Nifty likely to open lower; 3 stocks which could give 6-10% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 59.5 points or 0.56 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

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The Nifty50 is likely to open lower on Tuesday following muted trend seen in other Asian markets. The index closed 101 points higher at 10,628 on Monday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 59.5 points or 0.56 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

Wall Street bounced back on Monday as bargain hunters returned in force after last week’s sell-off and expectations of a flurry of holiday cyber-spending drove up shares of retailers, said a Reuters report.

Asian shares battled to extend a global rebound on Tuesday after US President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region, it said.

Stocks in news:

Graphite electrode maker HEG Monday said its board has approved a share buyback offer worth Rs 750 crore. Besides, the board has cleared an investment proposal of Rs 1,200 crore.

Crisis-hit Jet Airways continues to use layoffs in small chunks as one of the means to reduce cost with the carrier handing over pink slips to around 16 more employees, a source said.

Sun Pharma, India’s largest drugmaker has entered into a definitive agreement to acquire Japan-based Pola Pharma. Sun Pharma will pay $1 million to acquire the Japanese drugmaker, which is debt-free.

Technical Recommendations:

We spoke to HDFC Securities and here’s what they have to recommend:

ITC Ltd: Buy| LTP: Rs 286| Target Rs. 304 | Stop-Loss: Rs 276 | Return 6%

Canara Bank: Buy| LTP: Rs 264| Target: Rs 290 | Stop-Loss: Rs 248| Return 10%

PVR: Buy| LTP: Rs 1437| Target: Rs 1530| Stop-Loss: Rs 1375| Return 6%

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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