Japanese Giant Toshiba to lay off about 7% of workforce

Domestic equity markets opened in the red on Monday amid mixed global cues. The headline S&P BSE Sensex tumbled 63 points to quote at 52,913 levels in early deals while the broader Nifty50 held above the 15,800-mark at 15,840 levels, down 17 points. On the sectoral front, the buying was seen in the metal, pharma and FMCG stocks, while auto and banking stocks were under pressure. BSE Midcap and Smallcap indices traded flat. India VIX, the volatility index, advanced 4%. Nilesh Jain of Centrum Broking shared insights on the way investors should approach the current markets

“Believe 15,800 will be the immediate support for the Nifty. The Nifty Bank still underperforming but not too much concern on the opening dips. This remains a buy on declines market.”

On the earnings front, he believes one can buy Reliance Industries on dips post strong earnings. Once 2150 is crossed, one can see smart move on the upside. On ICICI Bank, he believes have seen a rally ahead of earnings however one can still keep 800 as the target. ITC can outperform going forward on the back of positive earnings.

“One should be sector and stock specific in broader market space. I believe this space will outperform in the next 6-8 months and the large-caps will consolidate”

Stock Recommendations

Tata Consumer Products | Buy | Target: 820 | Stop Loss: 765

Lupin | Buy | Target: 1230 | Stop Loss: 1155