FAST MONEY: Tata Steel, Rain Industries among key intraday trading calls

Sensex today: The benchmark indices are expected to open higher, tracking positive trend in Asian markets after North Korean leader Kim Jong Un offered to stop nuclear and missile testing and US President Donald Trump agreed to a meeting that could come before May. At 8:25 am, SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, were trading at 10,281, up 43 points or 0.42 per cent. 

South Korea’s national security adviser made the announcement at the White House, after delivering a letter from Kim. Trump’s aides have been wary of North Korea’s diplomatic overtures because of its history of reneging on international commitments.

The chance of any easing in geopolitical tensions in the region helped Japan’s Nikkei climb 2.3 per cent. South Korean stocks enjoyed their best day since May with a rise of 1.76 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while Australia firmed 0.5 per cent.

On Wall Street, the three major US stock indexes closed higher on Thursday after Trump appeared to soften his stance on trade tariffs, easing trade war fears that had had the market on edge for a week.

The Dow Jones Industrial Average rose 93.85 points, or 0.38 per cent, to close at 24,895.21, the S&P 500 gained 12.17 points, or 0.45 per cent, to 2,738.97 and the Nasdaq Composite added 31.30 points, or 0.42 per cent, to 7,427.95.

Below are key trading ideas for today's trade: 

Shree Renuka (Buy)

Target: Rs 16.2
Stoploss: Rs 15.4

• Board entered into a deal with banks for re-structuring
• Stock jumped above 200-DEMA on daily chart
• Board signs restructuring agreement with banks.

Oberoi Realty (Buy)

Target: Rs 506
Stoploss: Rs 492'

• Pullback in stock after six-session long fall
• Stock trading above all moving averages on daily chart

Mayur Uniq (Buy)

Target: Rs 525
Stoploss: Rs 511

• Small Cap World Fund Inc bought 8.75 lakh shares or 1.9% equity at Rs 509 each

Tata Motors (Sell)

Target: Rs 338
Stoploss: Rs 348

• Trump Introduces 25% tariff on steel, 10% on aluminum 
• Tariff war may trigger between EU and US 
• The stock is trading below all moving averages on daily chart

Rain Industries (Buy)

Target: Rs 390
Stoploss: Rs 379

• The stock is trading above all key averages on daily and half-hour chart
• Crossover breakout on daily chart

Firstsource (Buy)

Target: Rs 51.5
Stoploss: Rs 49.2

• Strong support at 20-DEMA
• Buying witnessed in stock in last one hour 

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