Markets@Moneycontrol: Nifty likely to open lower; 3 stocks which could give 5-8% return

The Nifty50 is likely to open lower on Monday following muted trend seen in other Asian markets. The index closed 41 points lower at 11,429 on Friday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 50.5 points or 0.44 percent. Nifty futures were trading around 10,381-level on the Singaporean Exchange.

US stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets, said a Reuters report.

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 percent below its record high from January 26.

Asia share markets slipped and the euro hit one-year lows on Monday as a fresh fall in the Turkish lira fueled demand for safe havens, including the US dollar, Swiss franc and yen, added the report.

Japan’s Nikkei lost 0.95 percent and MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent as bourses across the region turned red.

Nearly 700 companies will report their results for the quarter ended June which include names like Ashoka Buildcon, AstraZeneca Pharma, Cochin Shipyard, Dewan Housing Finance, GATI Ltd, Jai Corp, Jain Irrigations, Oil India, Tata Chemicals, Tata Steel and Videocon Industries Ltd among others.

Stocks in news:

Coal India: Q1 consolidated profit up 61.1 percent at Rs 3,786.4 crore versus Rs 2,350.8 crore; revenue up 26.6 percent at Rs 24,260.9 crore versus Rs 19,161.7 crore (YoY)

Power Mech: Q1 profit up 42.5 percent at Rs 30.5 crore versus Rs 21.4 crore; revenue up 28.9 percent at Rs 461.9 crore versus Rs 358.4 crore (YoY).

NBCC: Q1 consolidated profit up 23.9 percent at Rs 73.2 crore versus Rs 59.1 crore; revenue up 19.1 percent at Rs 1,844 crore versus Rs 1,548.9 crore (YoY).

VRL Logistics: Q1 profit down 28.3 percent at Rs 24.2 crore versus Rs 33.7 crore; revenue up 7.4 percent at Rs 528.5 crore versus Rs 491.9 crore (YoY).

Rushil Decor: Q1 profit down 19.5 percent at Rs 5.2 crore versus Rs 6.4 crore; revenue up 9.8 percent at Rs 86.6 crore versus Rs 78.9 crore (YoY).

India Cements: Q1 profit down 20.6 percent at Rs 21 crore versus Rs 26.4 crore; revenue down 6.9 percent at Rs 1,360.7 crore versus Rs 1,461.6 crore (YoY).

Technical Recommendations:

We spoke to Chartviewindia.in and here’s what they have to recommend:

Mahindra & Mahindra: Buy| Target: Rs 1020| Stop Loss: Rs 927| Return 8%

Bharat Petroleum: Buy| Target: Rs 429| Stop Loss: Rs 380| Return 7%

Asian Paints: Buy| Target: Rs 1490| Stop Loss: Rs 1390| Return 5%