Market Headstart: Nifty likely to open around 10,200; 3 stocks which could give 6-7% return

The Nifty50 is likely to open lower on Tuesday following a muted trend seen in other Asian markets. The index closed 58 points lower at 10,245 on Monday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a loss of 71 points or 0.69 percent. Nifty futures were trading around 10,181- level on the Singaporean Exchange.

The S&P 500 and the Dow fell in choppy trading on Monday as energy and financial stocks lost ground and caution grew ahead of a slew of earnings reports this week, said a Reuters report.

Asian shares edged lower on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative factors from Saudi Arabia’s diplomatic isolation to concerns over Italy’s budget and Brexit talks depressed sentiment, it said.

Stocks in news:

Asian Paints posted on Monday a 14.4 percent fall in second-quarter profit, which missed analysts' estimates, hurt by higher expenses.

Oberoi Realty Q2: Profit doubled to Rs 213.83 crore versus Rs 104.32 crore YoY, but falls from Rs 309.42 crore QoQ

Lakshmi Machine Works Q2: Profit declines 12.6 percent to Rs 40 crore versus Rs 46.2 crore

Can Fin Homes Q2: Profit rises 7.6 percent to Rs 76.83 crore versus Rs 71.42 crore; total revenue from operations increases 11 percent to Rs 423.04 crore versus Rs 378.54 crore YoY.

Rural Electrification Corporation: Ministry of Corporate Affairs (MCA) has approved the change of name of the company from Rural Electrification Corporation Limited to REC Limited.

Technical Recommendations:

We spoke to Religare Broking Ltd and here’s what they have to recommend:

Aurobindo Pharma Limited: Buy| Target: Rs 820| Stop-Loss: Rs 730| Return 7.9%

Canara Bank: Sell Nov Futures| Target: Rs 198| Stop-Loss: Rs 224 | Return 7.5%

ONGC Limited: Sell Nov Futures| Target: Rs 148| Stop-Loss: Rs 166 | Return 6.3%