Market Headstart: Nifty likely to open higher; 3 stocks which could give 6-11% return

The Nifty50 is expected to open higher on Wednesday following positive trend seen in other Asian markets. The index closed 18 points lower at 11,575 on Tuesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 13 points or 0.12 percent. Nifty futures were trading around 11,606 -level on the Singaporean Exchange.

The S&P 500 index and the Nasdaq registered record closing highs after a broadbased rally on Tuesday, as a clutch of better-than-expected earnings reports eased concerns about a slowdown, said a Reuters report.

Equity markets in Asia rose on Wednesday morning after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs, it said.

As many as 15 companies will declare their results for March quarter which include names like Hexaware Technologies, Bharti Infratel, M&M Financial Services, Shriram City Union, Syngene International, Tata Elxi and UltraTech Cement among others.

Stocks in news:

Drug maker Lupin Tuesday said the US health regulator has cautioned that the firm's Pithampur facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.

Tata Global Beverages (TGBL) on April 23 reported 49.70 percent fall in consolidated net profit at Rs 35.99 crore for the March quarter of the 2018-19 financial year.

Pan-India cement company ACC reported a 38.2 percent year-on-year (YoY) growth in first quarter consolidated profit at Rs 346 crore, driven by a tax refund that was partially included in other income.

Technical Recommendations:

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

Hindustan Unilever Limited: Buy| Target: Rs 1850| Stop Loss: Rs 1675| Upside 6%

City Union Bank Limited: Buy| Target: Rs 1821| Stop Loss: Rs 1580| Upside 9%

Supreme Industries Limited: Buy| Target: Rs 1290| Stop Loss: Rs 1085| Upside 11%

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