Moneycontrol
Last Updated : Jun 04, 2018 09:14 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty likely to open above 10,700; 3 stocks which could give 4-12% return

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 44 points or 0.41 percent. Nifty futures were trading around 10,723.50- level on the Singaporean Exchange.

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Moneycontrol News

The Nifty50 is expected to open higher on Monday following positive trend seen in other Asian markets. The index closed 39 points higher at 10,696 on Friday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 44 points or 0.41 percent. Nifty futures were trading around 10,723.50- level on the Singaporean Stock Exchange.

Wall Street stocks rose on Friday after the latest monthly jobs report pointed to strength in the US economy and geopolitical tensions eased, said a Reuters report.

Asian shares edged up on Monday as strong US jobs data offset worries that tariff wars between the United States and the rest of the world could drag global economic growth lower, it said. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent while Japan’s Nikkei rose 1.0 percent.

Foreign investors pulled out a massive Rs 29,714 crore from the capital markets in May, making it the biggest outflow in 18 months, primarily due to a surge in global crude prices.

Stocks in news:

Alembic Pharma announced that Ajay Kumar Desai, Senior Vice President - Finance and Company Secretary has resigned from the position of Secretary & Compliance Officer with effect from May 31. Charandeep Singh Saluja has been appointed as Company Secretary & Compliance Officer.

Dr Reddy's Laboratories said the audit of API Srikakulam plant in Andhra Pradesh has been completed by the US Food and Drug Administration with zero observations

Som Distilleries to raise Rs 100 crore by preferential issue of equity shares and to raise Rs 36 crore by preferential issue of warrants to promoters.

State Bank of India has hiked the marginal cost of funds based lending rate (MCLR) by 10 bps across tenors effective June 1

Kotak Mahindra Bank has hiked MCLR by 10-20 bps across tenors effective June 1, one-year MCLR has been hiked by 20 bps to 8.90 percent

Punjab National Bank has raised MCLR by 10 bps effective June 1

ICICI Bank has raised MCLR by 10 bps effective June 1

Karnataka Bank raises deposit interest rates

Mcleod Russel approves buyback of equity shares at Rs 210 per share

Technical Recommendations:

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

Bodal Chemical Ltd: Buy | Target: Rs 161 | Stop-loss: Rs 132 | Return 12%

KPIT Technologies Ltd: Buy | Target: Rs 303 | Stop-loss: Rs 273 | Return 6%

Rain Industries Ltd: Sell | Target: Rs 213 | Stop-loss: Rs 243 | Return 4%

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 Jun 4, 2018 08:42 am
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