Moneycontrol
Last Updated : Nov 09, 2018 08:35 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; 3 stocks which could give 10-14% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 29 points or 0.27 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open flat on Friday tracking muted trend seen in other Asian markets. The index closed 68 points higher at 10,598 on Wednesday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 29 points or 0.27 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

The S&P 500 and Nasdaq closed slightly lower on Thursday after a Federal Reserve statement, and energy stocks were the biggest drag on the S&P as U.S. crude oil prices fell, Reuters reported.

Asian stocks dipped on Friday as Wall Street took a breather after the Federal Reserve kept intact its plans to continue raising interest rates at a gradual pace, with a fourth hike for this year expected next month, it added.

The US Federal Reserve held interest rates steady, but remained on track to keep gradually tightening borrowing costs, as it pointed to a healthy economy that was marred only by a dip in the growth of business investment, said a report.

Stocks in news:

MRF Q2: Profit declines 12.3 percent to Rs 263 crore versus Rs 300 crore; revenue rises 9.4 percent to Rs 3,928.2 crore from Rs 3,591 crore.

Kilitch Drugs Q2: Profit jumps to Rs 4.5 crore versus Rs 2.23 crore; revenue increases to Rs 26.72 crore versus Rs 15 crore YoY.

GAIL India: Company has received contract for the purchase of 616 km of line pipe worth Rs 1,100 crore for the Barauni - Guwahati pipeline, putting on fast track project execution of the crucial 729 km feeder line linking North East India with the Pradhan Mantri Urja Ganga pipeline network.

Allahabad Bank: Bank has received a communication from the Government of India regarding fresh capital infusion of around Rs 3,054 crore towards contribution of the Central Government in the preferential allotment of equity shares (special securities/bonds) of the bank during the financial year 2018-19.

Glenmark Pharma: Company to launch Phase 1 trial in solid tumors for its CD38xCD3 Bispecific Antibody GBR 1342 based on human translational data.

Technical Recommendations:

We spoke to SMC Global Securities Ltd and here’s what they have to recommend:

Ashok Leyland Limited: Buy| Target: Rs 133| Stop Loss: Rs 110|Return 12%

MRPL: Buy| Target: Rs 94| Stop Loss: Rs 75| Return 14%

V-Guard Industries Limited: Buy| Target: Rs 210| Stop Loss: Rs 178| Return 10%

Disclaimer: The views and investment tips expressed by investment experts 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 Nov 9, 2018 08:35 am
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