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Last Updated : Jul 10, 2019 08:42 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; 3 stocks which could give 7-12% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 14 points or 0.12 percent. Nifty futures were trading around 11,554-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat on Wednesday tracking Asian markets which were trading cautiously ahead of the US Federal Reserve Chair Jerome Powell testimony before the U.S. Congress later today.

Overnight, the S&P 500 ended slightly higher on Tuesday as gains in tech-related shares offset worries about a weakening outlook for earnings, said a Reuters report.

The S&P BSE Sensex rose 10 points to 38,730 while the Nifty50 ended 2.7 points lower at 11,555 on Tuesday.

Close

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 14 points or 0.12 percent. Nifty futures were trading around 11,554-level on the Singaporean Exchange.

The rupee on Tuesday recovered by 15 paise to close at 68.51 against the greenback on fag-end selling of the US currency by banks and importers in line with late recovery in domestic equities.

On the institutional front, FPIs were net sellers in Indian markets for Rs 674 cr in Indian markets while DIIs were net buyers to the tune of Rs 710 cr, provisional data showed.

Stocks in news:

IT services provider Tata Consultancy Services has reported sequentially flat profit at Rs 8,131 crore for the quarter ended June 2019, beating analyst estimates largely due to other income which grew by 40 percent to Rs 1,675 crore.

Jefferies maintains a buy call with a target of Rs 2380

HSBC maintains hold with a target of Rs 1900

InterGlobe Aviation after the board of directors has been asked by the Securities and Exchange Board of India (SEBI) to respond to a letter written by co-promoter Rakesh Gangwal, which sought regulatory intervention on his alleged grievances.

Citigroup reiterates its sell call on Indigo.

A day after Reserve Bank governor Shaktikanta Das said he expects faster transmission of the three successive repo rate cuts, State Bank lowered its lending rates by 5 basis points across all tenors.

Technical Recommendations:

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

Indraprastha Gas Ltd: Sell| Target: Rs 276| Stop Loss: Rs 310| Downside 7%

Sobha Ltd: Buy| Target: Rs 622| Stop Loss: Rs 520| Upside 11%

Majesco Ltd: Buy| Target: Rs 611| Stop Loss: Rs 510| Upside 12%

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.

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First Published on Jul 10, 2019 08:42 am
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