FAST MONEY: Fortis Healthcare, Blue Star among key intraday trading tips
The benchmark indices are expected top open on a positive to flat note tracking positive trend in Asian markets which edged higher, tracking Wall Street gains as the focus shifted to corporate earnings and looming economic data from China amid signs Western-led strikes on Syria weren’t likely to escalate. At 8:40 am, SGX Nifty was trading at 10,544.50, down 2.50 points or 0.02 per cent.
Back home, India Meteorological Department on Monday said The monsoon will be 97 per cent of long period average (LPA), which is normal for the season. The error margin in the forecast is plus/minus 5 per cent. The news is expected to instill fresh rigour in agri-linked stocks.
"Rural recovery is expected thanks to normal monsoon. Rural income will witness a pick-up that will be positive for stocks like ITC, Emami, M&M, Godrej Consumer and Ramco Cement," said global brokerage CLSA in a note.
Overseas, MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.22 per cent.
Japan’s Nikkei climbed 0.2 per cent. South Korea’s KOSPI gained 0.2 per cent and Australian stocks added 0.45 per cent.
The Dow gained 0.87 per cent and the S&P 500 rose 0.8 per cent on Monday, with the biggest boosts from technology and healthcare sectors as investors were optimistic about the earnings season and appeared less worried about US-led missile attacks in Syria.
Meanwhile, US crude oil futures rose 0.3 per cent to $66.43 a barrel after tumbling nearly 1.8 per cent overnight on waning concerns about tensions in the Middle East.
Here are key intraday trading ideas:
Bajaj Electricals (Buy)
Tgt: Rs 650
SL: Rs 612
Received Rs 3578 crore order
Order to be completed in next 15 months
The company expected to receive Rs 100 crore
Fortis Healthcare (Buy)
Tgt: Rs 157
SL: Rs 147
Board meet on April 19
Decision on IHH, Manipal, Hero-Burman offer to be taken
IHH may go for hostile takeover
Tgt: Rs 590
SL: Rs 570
Trial kicked off for phase 2 of GBR 830
This is used for Eczema cure
Blue Star (Buy)
Tgt: Rs 810
SL: Rs 785
Entered into an agreement with Sands Intl
Agreement with Saudi for product distribution
Tgt: Rs 417
SL: Rs 406
Brent crude slipped 1.5%
The stock recovered from lower levels
Jain Irrigation (Buy)
Tgt: Rs 121
SL: Rs 115.50
Normal monsoon expected this year: IMD
The monsoon will be 97 per cent of long period average
Q4 results on April 24
Results are expected to be better
(Stocks mentioned here are for informational purpose. Consult your financial advisor before investing.)