Moneycontrol
Last Updated : Oct 31, 2018 08:44 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; 3 stocks which could give 7-10% return

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 70.5 points or 0.69 percent. Nifty futures were trading around 11,299-level on the Singaporean Exchange.

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The Nifty50 is expected to open higher on Wednesday following positive trend seen in other Asian markets. The index closed 52 points lower at 10,198 on Tuesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 70.5 points or 0.69 percent. Nifty futures were trading around 11,299-level on the Singaporean Exchange.

US stocks fell in a volatile session on Monday, with the benchmark S&P 500 index ending close to confirming its second correction of 2018, hurt by fresh worries about US-China trade policy tensions and a sharp drop in the big technology and internet shares, said a Reuters report.

Asian stocks pulled away from 20-month lows to eke out small gains on Wednesday, thanks to a rebound on Wall Street though investors remained cautious after a torrid October month that saw trillions of dollars wiped out of global equity markets, it said.

On the earnings front as many as 156 companies will be reporting their results for quarter ended September later today which include names like Adani Enterprises, Adani Power, Canara Bank, Castrol India, Dabur India, Escorts, Lupin, L&T, MOIL, Repro India, Sanofi India, Strides Pharma, Syndicate Bank, Tata Motors, Vedanta, and United Spirits etc. among others.

Stocks in news:

Staffing firm TeamLease Services reported a 43.1 percent increase in its consolidated net profit to Rs 24.9 crore for the second quarter ended September 30.

Net profit of Birla Corporation, the flagship company of M P Birla group, increased manifold at Rs 16.29 crore for the September quarter of current fiscal from Rs 1.46 crore in the previous quarter of the previous fiscal.

BASF India reported 94.58 percent decline in standalone net profit at Rs 9.38 crore in the quarter ended September, against a profit of Rs 172.91 crore in the year-ago period.

Cummins India Q2: Profit jumps 38.4 percent to Rs 211.5 crore versus Rs 152.9 crore; revenue spikes 28.9 percent to Rs 1,486.9 crore versus Rs 1,153.8 crore YoY.

Emkay Global Q2: Profit falls to Rs 4.34 crore versus Rs 6.25 crore; revenue rises to Rs 38.3 crore versus Rs 36.15 crore YoY.

Shree Renuka Sugars Q2: Loss at Rs 27.51 crore versus loss at Rs 14.56 crore; revenue falls to Rs 92.06 crore versus Rs 136.52 crore YoY.

Technical Recommendations:

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

Exide Industries Ltd: Buy | Close: Rs 261.45 | Target: Rs 290 | Stop Loss: Rs 240 | Return: 10.92%

Aurobindo Pharma Ltd: Buy| Close: 770.50 | Target: Rs 850 | Stop loss: Rs 720 | Return: 10.32%

Bharat Forge Ltd: Buy| Close: 569.50 | Target: Rs 610 | Stop loss: Rs 540 | Return: 7.11%

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 Oct 31, 2018 08:43 am
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