FAST MONEY: Markets to open higher; key buy and sell ideas for today's trade
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09:19 AM IST
The domestic market is expected to open higher even as Asian markets were trading mixed on Wednesday as investor nerves were strained ahead of a US inflation report that could soothe, or inflame, fears of faster rate hikes globally.
At 8:30 am, SGX was trading at 10,548, up 83 points or 0.79 per cent.
Back home, banking stocks will remain in focus after Reserve Bank of India (RBI) revised guidelines to fight with the bad loans in banks.
The revised framework has specified norms for "early identification" of stressed assets, timelines for implementation of resolution plans, and a penalty on banks for failing to adhere to the prescribed timelines.
The latest notification issued by RBI last night has also withdrawn the existing mechanism which included Corporate Debt Restructuring Scheme, Strategic Debt Restructuring Scheme (SDR) and Scheme for Sustainable Structuring of Stressed Assets (S4A).
Below are the key buy and sell ideas for Wednesday's trade:
Archies (Buy)
Target: Rs 43
Stoploss: Rs 41.1
- Product demand surges in February
- Sales of gifts, photo frames, and flowers will increase
Titan (Buy)
Target: Rs 824
Stoploss: Rs 800
- Pullback on the stock going on for last four days
- Gold prices have gone up due to weakness in dollar
Granules (Buy)
Target: Rs 128
Stoploss: Rs 120
- Buying in midcap pharma stocks
- Strong support at 100-DEMA on half-hourly chart
Jai Corp (Buy)
Target: Rs 177
Stoploss: Rs 166
- Buying in the stock for last four days
- Volumes going up for last three days
Walchandnagar (Buy)
Target: Rs 215
Stoploss: Rs 203
- Stock on a buying spree for last four days
- PM Modi will lay foundation stone for Navi Mumbai Airport
Essar Shipping (Buy)
Target: Rs 28
Stoploss: Rs 26.5
- Essar Steel bid for Arcelor Mittal
- Arcelor Mittal proposed industrial plan
- Numetal Mauritius along with VTB bid for the company too
- Final decision to be taken post legal scrutiny
Gayatri Projects (Buy)
Target: Rs 225
Stoploss: Rs 207
- Circuit filters have been revised
- Upper circuit fixed at 20 per cent
Idea (Buy)
Target: Rs 88
Stoploss: Rs 83
- Accumulated Rs 3250 crore by issuing shares to promoter group firms
- Board meeting due later in the day
Shivam Auto (Buy)
Target: Rs 89
Stoploss: Rs 82
- Buying in auto ancillary stocks
- Robust December quarter earnings expected
(Stocks mentioned here are for informational purpose. Please consult your financial advisors before investing.)
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