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Last Updated : May 08, 2019 08:47 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; 3 stocks which could give 7-14% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.49 percent. Nifty futures were trading around 11,482-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open with a gap on the downside on Wednesday following a weak trend seen in other Asian markets as the latest developments in the U.S.-China trade conflict fanned fresh fears about global growth slowdown.

The S&P BSE Sensex closed 323 points lower at 38,276 while the Nifty50 ended 100 points down at 11,497 on Tuesday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.49 percent. Nifty futures were trading around 11,482-level on the Singaporean Exchange.

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US stocks slid on Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets, said a Reuters report.

Asian equities tracked Wall Street’s slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds, it said.

As many as 43 companies will declare their results for March quarter which include names like Alembic Pharma, Dhanlaxmi Bank, Gillette India, JK Paper, Titan Company and Tata Communications among others.

Stocks in news:

Neogen Chemicals will debut on the bourses on May 8. The issue price is fixed at the higher end of the price band of Rs 212-215 per share. The Rs 132-crore public offer that was open from April 24-26, 2019, was oversubscribed 41.18 times.

Metals & mining firm Vedanta's March quarter consolidated profit fell a sharp 43.3 percent year-on-year (YoY) to Rs 3,218 crore. Profit in the year-ago period stood at Rs 5,675 crore.

Citi maintains a Neutral rating with a target of Rs 195

Morgan Stanley maintained its Equal Weight rating with a target of Rs 176

Engineering and power firm ABB India May 7 reported over 13 percent jump in its net profit to Rs 116.19 crore during the quarter ended March 31, 2019, helped by higher income.

Technical Recommendations:

We spoke to SMC Global Securities and here's what they have to recommend:

Chennai Petroleum Corporation Limited: Sell| Target: Rs 230| Stop Loss: Rs 260| Downside 7%

Blue Star Limited: Buy| Target: Rs 815| Stop Loss: Rs 680|Upside 11%

Mold-Tek Technologies Limited: Buy| Target: Rs 63| Stop Loss: Rs 51| Upside 14%

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 8, 2019 08:42 am
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