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Last Updated : Dec 21, 2018 08:34 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; 3 stocks which could give 8-14% return 

Nifty futures on Singaporean exchange are trading lower, mirroring the subdued sentiment as Wall Street witnessed selling pressure. This weighed on other Asian indices as well. The futures were trading at 10,970, a fall of 23 points on SGX Nifty.

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The Nifty50 is likely to open lower on Friday tracking muted trend seen in other Asian markets. The index closed 15 points lower at 10,951 on Thursday.

Nifty futures on Singaporean exchange are trading lower, mirroring the subdued sentiment as Wall Street witnessed selling pressure. This weighed on other Asian indices as well. The futures were trading at 10,970, a fall of 23 points on SGX Nifty.

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U.S. stocks fell for a second day after the Federal Reserve raised benchmark interest rates and said that it would continue to let its massive balance sheet shrink at the current pace, said a Reuters report.

Stocks in Asia were lower, following the weak handover from Wall Street. The Nikkei 225 in Japan continued to fall even after a 2.5 percent fall in the previous session. The Topix index fell 0.84 percent, while Kospi was down 0.17 percent, it said.

The rupee strengthened by 69 paise, or about 1 percent, against the dollar on Thursday. The currency rose by 74 paise against the US currency during the session and closed at 69.70.

Stocks in news:

Power Finance Corporation said the board of directors has approved the strategic sale of government's stake in Rural Electrification Corporation to the state-owned financial institution.

State-owned NHPC said its offer to buy back 21.42 crore equity shares at Rs 28 apiece, aggregating to Rs 600 crore, will open on January 1.

IT and Pharma stocks will be in focus as the rupee strengthened further by 69 paise to close at 69.70 against the US dollar on December 20 as the Fed raised the interest rate but lowered its projection for future hikes.

Bharti Airtel has approved the sale of up to 59 crore shares of Bharti Infratel to Nettle Infra. It has formed 'special committee of directors to evaluate fund-raising options.

Vijaya Bank: United Forum of Bank Unions to go on all Indian bank strike on December 26 against Govt decision of merger

Axis Bank: V. Srinivasan, Deputy Managing Director of the bank has retired from the services of the bank

Technical Recommendations:

We spoke to Way2Wealth Brokers Pvt Ltd and here’s what they have to recommend:

Bajaj Electricals Ltd: Buy above Rs 525.50| LTP: Rs 515| Target: 576| Stop Loss: Rs 495| Return 11%

Motherson Sumi Ltd: Buy at 170| LTP: Rs 170.35| Target: Rs 194| Stop Loss: Rs 160| Return 14%

Glenmark Pharma: Buy at Rs 687| LTP: Rs 686| Target: Rs 740| Stop Loss: Rs 650| Return 8%

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 Dec 21, 2018 08:32 am
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