Moneycontrol
Last Updated : Aug 16, 2018 08:41 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty likely to open lower; 3 stocks which could give 7-11% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 28 points or 0.24 percent. Nifty futures were trading around 11,406-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open lower on Thursday tracking muted trend seen in other Asian markets. The index closed 79 points higher at 11,435 on Tuesday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 28 points or 0.24 percent. Nifty futures were trading around 11,406-level on the Singaporean Exchange.

Wall Street fell in a day of heavy trading on Wednesday with the S&P 500 posting its biggest percentage drop since late June as investors turned risk-averse on disappointing earnings and escalating global tariff worries, said a Reuters report.

Asian shares hit fresh one-year lows in early trading, while oil and precious metal prices also tumbled as Turkey’s currency crisis and fears of an economic slowdown in China fanned worries about global growth, it said.

After falling to a historic low of 70.08 to the US dollar during the day, the rupee on Tuesday ended at 69.89, up 2 paise from its previous close of 69.91.

Stocks in news:

Kotak Mahindra Bank: RBI said bank's PNCPS issuance does not meet RBI's promoter holding dilution requirement. "We continue to believe that we have met the requirement and will engage with the RBI in this behalf," Kotak said.

Indiabulls Real Estate: Q1 consolidated net profit down 0.9 percent at Rs 117 crore versus Rs 118.50 crore; consolidated net revenue up 38.5 percent at Rs 810.9 crore versus Rs 585.6 percent crore (YoY).

Monnet Ispat: Q1 loss at Rs 389.7 crore versus loss of Rs 400 crore; revenue up 24.8 percent at Rs 433 crore versus Rs 347 crore (YoY).

Fortis Healthcare: Q1 net loss of Rs 52.8 crore versus profit of Rs 22.6 crore; revenue down 9.9 percent at Rs 1,042 crore versus Rs 1,156.6 crore (YoY).

Suven Life Sciences: Q1 net profit up 31.1 percent at Rs 38.8 crore versus Rs 29.6 crore; revenue up 36 percent at Rs 191.7 crore versus Rs 141 crore (YoY).

Hathway Cable: Q1 net loss at Rs 2.63 crore versus net profit at Rs 27.16 crore; revenue up 0.6 percent at Rs 129.8 crore versus Rs 129 crore (YoY).

Technical Recommendations:

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

Arvind Ltd: Buy| CMP: Rs. 396.55| Target Rs 424| Stop Loss Rs.383| Return 7.00%

Coffee Day Enterprises Ltd: Buy| CMP: Rs. 247.40 | Target RS.272|Stop Loss Rs.237|Return 10%

DHFL Ltd: BUY| CMP: Rs.658.20 | Target RS.730|Stop Loss Rs.628|Return 11%

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 Aug 16, 2018 08:36 am
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