Market Headstart: Nifty likely to open flat; 3 stocks which could give 5-8% returns

Image result for Market Headstart: Nifty likely to open flat; 3 stocks which could give 5-8% returnsThe Nifty50 is likely to open flat on Friday tracking mixed trend seen in other Asian markets. The index closed 11 points lower at 11,521 on Wednesday.

Trends on SGX Nifty indicate a flat-to-negative opening for the broader index in India. The Nifty futures were trading around 11,591-level, down 0.5 point on the Singaporean Exchange.

US markets rose higher on Thursday as jitters over the Federal Reserve’s forecast of an economic slowdown were calmed by upbeat economic data, said a Reuters report.

Asian shares advanced on upbeat economic data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve’s cautious outlook on the world’s biggest economy, it said.

The rupee on Wednesday recovered by 13 paise to close at 68.83 against the US dollar amid sustained buying by foreign investors in domestic equity markets and lower crude prices.

Stocks in news:

Jet Airways: Troubles for the airliner mount as lenders have asked promoter Naresh Goyal to step down immediately and make way for a new management. As per the plan, Goyal’s stake will likely be capped at 10 percent by diluting the rest at a nominal value. Sources said SBI and Punjab National Bank, which have the highest exposure in the consortium, will get representation on the new board.

Vodafone-Idea Cellular: Vodafone Idea promoters have received market regulator SEBI’s approval to exceed 75 percent shareholding post rights issue with the condition that it will have to bring under that level within a year.

State-owned Power Finance Corporation on Wednesday said it will acquire about 104 crore shares or 52.63% of the government stake in the REC at Rs 139.50 per share, a move that will help the centre to meet its disinvestment target.

Technical Recommendations:

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

ITC: Buy| LTP: Rs 298.75| Target: Rs 322|Stop Loss: Rs 286.80|Return 8%

Ajanta Pharma: Buy| LTP: Rs 1021| Target: Rs 1080-1100| Stop Loss: Rs 989|Return 5-7%

Kotak Mahindra Bank: Buy| LTP: Rs 1351.60| Target: Rs 1460| Stop Loss Rs 1287|Return 8%

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