InvestorQ : Can you share specific trading views and stock ideas for the market for Tuesday 28 April 2020?
Debbie Mascarenhas made post

Can you share specific trading views and stock ideas for the market for Tuesday 28 April 2020?

Answer
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Crowny Pinto answered.
5 months ago


The two major themes for Tuesday will be short covering in banks ahead of F&O expiry and the crude oil prices falling below $20/bbl on Monday night. While FPIs remained net sellers on Monday, global markets bounced on expectations that the virus pandemic was abating and the impact of the stimulus could be felt. Watch out for oil weakness, that could be the only big challenge to markets. Here are some ideas for the day.

· OMC stocks could be under pressure due to a likely Rs.33,000 write off in Q4 on the back of inventory depletion losses. Traders can look at 20% downside on Indian Oil / BPCL.

· HDFC Bank despite its positive results and robust NIMs is trading weak. You can look at picking up HDFC bank at around Rs.928 levels for targets of Rs.1000.

· The Aleris deal may be a major game changer for Hindalco with upside targets of Rs.140 as it gets to position itself in the high margin aerospace business.

The real commodity to watch will be oil, which again fell by 25% in the US markets on Monday and oil storage is running short.