Moneycontrol
Last Updated : Jan 29, 2019 08:45 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; 3 stocks which could give 8-11% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 18.5 points or 0.17 percent. Nifty futures were trading around 10,669- level on the Singaporean Exchange.

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The Nifty50 is likely to open flat-to-lower on Tuesday following muted trend seen in other Asian markets. The index closed 119 points lower at 10,661 on Monday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 18.5 points or 0.17 percent. Nifty futures were trading around 10,669- level on the Singaporean Exchange.

US stocks tumbled on Monday after warnings from Caterpillar Inc and Nvidia Corp added to concerns about a slowing Chinese economy and tariffs taking a bite out of US corporate profits, said a Reuters report.

Asian shares faltered on Tuesday and the dollar hovered near two-week lows as prospects for a Sino-US trade deal was dealt a blow after the United States charged Chinese telecom firm Huawei with bank fraud and for conspiring to steal trade secrets, it said.

On the earnings front, as many as 70 companies will declare their results for the quarter ended December which include names like Axis Bank, Bajaj Finserv, Bank of Baroda, HCL Technologies, HDFC, KEC International, Mahanagar Gas, OBC, Tata Coffee, Tata Steel, and Welspun Enterprises etc. among others.

Stocks in news:

Farm equipment and engineering major Escorts on Monday reported a 52.34 percent increase in standalone net profit at Rs 140.11 crore for the third quarter ended December 2018.

Persistent Systems reported a marginal rise in its consolidated net profit to Rs 91.71 crore during the December 2018 quarter. Besides, the Board also approved a buyback offer of up to Rs 225 crore at a share price of up to Rs 750 apiece, it said in a regulatory filing.

Tyre maker CEAT on Monday reported a 36 percent dip in its consolidated net profit to Rs 52.24 crore for the quarter ended December 2018.

Technical Recommendations:

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

Wipro Ltd: Buy| LTP: Rs 355| Target: Rs 385| Stop-Loss: Rs 335| Return 8%

Engineers India Ltd: Sell| LTP: Rs 114| Target: Rs 102| Stop-Loss: Rs 122| Return 11%

Eicher Motors Ltd: Sell| LTP: Rs 19900| Target: Rs 18400| Stop-Loss: Rs 21000|Return 8%

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 Jan 29, 2019 08:45 am
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