- Although the Nifty and the Sensex did recover from lower levels, markets were still down by more than half a percent on the back of global cues and trade war fears. Hardening oil prices also played spoilsport with the markets.
- The INR could be the factor to watch out for on Tuesday as the rupee again weakened to the 68.80/$ levels. The 69 level continues to be critical although the RBI may not be too keen to protect it this time around.
- FIIs were net sellers to the tune of Rs.(-1205) crores while DFIs bought Rs.367 crore on Monday. There have been signs of FIIs selling in the last few weeks and a lot would predicate on the US Fed move on August 01st.
- While the tech-laden NASDAQ continues to rally higher, it is the general markets that are under pressure. European markets continued to correct although the Asian markets were almost flat. SGX Nifty is mildly positive.
- We have been maintaining that Titan at less than Rs.900 is a good buy and we expect the stock to get back above the Rs.1000 mark as it emerges as central to the retail ambitions of the Tata group as part of the restructuring.
- GAIL may be finally showing a turnaround with better pricing power and business outlook. We suggest buying GAIL at current prices with a 20% upside target in the next one quarter.
- With strong telecom numbers coming from Jio, one can look to buy Reliance Industries at around the Rs.960 levels with target of Rs.1050 in one quarter. The stock can be accumulated at every dip.
- The INR is still vulnerable and that, along with crude oil prices, will continue to drive the stock markets in the near future.
