Moneycontrol
Last Updated : Aug 06, 2018 08:35 AM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty likely to test record highs; 3 stocks which could give 6-10% return

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 39 points or 0.34 percent. Nifty futures were trading around 10,436-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open higher on Monday and might hit fresh record highs, following positive trend seen in other Asian markets. The index closed 116 points higher at 11,360 on Friday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 39 points or 0.34 percent. Nifty futures were trading around 10,436-level on the Singaporean Exchange.

US stocks advanced on Friday as upbeat earnings helped investors shrug off heightened trade anxieties and weaker-than-expected July jobs growth, said a Reuters report.

Asian shares advanced early on Monday, led by Wall Street's gains. The Nikkei 225 edged up by 0.14 percent while the Kospi added 0.44 percent, with automakers, steelmakers and retailers contributing to overall gains. The S&P/ASX 200 rose 0.44 percent.

As many as 108 companies will declare their results which include names like Adani Ports, Arvind, Atul Auto, Avanti Feeds, Britannia Industries, Dena Bank, Syndicate Bank, Ujjivan Financial Services, Titagarh Wagons and Max Financial Services among others.

HDFC Asset Management Company is set to debut on the bourses on August 6, after receiving a great response to the issue from institutional investors.

Sources told Moneycontrol that current grey market premium suggests that the stock may fetch a premium of Rs 500-600 per share over the issue price of Rs 1,100. Market experts peg the listing around Rs 1,450-1,600 apiece.

Stocks in news:

SAIL: Q1 profit at Rs 540.4 crore versus loss of Rs 797 crore; revenue rises to Rs 15,907.2 crore versus Rs 11,579 crore (YoY).

Divis Lab: Q1 profit jumps to Rs 266.2 crore versus Rs 176.5 crore; revenue rises to Rs 995.3 crore versus Rs 821.20 crore (YoY).

Jaiprakash Power Ventures: Q1 profit at Rs 4.14 crore versus loss of Rs 19.02 crore; revenue increases Rs 1,083 crore versus Rs 995.92 crore (YoY).

Suzlon Energy: Q1 loss at Rs 575 crore versus profit at Rs 47.84 crore; revenue falls to Rs 1,277.49 crore versus Rs 2,581.99 crore (YoY).

Munjal Auto Industries: Q1 profit declines to Rs 8.3 crore versus Rs 10.4 crore; revenue rises to Rs 290.3 crore versus Rs 257.36 crore (YoY).

Relaxo Footwears: Q1 profit increases to Rs 45.95 crore versus Rs 37.35 crore; revenue rises to Rs 566.48 crore versus Rs 482.96 crore (YoY).

Action Construction Equipment: Q1 jumps to Rs 16.65 crore versus Rs 3.76 crore; revenue rises to Rs 336.2 crore versus Rs 188.96 crore (YoY).

JSW Holdings: Q1 profit falls to Rs 9.84 crore versus Rs 40.55 crore; revenue slips to Rs 12.71 crore versus Rs 50.85 crore (YoY).

Wockhardt: Q1 loss at Rs 86.2 crore versus loss of Rs 409.66 crore; revenue rises to Rs 1,007.71 crore versus Rs 891 crore (YoY).

Technical Recommendations:

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

Redington (India) Ltd: Sell | Target: Rs. 98 | Stop-loss: Rs. 115 | Return: 6%

Sical Logistics Ltd: Buy | Target: Rs. 203| Stop-loss: Rs. 174| Return: 8%

JK Paper Ltd: Buy | Target: Rs. 167| Stop-loss: Rs. 135 | Return: 10%

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 6, 2018 08:35 am
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