Nifty mildly higher in pre-opening trade; Ideal Stock

Benchmark indices were marginally higher in pre-opening trade despite global weakness.

Market Outlook: ICICI Securities said the benchmark indices continued to witness selling and slipped below 10,700 after struggling to move and sustain above 10,700 on Thursday. The Nifty finally ended around 40 points lower whereas the premiums in Nifty as well as Bank Nifty increased significantly. Selling was clearly visible in most heavyweights, which kept the index move in check whereas IVs rose by another 1.2 percent.

The research house feels the Nifty index is likely to remain under pressure with such high premiums. "Nifty futures settled at a premium of 32 points with a rise in IVs by 1.1 percent. The highest Put base is at the 10500 strike with 45 lakh shares while the highest Call base is at the 11000 strike with 59 lakh shares."

Technical Recommendations: We spoke to Way2Wealth Brokers Pvt. Ltd and here’s what they have to recommend:
Jindal Steel: Sell| Target: Rs 218| Stop loss: Rs 264| Timeframe 15 to 21 trading session| Return 9%Voltas: Sell| Target: Rs 570| Stop loss: Rs 665| Timeframe 15 to 21 trading sessions| Return 7%
ITC: Buy| Target: Rs 320| Stop loss: Rs 266| Timeframe 15 to 21 sessions| Return 12%
Stocks in news: PNB Housing Finance: Q4 consolidated net profit up 0.8 percent at Rs 219.2 cr; revenue up 9.1 percent at Rs 1,570 cr YoY
L&T Finance Holdings: Q4 profit up 30 percent at Rs 409 cr; revenue up 27 percent at Rs 2,748.34 crore YoY; gross NPA at 4.80 percent versus 5.49 percent and net NPA at 2.34 percent versus 2.87 percent QoQ
Vedanta: Q4 net profit up 34.3 percent at Rs 5,675 crore; revenue up 22.7 percent at Rs 27,630 crore YoY
Thirumalai Chemicals: Q4 consolidated net profit at Rs 39.7 crore versus Rs 19.1 crore; revenue up 7.9 percent at Rs 330.7 crore versus Rs 306.6 crore YoY; recommends stock split from Rs 10 to Re 1 and dividend of Rs 20 per share
Nucleus Software: Q4 net profit down 15.2 percent at Rs 17.3 crore; revenue up 10.3 percent at Rs 111 crore YoY
Trent: Q4 net profit down 53.8 percent at Rs 11.7 crore; revenue up 17.9 percent at Rs 528.7 crore YoY
Matrimony.com: Q4 net profit up 90.9 percent at Rs 16.8 crore; revenue up 84.4 percent at Rs 84.4 crore YoY
HCC: Q4 consolidated loss at Rs 1,090 crore versus loss of Rs 982.6 crore; revenue up 2.7 percent at Rs 10,132 crore YoY
Emami: Q4 consolidated net profit down at Rs 60.9 crore versus Rs 83.3 crore; revenue up 8.2 percent at Rs 617 crore YoY; board approves bonus issue of 1:1
Moneycontrol News
Benchmark indices were marginally higher in pre-opening trade despite global weakness.
The 30-share BSE Sensex was up 19.05 points at 35,122.19 and the 50-share NSE Nifty gained 20.80 points at 10,700.50.
Ruchi Soya and PC Jeweller were gainers while HCC, Jet Airways, Sun Pharma and JSW Energy were under pressure.
Asian shares were marginally lower today.
The S&P 500 ended lower on Thursday after a choppy session as disappointing earnings reports from several companies offset strong economic data, said a Reuters report.
The Dow Jones Industrial Average rose 5.17 points, or 0.02 percent, to 23,930.15, the S&P 500 lost 5.94 points, or 0.23 percent, to 2,629.73 and the Nasdaq Composite dropped 12.75 points, or 0.18 percent, to 7,088.15.