Vedanta, Adani Power among key intraday tips for today's trade

Vedanta, Adani Power among key intraday tips for today's trade
The Sensex closed 429 points or 1.27% lower at 33,317, while the Nifty fell 109 points or 1.06% to 10,249 level on Tuesday. Image source: Reuters
By ZeeBiz WebTeam
Updated: Wed, Mar 07, 2018
08:31 am
ZeeBiz WebDesk
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The benchmark indices are expected to extend losses for the fifth straight session on Wednesday, tracking negative trend in Asian markets after a key advocate for free trade in the White House announced his resignation, fanning fears President Donald Trump would go ahead with tariffs and risk a trade war. At 8:30 am, SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, was trading at 10,225.50, down 6.50 points or 0.06 per cent. 

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent. Australian stocks fell 0.75 per cent and Japan’s Nikkei retreated 0.2 per cent.

On Wall Street, US stock futures fell more than 1 per cent late Tuesday after the resignation of Trump’s top economic adviser, Gary Cohn, fueled fears that the administration would follow through with plans to impose steel and aluminum tariffs, possibly triggering a trade war.

White House officials said the dispute over tariffs contributed to Cohn’s decision to resign but was not the only reason. S&P 500 e-mini futures were down 1.5 per cent in trading for the overnight session. Dow futures were down 1.7 per cent.

Back home, after a positive start, the Sensex and Nifty tanked sharply after Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs summoned ICICI Bank CEO Chanda Kochhar and Axis Bank MD Shikha Sharma in relation to probe in Mehul Choksi's Gitanjali Gems fraud.

The Sensex closed 429 points or 1.27% lower at 33,317, while the Nifty fell 109 points or 1.06% to 10,249 level. 

Here are the key intraday tips for today's trade:

Tata Motors (Sell)

Target: Rs 338
Stoploss: Rs 350

  • SEBI takes action on results data leak
  • Told to hold inquiry into leak
  • Strengthen existing processes, says SEBI

Motherson Sumi (Sell)

Target: Rs 299
Stoploss: Rs 310

  • Trade war fears 
  • The stock trading below all averages on daily charts

Adani Enterprises (Sell)

Target: Rs 177
Stoploss: Rs 185

  • Selling in Adani Group shares in last 30-min of trade
  • Trading below all key averages on hourly chart

Adani Power (Sell) 

Target: Rs 28.8
Stoploss: Rs 29.9'

  • Selling in Adani Group shares in last 30-min of trade
  • Trading below all key averages on daily chart for last many days

Indian Hotels (Buy)

Target: Rs 138
Stoploss: Rs 132

  • Tata Sons to buy 6.64 per cent stake in the company
  • Tata Sons' stakes will go up to 36.43 per cent from 29.79 per cent 

Vedanta (Sell)

Target: Rs 305
Stoploss: Rs 315

  • Selling in metal stocks
  • The stock settled below 100-DMA
  • Mining in Goa to shut down from March 13

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

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