Markets@Moneycontrol: Nifty likely to open higher; 3 stocks which could give 10-16% return

The Nifty50 is likely to open higher on Thursday following positive trend seen in other Asian markets. The index closed 46 points lower at 11,691 on Wednesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 22 points or 0.19 percent. Nifty futures were trading around 11,726-level on the Singaporean Exchange.

Wall Street extended its rally on Wednesday, with the S&P 500 and the Nasdaq hitting record highs for the fourth straight session as technology companies pushed indexes higher and promising trade negotiations stoked investor sentiment, said a report.

Asian stocks rose on Thursday as Wall Street hit record highs in the hope that the current North American Free Trade Agreement (NAFTA) negotiations will lead to a further easing of global trade tensions, it said.

Stocks in news:

Mahindra Logistics: Board approved the appointment of Yogesh Patel, VP – Finance of the company, as the CFO and KMP of the company, with effect from September 1.

PNB Housing Finance - NCD worth Rs 585 crore to be allotted on August 30

Amtek Auto: Q3FY18 loss at Rs 80.21 crore against loss of Rs 241.56 crore in Q3FY17 and loss of Rs 10,652.2 crore in Q2FY18. Revenue at Rs 313.77 crore against Rs 457.2 crore in Q3FY17 and Rs 343.62 crore in Q2FY18.

Unitech: Q1FY19 loss at Rs 72.95 crore against loss Rs 16.47 crore; revenue falls to Rs 76.3 crore versus Rs 195.96 crore (YoY).

NALCO declares highest ever dividend of Rs 1102 crore for 2017-18

PTC India Financial Services: Q1 profit falls to Rs 55.93 crore versus Rs 72.4 crore; provisions and contingencies rose to Rs 17.11 crore versus Rs 14.23 crore (YoY).

Pioneer Distilleries will resume its operations from August 30 consequent to the completion of the maintenance work at Balapur Village, Nanded, Maharashtra

Technical Recommendations:

We spoke to ICICI Direct.com and here’s what they have to recommend:

ITC: Buy| CMP: Rs 312| Target: Rs 345| Stop Loss: Rs 285| Return 11%| Time Frame 6 months

State Bank of India: Buy| CMP: Rs 309| Target: Rs 341| Stop Loss: Rs 278| Return 10%| Time Frame 6 months

Majesco: Buy| CMP: Rs 515| Target: Rs 598| Stop Loss: Rs 448| Return 16%| Time Frame 6 months