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Last Updated : May 10, 2019 08:54 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; 3 stocks which could give 4-7% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 28 points or 0.25 percent. Nifty futures were trading around 11,314-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open flat on Friday following recovery in Asian markets but nervousness remains ahead of the Donald Trump administration’s plan to raise tariffs on Chinese imports.

“U.S. President Donald Trump said on Thursday he had received a “beautiful letter” from Chinese President Xi Jinping, stoking hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent. That provided some support for stocks in early Asian trade though sentiment remains cautious, said a Reuters report.

Wall Street’s main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible, added the report.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 28 points or 0.25 percent. Nifty futures were trading around 11,314-level on the Singaporean Exchange.

As many as 55 companies will declare its results for the quarter ended March which include names like Eicher Motors, Allahabad Bank, Canara Bank, HT Media, IDFC First Bank, L&T, PVR, State Bank of India, Syndicate Bank, Venky’s and V-Mart among others.

Stocks in news:

HCL Technologies has registered a net income of Rs 2,568 crore, up 15.3 percent year-on-year for the quarter ended March 31, 2019. The profit fell 1.7% sequentially though.

Apollo Tyres May 9 reported 66.41 per cent plunge in consolidated net profit at Rs 83.99 crore for the fourth quarter of 2018-19, hit by Rs 100 crore write-off related to IL&FS.

Consumer durables firm Voltas posted a 27 percent drop year-on-year (YoY) in its March quarter (Q4) net profit at Rs 141.74 crore. This was on account of a flat growth in its revenue.

Technical Recommendations:

We spoke to IIFL and here's what they have to recommend:

Britannia Industries Ltd: Buy| Target: Rs 2870| Stop Loss: Rs 2610| Upside 7.5%

Hindustan Unilever: Buy| Target: Rs 1775| Stop Loss: Rs 1670| Upside 4.5%

Divis Laboratories: Sell May Futs| Target: Rs 1553| Stop Loss: Rs 1662.5| Downside 5%

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 10, 2019 08:47 am
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