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Business News » India News

FAST MONEY: Tata Steel, Mindtree among six Sell calls in today's trade

 MSCI’s broadest index of Asia-Pacific shares outside Japan tracked a large overnight drop in Wall Street shares and fell 2.4 per cent. Australian stocks lost 1.9 per cent and Japan's Nikkei dropped 3.2 per cent.

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FAST MONEY: Tata Steel, Mindtree among six Sell calls in today's trade
Sensex today: SGX Nifty, an early indicator of the Nifty50's trend, slipped below 10,000. Image source: Pixabay
Written By: ZeeBiz WebTeam
Updated: Fri, Mar 23, 2018
08:53 am
ZeeBiz WebDesk
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Sensex today: A gap-down opening is expected in the market today after Asian markets tanked sharply, tracking Wall Street's worst day in six weeks as investors rushed to safety after US President Donald Trump announced long-promised tariffs on Chinese goods, stoking fears of a global trade war. SGX Nifty, an early indicator of the Nifty50's trend, slipped below 10,000. 

Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although the measures have a 30-day consultation period. Investors fear that the US measures could escalate into a trade war, with potentially dire consequences for the global economy.

China unveiled plans on Friday to impose tariffs on up to $3 billion of US imports in retaliation against US tariffs on Chinese steel and aluminium products.

Reacting to this, MSCI’s broadest index of Asia-Pacific shares outside Japan tracked a large overnight drop in Wall Street shares and fell 2.4 per cent. Australian stocks lost 1.9 per cent and Japan's Nikkei dropped 3.2 per cent. South Korea's KOSPI retreated 2.3 per cent and Taiwan shares slid 2 per cent. Hong Kong's Hang Seng was down 3.6 per cent and Shanghai lost 2.8 per cent.

On Wall Street, the Dow shed 2.9 per cent, the S&P 500 dropped 2.5 per cent and the Nasdaq fell 2.4 per cent.

On Thursday, The Sensex ended at 33,006, down 129.91 points, while the broader Nifty50 closed at 10,114, down 40 points. In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to shed up to 1 per cent. 

Here are the key trading ideas for today's trade: 

1) (SELL) TATA STEEL 

Target: 575
Stoploss: Rs 585 
CMP: Rs 590

Trade war impact on stock
The stock is weak on daily chart

2) (SELL) SAIL 

Target: Rs 70
Stoploss: Rs 75 
CMP: Rs 73

Trade war impact on metal stocks
Profit-booking possible following recent recovery

3) (SELL) BEML 

Target: Rs 1040
Stoploss: Rs 1090 
CMP: Rs 1079

The stock slipped in previous session after two-day rally
The stock is weak on daily, weekly charts

4) (SELL) ASHOK LEYLAND 

Target: Rs 125
Stoploss: Rs 135 
CMP: Rs 132

The stock cracked after 10-day pullback 
The stock cracked on daily chart

5) (SELL) DLF 

Target: Rs 205
Stoploss: Rs 216 
CMP: Rs 213

Selling expected in realty stocks
The stock at lower levels of 20-day trading range

6) (SELL) MINDTREE 

Target: Rs 750
Stoploss: Rs 780 
CMP: Rs 772.8

IT stocks may tank today
The stock slipped after 7-day fall

(The stocks mentioned here are for informational purpose. Consult your financial advisor before investing.)

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intraday ideas
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