FAST MONEY: SpiceJet, Lupin among key intraday trading ideas

The Sensex and Nifty are expected to open lower on Tuesday after Asian stocks sagged, weighed by a sharp decline in crude oil prices as Libyan ports reopened, while the dollar was on the defensive ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony.

Overnight on Wall Street, the Dow edged up 0.2 per cent but the S&P 500 lost 0.1 per cent as energy shares were hit by the drop in oil that offset a jump in financials. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 pct lower following two sessions of gains.

Australian stocks fell 0.3 per cent, South Korea’s KOSPI lost 0.35 per cent and Japan’s Nikkei edged up 0.3 per cent.

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Here are key intraday trading ideas:

MRPL (Buy)

Target: Rs 76
Stoploss: Rs 73

Brent, WTI crude slipped 4.5% overnight
Brent dipped below $72, WTI below $68

SpiceJet (Buy)

Target: Rs 115
Stoploss: Rs 109

Brent, WTI crude slipped 4.5% overnight
Brent dipped below $72, WTI below $68

Adani Port (Buy)

Target: Rs 367
Stoploss: Rs 358

Adani Logistics and NYK Auto entered into an agreement
Joint venture is for rail logistics

Lupin (Buy)

Target: Rs 835
Stoploss: Rs 812

Rakesh Jhunjhunwala bought shares of the company
Jhunjhunwala bought 1 lakh shares in June quarter

Nilkamal (Buy)

Target: Rs 1645
Stoploss: Rs 1616

Brent, WTI crude slipped 4.5% overnight
Brent dipped below $72, WTI below $68

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