FAST MONEY: MMTC, BPCL among key intraday trading ideas for Tuesday
Investors braced for new Federal Reserve Chairman Jerome Powell’s first policy meeting starting later in the day and amid concerns that US President Donald Trump could impose additional protectionist trade measures.
The benchmark indices on Tuesday are expected to open lower on Tuesday tracking negative trend in Asian markets as investors dumped high-flying US technology shares on fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data. At 8:30 am, SGX Nifty was ruling at 10,079, down 36 points or 0.36 per cent.
Investors also braced for new Federal Reserve Chairman Jerome Powell’s first policy meeting starting later in the day and amid concerns that US President Donald Trump could impose additional protectionist trade measures.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent. Japan's Nikkei fell 1.0 per cent.
On Wall Street the S&P 500 lost 1.42 per cent and the Nasdaq Composite 1.84 per cent, both suffering their worst day in five weeks.
On Monday, the indices began on a flat note; but, it was merely a formality to match the opening cues with the global bourses. Immediately, markets got into their own groove and resumed its Friday’s corrective mode. The selling intensified as the day progressed, resulting into a close below the 10,100 mark for the first time since December 06, 2017.
The Sensex settled at 32,923, down 252.88 points, while the broader Nifty50 was ruling at 10,094, down 100.90 points. In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose 1.6 per cent and 1.9 per cent, respectively.
Here are key intraday tips for today's trade:
Target: Rs 117
Stoploss: Rs 110
CMP: Rs 112.05
PSU stocks may see positive momentum
Govt may sell stakes in loss making PSUs
Target: Rs 70
Stoploss: Rs 65
CMP: Rs 66
Board approved issuing bonus shares
One bonus shares against two shares held
Target: Rs 172
Stoploss: Rs 181
CMP: Rs 177
Buying reduced in futures trade
OI slipped 7%; crude prices going up
Target: Rs 420
Stoploss: Rs 433
CMP: Rs 429
Stock weak on daily chart
OI up 11% in futures trade
(BUY) FUTURE RETAIL
Target: Rs 540
Stoploss: Rs 520
CMP: Rs 527
RBI extends FPI limit from 24% to 49%
(Stocks mentioned are are for informational purpose. Consult your financial advisor before investing.