The domestic market is expected to open lower on Wednesday, tracking negative trend in Asian markets, which faltered as risk appetite soured after comments from new Federal Reserve Chair Jerome Powell revived fears about faster rate hikes in the United States.

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At 8:30 am, SGX Nifty was trading at 10,502, up 60 points or 0.57 per cent. 

Fed chief Powell said his outlook for the US economy had strengthened since December - upbeat comments that investors viewed as a potential sign he was open to quickening the path of interest rate hikes this year.

Powell’s first workday as Fed chair was February 5, the same day as the stock market’s biggest one-day plunge in more than six years.

On Tuesday, the S&P BSE Sensex settled at 34,346, down 99.36 points, while the broader Nifty50 ended at 10,554, down 28.30 points. 

The indices were dragged by banking stocks after Punjab National Bank (PNB) uncovered more fraudulent transactions, while investors traded cautiously ahead of key economic data later this week.

Below are the key intraday tips for Wednesday's trade:

HEIDELBERG CEMENT (BUY)  

Target: Rs 165
Stoploss: Rs 156 
CMP: Rs 159

  • Re-rating of midcap cement stocks
  • Dalmia Bharat bought a stake in Binani Cements

IDBI BANK (SELL)  

Target: Rs 72
Stoploss: Rs 75.50 
CMP: Rs 74.30

  • Steep fall after five-session long rally
  • OI slipped 12% in futures trade

APOLLO HOSPITALS (SELL)  

Target: Rs 1160
Stoploss: Rs 1205 
CMP: Rs 1195

  • The stock fell below its resistance of Rs 1,240 
  • OI gained 12% in futures trade

TATA CHEMICAL (SELL)  

Target: Rs 680
Stoploss: Rs 710 
CMP: Rs 703

  • The stock slipped below 100-DMA
  • Pullback in broader market didn't support the stock

ORACLE FINANCIAL (SELL)  

Target: Rs 3775
Stoploss: Rs 3890 
CMP: Rs 3852

  • Sell-off in F&O trade in the beginning of series
  • The stock under pressure for last five days; fell below 100-DMA

(Stocks mentioned here for informational purpose. Consult your financial advisor before investing.)