FAST MONEY: Hindalco, Canara Bank among top ten intraday calls

Sensex today: The domestic market is expected to open lower, tracking negative trend seen in Asian markets after comments from the Federal Reserve’s new chief rekindled fears about the pace of US monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar.

At 7:55 am, SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, was trading at 10,452, down 67 points or 0.64 per cent. 

Fed Chairman Jerome Powell, in his first public appearance as head of the US central bank, vowed on Tuesday to prevent the economy from overheating while sticking with a plan to gradually raise interest rates.

Also read: Asian markets slip, dollar near 5-week high; Fed chief James Powell revives rate hike fears

Back home, public sector banks will remain in focus after telecom company Aircel along with its units-Aircel Cellular and Dishnet Wireless, filed for bankruptcy at the National Company Law Tribunal (NCLT) on Wednesday. 

Meanwhile, India regained its status as the world's fastest-growing major economy in the October-December quarter, surpassing China's growth after a gap of one year, boosted by higher government spending and a pick-up in manufacturing and services.

On Wednesday, the Sensex ended at 34,184, down 162.35 points, while the broader Nifty50 settled at 10,492, down 61.45 points.

Also read: Rakesh Jhunjhunwala calls LTCG reasonable; Shankar Sharma terms it 'bad idea'

Below are top ten key trading ideas for Thursday's trade:

1) Firstsource (Buy)

Target: Rs 53
Stoploss: Rs 51

• Buying in midcap IT stocks
• Dollar index at 5-week high

2) Mastek (Buy)

Target: Rs 530
Stoploss: Rs 512

• Buying in midcap IT stocks
• Dollar index at 5-week high

3) Hindalco (Sell)

Target: Rs 238
Stoploss: Rs 248

• Weakness in metal stocks
• Dollar index at 5-week high

4) Vedanta (Sell)

• Weakness in metal stocks
• Dollar index at 5-week high

5) Canara Bank (Sell)

• Aircel ने दिवालिया घोषित करने की अर्जी दाखिल की  Aircel filed for bankruptcy
• After SBI, PNB, BoB and Canara Bank have big exposure to the company

6) Just Dial (Sell)

The stock is moving below all averages on daily chart
Rs 455 a strong resistance for the stock

7) HUL (Sell)

Target: Rs 1285
Stoploss: Rs 1328

• Sell-off in FMCG stocks
• Third biggest loser on Nifty in previous session

8) MOIL (Buy)

Target: Rs 227
Stoploss: Rs 219

• Buying in the stock during last 30-min of trade in previous session
• Product prices increased

9) Dynamatic Tech (Buy)

Target: Rs 2020
Stoploss: Rs 1940

• Board approved demerger of auto devision 

10) Mindtree (BUY) 

Target: Rs 830
Stoploss: Rs 808 

Pullback in the stock from Rs 800 level
The stock performed well during last week

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