Market Headstart: Nifty likely to open higher; 3 stocks which could give 11-12% return

The Nifty50 is likely to open higher on Wednesday following a mixed trend seen in other Asian markets. Overnight, US markets closed higher after the United States temporarily eased curbs on China’s Huawei Technologies Co Ltd.

“Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington’s temporary relaxation of curbs against China’s Huawei Technologies failed to offset deeper worries about trade frictions between the world’s two largest economies,” said a Reuters report.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 29.5 points or 0.25 percent. Nifty futures were trading around 11,756-level on the Singaporean Exchange.

As many as 140 companies will report their results for March quarter which include names like Ashok Buildcon, Bank of Baroda, Canara Bank, Cipla, Cummins India, IndusInd Bank, MOIL, Thermax, etc. among others.

Stocks in news:

Tech Mahindra has reported 8.8 percent fall in its fourth quarter consolidated net profit at Rs 1,126.6 crore against Rs 1,230.8 in the quarter ended December 2018.

Auto component maker Bosch Tuesday reported a 5.09 percent decline in net profit at Rs 411.70 crore for the fourth quarter ended March 2019, on lower sales volume and unfavourable exchange rates.

Crompton Greaves Consumer Electricals (CGCEL) posted a 36.2 percent year-on-year (YoY) jump in its March quarter consolidated net profit at Rs 140.54 crore. This was on account of a one-time tax gain.

Technical Recommendations:

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

Siemens Limited: Buy| Target: Rs 1300| Stop Loss: Rs 1,080| Upside 12%

Century Textiles & Industries Ltd: Buy| Target: Rs 1,066| Stop Loss: Rs 900| Upside 11%

Muthoot Finance Ltd: Buy| Target: Rs 685| Stop Loss: Rs 575| Upside 11%

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