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Last Updated : May 17, 2019 09:08 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; 2 stocks which could give 11-12% return

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 16.5 points or 0.15 percent. Nifty futures were trading around 11,288-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open flat on Friday tracking mixed trend seen in other Asian markets. Overnight, US markets ended higher on upbeat earnings and strong economic data.

“All three major U.S. stock indexes pared gains late in the session, adding less than 1% and bringing the bellwether S&P 500 close to 2 percent below an all-time high reached on April 30,” said a Reuters report.

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 16.5 points or 0.15 percent. Nifty futures were trading around 11,288-level on the Singaporean Exchange.

The rupee surged by 31 paise to close at 70.03 against the US dollar on Thursday amid a sharp rebound in the domestic equity markets, even as oil prices firmed up.

On the earnings front, as many as 84 companies will declare their results for the quarter ended March later today which include names like Arvind, Bajaj Auto, Balkrishna Industries, CESC, Corporation Bank, City Union Bank, Dr Reddy’s, EIL, IOC, Dr Lal Pathlabs, Sobha Ltd, UPL, and ZEE Learn Ltd.

Stocks in news: 

India's second largest IT firm Infosys May 16 said its board has approved an 'Expanded Stock Ownership Program 2019' that proposes to allocate five crore shares to incentivise employees based on performance.

JK Tyre & Industries May 16 reported a 78.81 percent decline in consolidated net profit at Rs 33.66 crore for the quarter ended March 2019 due to high raw material costs and expenses.

Bajaj Finserv May 16 posted a 32 percent rise in consolidated net profit at Rs 839 crore for the March quarter of the financial year 2018-19.

Technical Recommendations:

We spoke to ICICIdirect and here's what they have to recommend. The holding period is 6-months:

TCS: Buy| LTP: Rs 2111| Target: Rs 2370| Stop Loss: Rs 1955| Upside 12% Time Frame 6 months

State Bank of India: Buy| LTP: Rs 316| Target: Rs 351| Stop Loss: Rs 290|Upside – 11%| Time Frame 6 months

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on May 17, 2019 08:59 am
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