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Nifty likely to open gap down; may retest 10,700 levels

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 48 points or 0.45 percent. Nifty futures were trading around 10,724- level on the Singaporean Exchange.

The Nifty50 is likely to see a gap down opening on Friday weighed down by muted trend seen in other Asian markets. The Nifty50 closed 83 points lower at 10,768 levels.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 48 points or 0.45 percent. Nifty futures were trading around 10,724- level on the Singaporean Exchange.

The S&P and Nasdaq fell on Thursday as the technology sector snapped a rally while investors turned to safer bets as they kept an eye on global trade tensions and waited for US and European central bank meetings, said a Reuters report.

Asian stocks drifted lower early on Friday, with major markets in the region recording slight declines after the mixed close on Wall Street, it added.

The Nikkei 225 shed 0.11 percent following four straight sessions of gains as banking stocks slipped while consumer stocks edged higher. The broader Topix was little changed.

Nifty Futures

Stocks in news:

HDFC Bank raises MCLR across tenors by 10 bps effective today

Tata Motors proposes to raise up to USD 500 mn via ECB

Omax Autos approves the proposal for diversification and expansion of existing capacity for manufacturing products and equipment supplied to Railways

Dr. Reddy's expects to launch generic Copaxone in H1 FY20 in the US

Indian Bank revised the marginal cost of funds based lending rates (MCLRs) with effect from June 11, 2018

Time Technoplast receives order worth Rs 40 crore

PTC India: Sutirtha Bhattacharya appointed as the Independent Director on the Board

ITC acquires Nimyle floor cleaner, forays into home care space

Capital First debenture committee allots NCD worth Rs100cr on private placement basis

Technical Recommendations:

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

Reliance Capital: Buy| Target Rs435| Stop Loss Rs 403

Canara Bank: Buy| Target Rs 284| Stop loss Rs 263

Tata Steel: Buy| Target Rs 617| Stop Loss Rs 590

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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.

Nifty likely to open gap down; may retest 10,700 levels Nifty likely to open gap down; may retest 10,700 levels Reviewed by Shivi Choudhary on June 08, 2018 Rating: 5

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