Markets@Moneycontrol: Nifty likely to open higher; 3 stocks which could give 6-10% return

Moneycotnrol News

The Nifty50 is likely to open higher on Friday following positive trend seen in other Asian markets. The index closed 82 points higher at 11,369 on Wednesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 37 points or 0.33 percent. Nifty futures were trading around 11,482- level on the Singaporean Exchange.

Apple led a rebound in technology shares and boosted all three major US stock indexes on Thursday, while trade worries eased after China welcomed new talks with the United States, said a Reuters report.

Asian shares nudged higher on Friday as moves by the United States and China to resolve a bitter trade dispute and a sharp interest rate hike in crisis-hit Turkey supported global risk appetite, it said.

Stocks in news:

Vedanta: Vedanta announced hydrocarbon Discovery in well A3-2 within its operated block KG-OSN-2009/3 within Krishna-Godavari Basin, East Coast of India. Company holds 100 percent participating interest in the block.

Redington India: Subsidiary ProConnect Supply Chain Solutions increased its shareholding in Rajprotim Supply Chain Solutions from 76 percent to 88 percent.

Allahabad Bank: Board meeting is scheduled to be held on September 19 to consider the modes/modalities of raising the equity capital of the Bank within the aforesaid overall limit of around Rs 1,900 crore.

Fortis - Shivinder Mohan Singh withdraws NCLT petition against elder brother Malvinder Singh

Engineers India: Board considered the proposal for acquisition of 100 percent paid-up share capital of Projects and Development India (PDIL) from President of India, acting through the Ministry of Chemicals & Fertilizers.

Cadila Healthcare: Zydus receives final approval from the USFDA for Risedronate Sodium Delayed-release tablets.

Technical Recommendations:

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

Kotak Mahindra Bank Ltd: Buy| LTP: Rs 1230.40| Target Rs 1310-1330| Stop Loss Rs.1187| Return 6.0-8%

Edelweiss: Buy| CMP: Rs.259.30 | Target Rs 286| Stop Loss: Rs.247| Return 10%

HUL Ltd: Buy| LTP: Rs. 1626.85 | Target Rs 1757| Stop Loss: Rs 1569| Return 8%