Nifty likely to open flat; 3 stocks which could give 11-13% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 24 points or 0.21 percent. Nifty futures were trading around 11,500-level on the Singaporean Exchange.

The Nifty50 is expected to open flat on Wednesday following muted trend seen in other Asian markets. The index closed 129 points higher at 11,483 on Tuesday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 24 points or 0.21 percent. Nifty futures were trading around 11,500-level on the Singaporean Exchange.

US stocks gained on Tuesday, with financials snapping a five-day losing streak as Treasury yields stabilized above 15-month lows, said a Reuters report.

Asian shares slipped on Wednesday, giving up their small gains made the previous day, as investors tried to come to terms with a sharp shift in US bond markets and the implications for the world’s top economy, it said.

The rupee appreciated by 10 paise to end at 68.86 against the US dollar Tuesday following a robust response to RBI’s maiden rupee-dollar swap auction.

Stocks in news:

Crisis-hit realty firm Unitech Ltd on Tuesday said the company has sold its power transmission business to Sterling and Wilson. Unitech Power Transmission is engaged in the business of manufacturing and installation of power transmission lines.

Larsen & Toubro’s open offer to buy 31 percent shares in Mindtree will commence on May 14 and close on May 27, the company said in a detailed public statement (DPS) on March 26.

The RBI has slapped a penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations, the state-run lender said Tuesday.

Technical Recommendations:

We spoke to Sanctum Wealth Management and here’s what they have to recommend:

Asian Paints Limited: Buy| CMP: Rs 1485| Stop Loss: Rs 1430| Target: Rs 1650| Upside 11%

Power Grid Corporation of India: Buy| CMP: Rs 203| Stop Loss: Rs 195| Target: Rs 225-230| Upside 13%

Cholamandalam Investment & Finance Limited: Buy| CMP: Rs 1382| Stop Loss: Rs 1325| Target: Rs 1500-1550| Upside 12%

Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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