InvestorQ : What are some of the specific trading views and stock ideas for the market on 27 April 2020?
Mary Joseph made post

What are some of the specific trading views and stock ideas for the market on 27 April 2020?

Answer
user profile image
sara Kunju answered.
6 months ago


Two factors will drive the market sentiments this week. Firstly, there is the likelihood of the extension of the lockdown in Mumbai and key cities. Secondly, there is the risk of the Templeton funds shutdown spilling over as credit risk in the market. Global markets cues are also quite mixed with Europe being negative. Here is what you can do on 27 April in terms of specific trades?

· Templeton MF decision to close 6 funds has added a new dimension to default possibilities for Indian banking. You can sell ICICI Bank for short term target of 300.

· Reliance Industries may face some pressure in the 1425-1450 range due to weakness in oil prices. It is better to remain neutral and accumulate the stock around the 1250 levels.

· Pharma has shown strength and Biocon is scaling new 52-week highs. One can look to buy Biocon at Rs.350 for target levels of Rs.400.

Broadly, an extension of lockdown will be negative for market sentiments.