Benchmark NSE Nifty breached 8,900 mark in the morning trade on Friday on account of feeble global cues. At 10.36 am, the 50-share index was trading 73.40 points down at 8,879. Traders are looking for the Index of Industrial Production data for the month of July to be released after the market hours. Industrial output growth declined to 2.1 per cent in June, as compared to 4.2 per cent in June 2015. Markets also shrugged off President Pranab Mukherjee’s statement where he gave his assent to the landmark Goods and Services Tax (GST) Bill. Now the Centre will have to pass the Central GST and Integrated GST Bills, while the states will need to approve their respective GST legislations. The government targets to implement the GST system from 1 April, 2017.
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Meanwhile Guduru Rajagopal Reddy, director-marketing, Alankit Assignments gave his technical calls on Adani Enterprises, Hindalco and JSW Energy with ‘Buy’ rating.
Technical calls
Adani Enterprises (Buy)
CMP: Rs 74.45: Target Price: Rs 85, Stop loss: Rs 70
Why Buy: Stock is at bottom side of the range which could lead to upside breakout for further raise of the price.
Hindalco (Buy)
CMP: Rs 161.95, Target: Rs 175, Stop loss: Rs 154
Why Buy: Hindalco shares are in perfect up move to continuing its uptrend. We believe share can touch Rs 175
JSW Energy (Buy)
CMP: Rs 79.60, Target: Rs 73, Stop loss: Rs 94
Why Buy: Stock of JSW Energy are at perfect range looking for technical breakout to raise further level.