 "Stocks to Watch, June 20: Tata Motors, Sun Pharma, PNB Housing, Brigade Ent")
Stocks to watch on June 20: Indian markets may open marginally higher on Thursday, influenced by a mixed performance in Asian markets.
At 7:12 AM, Asia-Pacific markets showed a varied trend following China’s loan prime rate meeting expectations.
Japan's Nikkei declined 0.70 per cent, contrasting with Korea's Kospi which saw a gain of 0.13 per cent. Australia's ASX200 witnessed a marginal decrease of 0.03 per cent.
In the preceding trading session, European markets closed with slight declines. The UK’s FTSE rose 0.17 per cent driven by inflation figures aligning with forecasts. Conversely, Germany's DAX fell by 0.35 per cent while the FTSE in the UK increased by 0.60 per cent.
Investors will also be closely watching the Bank of England (BoE) as it prepares to announce its interest rate decision later today.
Back home, Osho Krishan, senior analyst of technical & derivatives at Angel One Ltd said, “From a technical standpoint, the consolidation zone for Nifty from the previous week, which was around 23,400-23,300, is expected to act as a support level in case of any minor price fluctuations during the upcoming trading sessions, followed by the strong support of 23,200. On the upper end of the price spectrum, we observe 23,650-23,700 to be an immediate resistance level. It is crucial for traders to carefully monitor these key levels, as they will serve as strategic decision points in their trades.”
Looking ahead, Krishnan added, it is expected that there will be ongoing sector rotation that will be influential for traders. The banking sector has exhibited strong performance, and it is anticipated that further movement within this sector will serve to bolster the benchmark. Hence, it is advisable to keep focusing on the stock-centric approach for outperformance.
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Given these developments, here are some stocks to track on for June 20:
Tata Motors: The automobile giant announced that it will increase prices of its commercial vehicles by 2 per cent from July 1.
PNB Housing: Asia Opportunities Fund and General Atlantic plan to sell 4.2 per cent stake in PNB Housing via block deals on June 20, according to reports.
Brigade Enterprises: Brigade Enterprises secures Rs 150 crore agreement to develop the third tower at World Trade Center (WTC) in Infopark, Kochi.
MAS Financial: The company has launched Rs 400 crore QIP, with an option for an additional Rs 100 crore.
Sun Pharma: The pharma company has received a warning letter from United States Food and Drug Adminsitration (USFDA) for cGMP violations at its Dadra facility.
Som Distilleries: Madhya Pradesh Excise Department cancels Som Distilleries' licence over child labour concerns.