is unlikely to impact India’s trade balance adversely or significantly impact inflation or growth prospects, even as it will hurt importers."The impact of a weak rupee on imported inflation is expected to be limited with commodity prices expected to remain subdued. This is based on global growth remaining weak, especially China" said Gaura Sengupta, chief economist, IDFC Bank. " From a macro stability perspective it is better to allow the rupee to depreciate as it reduces the drag on fx reserves and banking system liquidity. A large part of the fx cover has got eroded by significant dollar selling by RBI."The rupee touched a new low Monday at 86.58 against the greenback, weakening by 0.7 percent in a single day. 117213875Though a weak rupee theoret
Daily and weekly technical charts signal sustained weakness. A break below the recent swing low of 23,263 could accelerate Nifty’s momentum towards 22,800, while a close above 24,750 may trigger a short-covering rally, according to technical analysts. Maruti, Eicher Motors, Bajaj Finserv, Bajaj Finance, HCL Tech, Bata, Bharti Airtel, Infosys, and Marico have formed bullish patterns, said analysts. 117185169ARPAN SHAH SENIOR RESEARCH ANALYST, MONARCH NETWORTH CAPITALWhere is the Nifty headed this week? The benchmark index traded with negative bias and closed with a bearish candlestick formation on the weekly chart. If the index breaks below the recent swing low of 23,263, momentum will accelerate on the downside and the index will reach the 22,800 level in the coming days. Nifty may witn
A look at some of the latest stock recommendations by analysts. These stocks are expected to return between 20% and 78% as per analyst price targets.PNB Housing Fin. BROKERAGE: MORGAN STANLEY Price Target: Rs 1,520 CMP: Rs 855 | Upside: 78% Share price will rise relative to the country’s index over the next 60 days. Significant margin of safety and outsized upside potential in the stock owing to starting point of fundamentals and valuation Likely accelerating loan growth and product mix shift that results in ROA (Return on Assets) expansion and recoveries from past write-offs not priced into current valuationsHyundai Motor BROKERAGE: CLSA Price Target: Rs 2,155 CMP:Rs 1,787 | Upside: 20.6% Initiate coverage with outperform rating as stock trading at attractive valuation multiples versus
