Moneycontrol
Last Updated : Feb 08, 2019 08:50 AM IST | Source: Moneycontrol.com

Market Headstart | Nifty likely to open lower; 3 stocks that could give 7-11% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 32.5 points or 0.29 percent. Nifty futures were trading around 11,062-level on the Singaporean Exchange.

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The Nifty50 is likely to open lower on Friday tracking muted trend seen in other Asian markets. The index closed 6.95 points higher at 11,069 on Thursday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 32.5 points or 0.29 percent. Nifty futures were trading around 11,062-level on the Singaporean Exchange.

Wall Street stocks tanked on Thursday as worries that the United States and China would not be able to reach a trade deal increased concerns about slowing global economic growth, said a Reuters report.

Asian stocks slipped on Friday as investors fretted about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade row, it said.

As many as 240 companies will declare their results for the quarter ended December on Friday which include names like Allcargo Logistics, Avanti Feeds, BPCL, Cochin Shipyard, Inox Wind, Jaiprakash Associates, Dr Lala Pathlabs, M&M, Tata Steel, UCO Bank, VIP Industries and VST Tillers among others.

Stocks in news:

Aurobindo Pharma, India's second largest drug maker's net profit rose 19.7 percent to Rs 712.2 crore in the third quarter ended December on a year-on-year (YoY) basis, beating analyst estimates.

Within hours of the RBI cutting its key rates by 25 bps, state-run Bank of Maharashtra, which is under the PCA framework, Thursday announced a 0.05 percent cut in its marginal cost of funds based lending rate.

State Bank of India on Thursday said the Reserve Bank of India has slapped Rs 1 crore penalty on the country's largest lender for violating norms.

Technical Recommendations:

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

CEAT: Buy| Target: Rs 1233| Stop Loss: Rs 1080| Upside 9%

Havells India Ltd: Buy| Target: Rs 800| Stop Loss: Rs 722| Upside 7%

Manappuram Finance Ltd: Buy| Target: Rs 115| Stop Loss: Rs 98.5| Upside 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 Feb 8, 2019 08:20 am
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