Nifty likely to open higher; may retest 10,800 levels-Ripples Advisory

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 21.5 points or 0.2 percent. Nifty futures were trading around 10,769-level on the Singaporean Exchange. Ripples Advisory

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The Nifty50 is likely to open higher on Monday tracking positive trend seen in other Asian markets. The Nifty50 close 0.7 point lower at 10,767 on Friday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 21.5 points or 0.2 percent. Nifty futures were trading around 10,769-level on the Singaporean Exchange.

US stock indexes closed higher on Friday as investors shrugged off concerns about global trade tensions but trading volume was relatively light ahead of a busy week of central bank meetings, said a Reuters report.

Asian stocks moved gingerly on Monday as a weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front, it said.

Japan’s Nikkei dipped 0.1 percent while South Korea’s KOSPI .KS11 added 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent.

The National Stock Exchange on Saturday decided to introduce additional surveillance measures for companies that are undergoing insolvency resolution process (IRP) as per the Insolvency and Bankruptcy Code (IBC). The exchange has listed out 60 companies that are a part of this process.

Stocks in news:

Inox Wind: Citing time constraints, auditor of Inox Wind – Patankar & Associates – decided to quit as independent auditor of the firm on Friday.

Sagar Cements May standalone production up 15% at 1.84 lakh tonne

Indian Overseas Bank raises lending rate by 5-10 bps effective June 10

Syndicate Bank raises one-year MCLR to 8.55% from 8.50%

Shoppers Stop’s chief financial officer Vijay Jain resigned w.e.f. June 08, 2018

Natco Pharma launches generic Posaconazole injection

SBI to auction 12 bad accounts this month to recover over Rs 1325 crore

PNB board approved to initiate the process to disinvest stake in PNB Housing Finance

Seya Industries approved fund raising plans for expansion

Jubilant Life Sciences issued commercial papers worth Rs 75 crore

Bayer closes Monsanto acquisition

Mahindra & Mahindra Financial Services allots NCDs worth Rs 40 crore

Technical Recommendations:

Prakash Industries Ltd: Buy | Target: Rs 196 | SL: Rs 163 | Return 11%

PVR Ltd: Buy| Target: Rs 1,498 | SL: Rs 1,385 | Return 6%

Infibeam Incorporation Ltd: Sell| Target: Rs 143 | SL: Rs 158 | Return 5%

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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