Nifty likely to open lower; 3 stocks which could give 7-10% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 42.5 points or 0.38 percent. Nifty futures were trading around 11,045-level on the Singaporean Exchange.

The Nifty50 is expected to open lower on Friday tracking muted trend seen in other Asian markets. The index closed 5.2 points higher at 11,058 on Thursday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 42.5 points or 0.38 percent. Nifty futures were trading around 11,045-level on the Singaporean Exchange.

Wall Street’s main indexes fell for a fourth consecutive session on Thursday after Europe’s central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth, said a Reuters report.

Asian stocks shuddered lower on Friday after the European Central Bank slashed its growth forecasts and launched an emergency round of policy stimulus, leaving investors fearing the worst for the global economy, it said.

The rupee darted up 28 paise to close at 70 against the dollar on Thursday amid robust foreign inflows and strong buying in domestic equities.

Stocks in news:

Reliance Infrastructure: BC Patnaik, representative of Life Insurance Corporation of India (LIC) has been approved by the board for appointment as a Non Executive Director in place of Shiv Prabhat.

Jet Airways: An additional three aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

KNR Constructions: Company bagged Hybrid Annuity Project (HAM) with bid project cost of Rs 920 and 1st year operation & maintenance cost of Rs 3 crore from National Highways Authority of India (NHAI) in Tamil Nadu.

Lupin: Company receives FDA approval for Atorvastatin Calcium tablets USP, which is used to lower cholesterol in blood.

Technical Recommendations:

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

Bajaj Finserv: Buy| Target: Rs 7194| Stop Loss: Rs 6350| Upside 9%

Allahabad Bank: Buy| Target: Rs 61.5| Stop Loss: Rs 53.25| Upside 10%

KNR Construction Ltd: Buy| Target: Rs 250| Stop Loss: Rs 226| Upside 7%

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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