Market Headstart: Nifty50 likely to open flat; 3 stocks which could give 7-8% return

The Nifty50 is likely to open flat-to-lower on Thursday following muted trend seen in other Asian markets. The index closed 28 points lower at 10806 on Wednesday.

Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 6.5 points or 0.06 percent. Nifty futures were trading around 10,797-level on the Singaporean Exchange.

The S&P 500 closed down slightly on Wednesday but well above its session low after testimonies to US Congress from trade and central bank officials as well as President Donald Trump’s former lawyer brought few major surprises, said a Reuters report.

Asian stocks slipped on Thursday after cautious comments from US Trade Representative Robert Lighthizer dented some of the recent optimism towards Sino-US trade relations, while the dollar held gains, supported by higher bond yields, it said.

The rupee dived 17 paise to close at 71.24 against the US dollar Wednesday amid a flare up of tensions between India and Pakistan.

Stocks in news:

Wipro: Company to sell Workday & Cornerstone On Demand operations to Alight for $110 million.

Allahabad Bank: Board approved raising equity capital of the bank by an amount aggregating upto around Rs 6,896 crore through preferential issue of equity shares to the Government against their capital infusion.

Bharti Airtel board will meet Thursday to finalise its ambitious fundraising plans as the second-largest telco aims to create a war chest to contain debt and meet capex needs for bolstering its 4G networks to fight Reliance Jio Infocomm.

Technical Recommendations:

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

SBI: Buy| LTP: Rs.267.65 | Target Rs 291| Stop Loss Rs.254| Upside 8.50%

Coal India: Buy| LTP: Rs.221.55 | Target Rs 240| Stop Loss Rs.213| Upside 8%

Torrent Pharma: Buy| LTP: Rs.1813.10 | Target Rs 1950| Stop Loss: Rs.1758| Upside 7.55%

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