FAST MONEY: Exide Industries, Hindalco among key intraday trading calls for today
Sensex today: The benchmark indices are expected to open lower on Friday tracking negative trend in Asian markets which slipped as a warning on smartphone demand from the world’s largest contract chipmaker slugged the tech sector, while lofty oil prices stirred inflation fears and undermined sovereign bonds. At 8:50 am, SGX Nifty was trading at 10,532.50, down 55.50 points or 0.52 per cent.
Back home, sentiment may take a hit as Reserve Bank of India sounded more hawkish in minutes of meeting released on Thursday. RBI could take a more hawkish tone starting as early as June despite easing inflation, minutes of the monetary policy committee's (MPC) meeting that took place this month showed. The RBI's MPC members flagged several concerns, including an increase in minimum support prices for farmers and high and volatile crude oil prices.
However, index heavyweight Tata Consultancy Services (TCS) may provide support to indices after the IT major reported better than expected March quarter results.
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Overseas, Stocks in South Korea took an early 0.4 per cent dip with the tech sector losing 1.6 per cent. Japan's Nikkei fell 0.5 per cent with tech down 0.9 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.4 per cent, again led by a 0.7 per cent drop in technology.
Wall Street had also been hit by weak result from tobacco company Philip Morris, which sent its shares down as much as 17.7 per cent and dragged on the S&P 500. The Dow ended down 0.34 per cent, while the S&P 500 lost 0.57 per cent and the Nasdaq 0.78 per cent.
On Thursday, the Sensex ended at 34,427, up 95.61 points, while the broader Nifty50 ended at 10,565, up 39.10 points. In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.6 per cent each.
Foreign institutional investors sold scrip worth Rs 624.99 crore, while the domestic institutional investors bought stocks worth Rs 448.61 crore, provisional data with the exchanges showed.
Here are key intraday trading ideas for today's trade
Exide Industries (Sell)
Target: Rs 238
Stoploss: Rs 246
Rally in nickle, zinc to hurl battery companies' margin
Cartelisation fears
CCI imposed Rs 172 crore penalty on Eveready
Hindalco (Sell)
Target: Rs 259
Stoploss: Rs 267
Profit-booking possible in Hindalco
Aluminium prices slipped 2%
Karnataka Bank (Sell)
Target: Rs 116
Stoploss: Rs 122
Pressure on banking stocks
Stocks weak for second straight week
VA Tech Wabag (Buy)
Target: Rs 543
Stoploss: Rs 528
Volumes higher than two-week average
Stock trading strong for second straight week
Vascon Engineers (Buy)
Target: Rs 36.5
Stoploss: Rs 34.8
Buying in engineering, construction stocks
Volumes surged compared to two-week average
CG Power (Buy)
Target: Rs 88
Stoploss: Rs 83
Buying in stock in last hour of trade
Short-covering in April futures
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Mercator (Buy)
Target: Rs 34.5
Stoploss: Rs 32.9
Buying in shipping stocks
Surge in Baltic Dry Index helps the stock
Baltic Dry Index surged 20% in last 10 days
HPCL (Sell)
Target: Rs 292
Stoploss: Rs 304
Brent crude trading above $73
Fuel prices not rising even as crude prices are
(Stocks mentioned here are for informational purpose. Consult your financial advisor before investing.)
08:53 am
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