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Last Updated : Jun 26, 2019 08:49 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; 3 stocks which could give 7-15% returns

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 20 points or 0.17 percent. Nifty futures were trading around 11,772-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat-to-negative note on Wednesday tracking Asian markets which were trading lower after US Federal Reserve officials tempered expectations in the markets for aggressive monetary easing.

Fed Chair Jerome Powell on Tuesday said the central bank is “insulated from short-term political pressures,” pushing back against U.S. President Donald Trump’s demand for a significant rate cut, said a Reuters report.

All three major U.S. stock indexes ended the session in the red after Powell said the Fed was grappling with whether trade uncertainties and other issues warrant rate cuts, said the report.

Close

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 20 points or 0.17 percent. Nifty futures were trading around 11,772-level on the Singaporean Exchange.

The S&P BSE Sensex rose 311 points to 39,434 while the Nifty50 closed 96 points higher at 11,796 on Tuesday.

The initial public offer of IndiaMART InterMESH, an online marketplace for business products and services, was fully subscribed on the second day of bidding June 25.

The Indian rupee pared initial gains and ended almost flat at 69.36 against the US dollar on June 25 as simmering geopolitical tensions in the Middle East dampened forex market sentiment.

On the institutional front, FPIs were net buyers in Indian markets for Rs 1157 crore while DIIs were also net buyers to the tune of Rs 377 crore, provisional data showed.

Stocks in news:

IT firm Persistent Systems June 25 said its German subsidiary will acquire Youperience for up to 6.8 million euros (about Rs 53.6 crore).

Dewan Housing Finance Limited (DHFL) has failed to make the full commercial paper payment which was due on June 25.

Larsen and Toubro Ltd (L&T) has acquired a controlling stake in IT services company Mindtree Ltd, CNBC TV18 channel reported citing sources.

Technical Recommendations:

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

Shriram Transport Finance Company Ltd: Buy| LTP: Rs 1118| Target: Rs 1280| Stop Loss: Rs 1040| Upside 15%

Voltas Limited: Buy| LTP: Rs 651.30| Target: Rs 710| Stop Loss: Rs 590| Upside 9%

State Bank of India: Buy| LTP: Rs 356.50| Target: Rs 380| Stop Loss: Rs 335| Upside 7%

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 Jun 26, 2019 08:45 am
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