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Last Updated : May 06, 2019 08:51 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; 3 stocks which could give 3-5% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.48 percent. Nifty futures were trading around 11,704-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open lower on Monday following muted trend seen in other Asian markets as trade negotiations between China and the United States deteriorated suddenly. On Friday, US markets rose on stronger-than-expected job growth.

The S&P BSE Sensex closed 18 points lower at 38,963 while the Nifty50 closed 12 points down at 11,712 on Friday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.48 percent. Nifty futures were trading around 11,704-level on the Singaporean Exchange.

US stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates, said a Reuters report.

Asian equities tumbled, oil prices plunged and the safe-haven yen strengthened early on Monday as trade negotiations between China and the United States deteriorated suddenly, reversing apparent progress made in recent months, it said.

As many as 29 companies on the BSE are scheduled to report their results for March quarter later today which include names like Bharti Airtel, Godrej Agrovet, Gujarat Gas, ICICI Bank, Marico and Wockhardt among others.

Stocks in news:

Federal Bank Saturday reported an over two-fold jump in net profit for the March quarter at Rs 381.51 crore on account of lower provisioning and higher interest income.

L&T Technology Services (LTTS) on May 3 has delivered its highest ever growth for FY19 in the March quarter driven by the growth in the electrification of vehicles, autonomous vehicles and over the top (OTT) systems.

YES Bank on May 3 said the Reserve Bank of India has imposed a penalty of Rs 11.25 lakh on it for violating money transfer norms.

Technical Recommendations:

We spoke to 5nance.com and here’s what they have to recommend:

Biocon Ltd: Sell| Target: Rs 534| Stop-Loss: Rs 570| Downside: 3%

Kotak Mahindra Bank: Buy| Target: Rs 1475| Stop-Loss: Rs 1345| Upside: 4%

Jindal Steel & Power Ltd: Buy| Target: Rs 191| Stop-Loss: Rs. 172| Upside: 5%

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 May 6, 2019 08:46 am
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