Trading ideas: Stock recommendations for August 20, Friday

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall over 200 points at the opening bell. The Indian markets were closed on Thursday on account of Muharram. Key indices ended a volatile trading session with small losses on Wednesday. The barometer index, the S&P BSE Sensex, slipped 162.78 points or 0.29% to settle at 55,629.49. The Nifty 50 index declined 45.75 points or 0.28% to end at 16,568.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 595.32 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 729.49 crore in the Indian equity market on 18 August, provisional data showed.

Here are 4 money making ideas from technical analysts that may deliver good gains in the near term.

Recommendations by: Sneha Seth, Angel Broking

Power Grid | Buy | Stop loss: Rs 180.8 | Target price: Rs 193

Sun Pharma | Buy | Stop loss: Rs 767 | Target price: Rs 817

Recommendations by: Chandan Taparia, Motilal Oswal Financial Services

Bata India | Buy | Stop loss: Rs 1,730 | Target price: Rs 1,820

Alkem Laboratories | Buy | Stop loss: Rs 3,720 | Target price: Rs 3,950

Global cues

The US markets ended mostly higher on Thursday after pulling back sharply over the course of the two previous sessions as the Labor Department released a report showing initial jobless claims fell to a new pandemic-era low in the week ended August 14. The Labor Department said initial jobless claims fell to 348,000, a decrease of 29,000 from the previous week’s revised level or 377,000. Street had expected jobless claims to edge down to 3,63,000 from the 375,000 originally reported for the previous week. Initial jobless claims decreased for the fourth consecutive week, falling to their lowest level since hitting 256,000 in the week ended March 14, 2020. However, the choppy trading on markets came as traders expressed some uncertainty about the near-term outlook for the markets after initial weakness dragged the major averages down to their lowest intraday levels in almost a month.

(Disclaimer: Stocks recommendations by experts or brokerages are their own and not those of the website or its management. Money9.com advises market participants to check with certified experts before taking any buy, sell or hold decisions.)