Morning Outlook

Indian markets could open higher on Monday continuing from Monday’s sharp upmove. Asian markets are mixed with some of them at 4 month lows impacted by the latest escalation of trade war between US and China involving Huawei. US markets ended lower on Monday, with Nasdaq falling even more as tech shares took the brunt of selling pressure due to Trump’s ban on exports by US companies to Huawei which may hit a lot of US tech companies.

Indian markets could open higher and later consolidate with focus on corporate results and global developments. Defensive stocks could underperform while cyclical sectors including financials, Oil & gas, Realty and Capital goods likely to do well. On upside, Nifty could face resistance at 11857 while 11763 remains a crucial support. Among stocks under coverage, SBI, Titan, Kotak Bank, Heidelberg, Shree Cements, SRF, UPL, ICICI Bank, Axis Bank, GE Power, Ultratech could do well.