FAST MONEY: DCB Bank, Oberoi Realty among top 10 intraday tips for today's trade
Last week, the Indian equity markets were engulfed by bears as global trade war fears following US President Donald Trump's proposal to impose tariff on import of metals, along with the turmoil in the domestic banking sector, continued to erode the risk-taking appetite of investors.
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Anil Singhvi's Market Strategy October 16: Trend to be Neutral; Cement, Fertilizers and Chemicals are Positive todaySensex today: The benchmark indices are expected to open higher on Monday, tracking a relief rally in Asian markets after the latest US jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally. At 8:30 am, the SGX Nifty, an early indicator of Nifty50's trend in India, was trading at 10,344, up 130.50 points or 1.28 per cent.
Market participants will keep a close eye on domestic macro-economic data releases. The government will announce inflation data based on consumer price index (CPI) for February and industrial production data (Index of Industrial Production, IIP) for January later in the day. Among Asian markets, MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4 per cent. Japan's Nikkei jumped 2 per cent, while South Korea rose 0.8 per cent.
Australia’s main index climbed 0.9 per cent and E-Mini futures for the S&P 500 added another 0.23 per cent.
Last week, the Indian equity markets were engulfed by bears as global trade war fears following US President Donald Trump's proposal to impose tariff on import of metals, along with the turmoil in the domestic banking sector, continued to erode the risk-taking appetite of investors.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 739.8 points or 2.17 per cent to close at 33,307.14 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,226.85 points -- down 231.5 points or 2.21 per cent from its previous week's close.
Here are top trading ideas for today's trade:
1) BAJAJ FINSERV (Buy)
Target: Rs 5050
Stoploss: Rs 4950
CMP: Rs 4967
- Short-covering in the stock
- Surge with over three-fold volumes
2) KAVERI SEED
Target: Rs 495
Stoploss: Rs 475
CMP: Rs 480
- Recovery in last hour of trade
- Buying going on for last two sessions
3) OBEROI REALTY
Target: Rs 534
Stoploss: Rs 520
CMP: Rs 524.75
- Realty stocks to trade higher
- Stock trading above key moving averages on daily chart
4) HDIL
Target: Rs 45
Stoploss: Rs 42
CMP: Rs 42.45
- Strong pullback on positibe cues
- Stock to find support after 8-session long fall
5) REC
Target: Rs 132
Stoploss: Rs 125
CMP: Rs 127.90
- Stock found support after continued correction for last few days
- Short-covering in the stock
6) UNION BANK
Target: Rs 97
Stoploss: Rs 92
CMP: Rs 93.60
- Stock finding support at lower levels
- The stock is near Jan 2014 support level
7) Reliance Infra
Target: Rs 427
Stoploss: Rs 415
CMP: Rs 418.30
- Pullback possible in ADAG stocks on positive cues
- The stock is trading near its support zone after two-week fall
8) TVS MOTOR
Target: Rs 670
Stoploss: Rs 640
CMP: Rs 645.70
- The stock is trading above its key moving averages
- The stock is trading in a range for last five sessions
9) DCB BANK
Target: Rs 165
Stoploss: Rs 158
CMP: Rs 160
- The stock found support near 100-DEMA after four-session fall
- Short-covering possible in stock
10) IB Housing (Buy)
Target: Rs 1240
Stoploss: Rs 1188
- Recovery seen on one-hour chart
- Loan rates can go up by 0.25% from April
(The stocks mentioned here for informational purpose. Consult your financial advisor before investing.)
