Indian shares are likely to stay positive, open little changed on Tuesday, as investors are likely to refrain from taking big bets ahead of the Lok Sabha elections outcome on May 23. Exit polls on Sunday indicated Prime Minister Narendra Modi would retain power with an even bigger mandate than in 2014.

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Meanwhile, Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House’s black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between the Washington and Beijing.

Benchmark indices ended at fresh record closing high on May 20 after posting the biggest single-session gain since 2009. The Sensex and Nifty rallied over 3.5 percent each. The Sensex ended the day with gains of 1,421.90 points, or 3.75 percent at 39352.67, while Nifty ended up 421.10 points or 3.69 percent at 11,828.30.

10 things you need to know before the opening bell on May 21

Among brokerages, Citi was bullish on Tata Motors post Q4 earnings but 'cut' its target price to Rs 220 from Rs 230. Morgan Stanley, on the other hand, had an 'underweight' call on Dr Lal PathLabs but raised its target price to Rs 919. Nomura was 'neutral' on Bharat Forge, while Deutsche Bank had a 'buy' rating for HPCL.

Top brokerage calls for May 21:

Citi on Tata Motors

- Buy rating, target price cut to Rs 220 from Rs 230 per share.

- Domestic EBITDA of Rs 1,354 crore, 11 percent below estimates on elevated capital expenditure.

- H1FY20 outlook is expected to remain muted

- JLR EBITDA of £696 million (12 percent) below estimates on higher material costs.

- In China, inventory is still high at 1.8 months, despite volume cuts.

Morgan Stanley on Dr Lal PathLabs

- Underweight call, target price raised to Rs 919 from Rs 810 per share.

- FY20 and FY21 EPS (earnings per share) estimate cut by 5.2 percent and 4.7 percent, respectively.

- EPS reductions reflect a lower FY19 base business.

- Remain 'underweight' in view of modest growth and rich valuation.

Nomura on Bharat Forge

- 'Neutral call', target price cut to Rs 498 from Rs 541 per share

- New opportunities in PVs and defence have the potential to offset the decline.

- FY20 is likely to be the peak year for both domestic and export CV markets.

- Stock trades at fair value zone of 17.5x FY21e EPS of Rs 27.70.

- Continue to build in export CV revenue growth of 0 percent/-10 percent in FY20/21.

Deutsche Bank on HPCL

- 'Buy' rating, target price at Rs 335 per share

- Marketing more than offsets weak refining performance.

- Refining margin lower at $4.50/bbl despite inventory gains of $2.40/bbl.

- Rate buy on improving auto-fuel marketing margin and sales volume growth.

- Rs 0.10/litre increase in auto-fuel marketing margin will increase FY20 EPS by 4.2 percent.

Citi on GSK Pharma

- Sell call, target price cut to Rs 1,240 from Rs 1,340 per share.

- Q4 saw sluggish revenues but healthy margin improvement.

- Q4 profit declined 2 percent YoY, mainly on account of higher tax rate.

- Profit improved in FY19 by rationalising multiple tail end brands.

- Difficult to get margin back to the 30+ percent range.

- With low base now behind, expect more normalised earnings growth.

- Valuations remain rich, in our view.

Top stocks to watch out for on May 21: L&T, Tata Motors, ICICI Bank, Tech Mahindra

First Published:May 21, 2019 8:16 AM IST