Moneycontrol
Last Updated : Oct 11, 2018 08:39 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open gap-down; 3 stocks which could give 9-12% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a plunge of 240 points or 2.29 percent. Nifty futures were trading around 10,240-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open with a big gap on the downside in opening trade on Thursday tracking sell-off in global markets.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a plunge of 240 points or 2.29 percent. Nifty futures were trading around 10,240-level on the Singaporean Exchange.

US Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3.0 percent, its biggest one-day fall since February, said a Reuters report.

Asian share markets sank on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe, it said.

Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing US crude inventories had risen more than expected.

Stocks in news:

Results today: TCS, GM Breweries

Adani Enterprises: Adani Agri Logistics, a wholly owned subsidiary of the company, has incorporated a WOS namely Adani Agri Logistics (Darbhanga) Limited.

PTC India: Company signed fresh agreements for supplying 200 MW power to Bangladesh for 15 years.

Bharat Gears: In order to meet out the capital expenditure of upto Rs 60 crore, the company has lined up the source of funds through Rights issue of equity shares upto Rs 15 crore, term loan of Rs 35 crore from KKR India Financial Services Private Limited for which sanction letter has been obtained and remaining Rs 10 crore from the internal accruals.

ITI Limited: ITI received purchase order for executing the RajNet project from RajCOMP Info Services Ltd, a Government of Rajasthan Undertaking, for establishing approximately 40,000 outdoor Wi-Fi access points in Rajasthan with an order value of approximately Rs 334 crore on rate contract basis.

Technical Recommendations:

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

State Bank of India: Buy| CMP: Rs 278| Target: Rs 310| Stop Loss: Rs 255| Return 12%| Time Frame 6 months

ITC: Buy| CMP: Rs 270| Target: Rs 298| Stop Loss: Rs 247| Return 10%| Time Frame 6 months

Aurobindo Pharma: Buy| CMP: Rs 780| Target: Rs 849| Stop Loss: Rs 740| Return 9%| Time Frame 1 months

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol are his own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
First Published on Oct 11, 2018 08:39 am
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