Moneycontrol
Last Updated : Jul 31, 2018 08:46 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty likely to open flat; 3 stocks which could give 11-17% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 4.5 points or 0.04 percent. Nifty futures were trading around 11,339- level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open flat on Tuesday following muted trend seen in other Asian markets. The index closed 41 points higher at 11,319 on Monday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 4.5 points or 0.04 percent. Nifty futures were trading around 11,339- level on the Singaporean Exchange.

A broad sell-off of technology stocks pushed the three major US stock indexes lower on Monday, with the Nasdaq Composite posting its third consecutive loss of more than 1 percent for the first time in three years just days after hitting a record high, said a Reuters report.

Asian share markets weakened taking cues from the rout in global technology shares while the yen edged higher ahead of the Bank of Japan’s rate review, at which it could flag a shift away from its massive monetary stimulus, it said.

Oil prices slipped after a report showed that OPEC production reached a 2018 high in the month of July, although the losses were limited as concerns about supply lingered.

On the earnings front, as many as 108 companies will declare results for June quarter which include names like Ajanta Pharma, Bank of India, Bharat Electronics, Castrol India, Dabur India, Mahanagar Gas, Tata Motors, Vedanta, and V-Guard Industries among others.

Stocks in news:

Dr Reddy's Laboratories clarified that AstraZeneca has filed lawsuit in Delhi HC

HDFC Bank: The board approved floor price for QIP at Rs 2,179.13 per share. The bank proposed QIP to raise up to Rs 15,500 crore.

Axis Bank: Q1 earnings beat estimates, profit falls 46.3 percent to Rs 701 crore versus Rs 1,305.6 crore; NII rises 11.9 percent to Rs 5,167 crore versus Rs 4,616.1 crore (YoY).

Tech Mahindra: Q1 profit declines 26.5 percent to Rs 897.9 crore versus Rs 1,221 crore; rupee revenue rises 2.8 percent to Rs 8,276.3 crore versus Rs 8,054.5 crore (QoQ).

IDFC Bank: Q1 profit slips 58.5 percent to Rs 181.5 crore versus Rs 437.6 crore; NII increases 26.2 percent to Rs 489.8 crore versus Rs 388 crore (YoY).

InterGlobe Aviation: Q1 profit drops 96.6 percent to Rs 27.8 crore versus Rs 811.1 crore; revenue rises 13.2 percent to Rs 6,512 crore versus Rs 5,752.9 crore (YoY).

Avenue Supermarts: Q1 profit jumps 43.4 percent to Rs 250.6 crore versus Rs 174.8 crore; revenue rises 26.7 percent to Rs 4,559.4 crore versus Rs 3,598.1 crore (YoY).

Technical Recommendations:

We spoke to HDFC Securities and here’s what they have to recommend:

Godrej Industries Ltd: Buy| LTP: Rs 642.50| Target: Rs.715 | Stop-Loss: Rs 580 | Return 11%

Sterlite Technologies Ltd: Buy| LTP: Rs 342 | Target: Rs.400 | Stop-Loss: Rs 296 | Return 17%

Endurance Technologies Ltd: Buy| LTP: Rs 1,334| Target: Rs.1,500 | Stop-Loss: Rs 1,190 | Return 12%

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 Jul 31, 2018 08:44 am
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