Nifty likely to open higher; top 3 stocks which could give 5-10% return

ripplesadvisoryThe Nifty50 is likely to open higher on Wednesday following positive trend seen in other Asian markets. The Nifty50 closed 71 points higher on Tuesday at 11,008.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 37 points or 0.34 percent. Nifty futures were trading around 11,062-level on the Singaporean Exchange.

Wall Street stocks rose on Tuesday, with the Dow Jones Industrial Average posting its fourth consecutive session of gains after Federal Reserve Chairman Jerome Powell expressed an optimistic US economic view and solid earnings bolstered the outlook for a robust reporting period, said a Reuters report.

Asian shares followed Wall Street higher on Wednesday as a bullish outlook from the head of the US central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough, it said.

Japan’s Nikkei leapt out of the blocks with a 1 percent gain as a weakening yen promised to fatten exporters’ profits. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.16 percent and South Korea’s market 0.85 percent.

Stocks in news:

Results Today: UltraTech Cement, Bandhan Bank, Mindtree, NIIT Technologies, JM Financial, Mastek, GHCL, Mahindra CIE Auto, Reliance Communications, Sasken Tech, Responsive Industries, JK Tyre & Industries, Foseco India, HT media, Artson Engineering

HDFC: HDFC Asset Management Company decided to open its initial public offering for subscription on July 25 and close on July 27. Price band is fixed at Rs 1,095 to Rs 1,100 per share.

PSU Banks: The government has announced a capital infusion of Rs 11,336 crore in five public sector banks, which include Punjab National Bank (Rs 2,816 crore), Indian Overseas Bank (Rs 2,157 crore), Andhra Bank (Rs 2,019 crore), Corporation Bank (Rs 2,555 crore) and Allahabad Bank (Rs 1,790 crore).

Zee Entertainment Enterprises: Q1 consolidated net profit up 31.2 percent at Rs 326 crore versus Rs 248.2 crore; revenue up 15 percent at Rs 1,772 crore versus Rs 1,504.3 crore (YoY).

Sintex Industries: Q1 consolidated profit up 11.5 percent at Rs 39.1 crore versus Rs 35.1 crore; revenue up 34.6 percent at Rs 925.3 crore versus Rs 687.6 crore (YoY).

Technical Recommendations:

Titan Company: Buy| LTP: Rs 845| Target: Rs 900-930| Stop Loss: Rs 800| Return 7-10%

V-Guard: Buy| LTP: Rs 192| Target: Rs 207-216| Stop Loss: Rs 183| Return 8-12%

Axis Bank: Buy| LTP: Rs 537| Target: Rs 565-580| Stop Loss: Rs 519| Return 5-8%

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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