FAST MONEY: Nandan Denim, Minda Industries among top intraday trading ideas
The Sensex and Nifty are expected to open flat on Monday tracking muted trend in Asian markets which moved gingerly as a weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique.
The Sensex and Nifty are expected to open flat on Monday tracking muted trend in Asian markets which moved gingerly as a weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front.
At 8:45 am, SGX Nifty was trading at 10,772, up 24 points or 0.22 per cent.
Investors will also keep an eye on key central bank meetings this week. The Federal Reserve holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.
The European Central Bank meets on June 14 and it could signal intentions to start unwinding its massive bond purchasing program.
The S&P 500 futures were down 0.17 percent. Japan's Nikkei dipped 0.1 percent while South Korea's KOSPI added 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent.
Here are key intraday trading tips:
1) Reliance Industries (Buy)
Target: Rs 992
Stoploss: Rs 981
Morgan Stanley overweight on the stock
MS sees target price at Rs 1000
2) RPG Life (Buy)
Target: Rs 350
Stoploss: Rs 340
Buying in stock for last three sessions
Focus on small pharma stocks
3) Minda Industries (Buy)
Target: Rs 1289
Stoploss: Rs 1262
Buying in auto ancillary stocks
The stock trading above all key moving averages
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4) BEML (Buy)
Target: Rs 920
Stoploss: Rs 898
The stock recovered from lower levels
Open interest jumped 7% in Friday's session
The stock found support after three-week losses
5) Nandan Denim (Buy)
Target: Rs 89
Stoploss: Rs 84
Promoters bought 50,000 shares on June 8
(Stocks mentioned here are for informational purpose. Consult your financial advisor before investing.)
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