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Monday, April 2, 2012

Nifty expected to open higher april 3 2012

Nifty expected to open higher april 3 2012 : The 50-share Nifty index is expected to open higher on Tuesday tracking strong global cues while investors will keep a close eye on Hero MotoCorp after the company reported 2.41 per cent increase in its sales for March.

The country's largest two-wheeler maker Hero MotoCorp reported 2.41 per cent increase in its sales for March at 5,28,290 units. CLSA maintain Sell rating on Hero Motocorp and set a price target of Rs 1,650.

Rising competition from Honda and slowing near-term growth drive our cautious stance on Hero," added CLSA report.

The National Stock Exchange's Nifty extended its winning streak and closed above psychological resistance levels on Monday led by gains in power, capital goods and realty space.

"Nifty April futures saw muted trading in the 5,372-5,300 points range with a positive bias. The highest is at 5000, which will likely to provide a strong support for the expiry. Traders should buy options instead of selling them," said Dipesh Mehta is Derivatives Analyst, Nirmal Bang Securities in an ET report.

At 08:00 AM, Nifty India stock futures in Singapore were up 38 points at 5,398.00, indicating a higher opening in the domestic market.

Stocks to watch:

Fertiliser companies will be in focus after the government plans to postpone the proposed price decontrol of urea by three years as almost all stakeholders have supported the Fertiliser Ministry's proposal on Modified New Pricing Scheme.

Ruchi Soya will be watched after Edible oil prices shot up on Monday taking cues from firm foreign markets

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