FAST MONEY: Idea Cellular, Reliance Communications among key intraday trading ideas

The benchmark indices are expected to open lower on Friday, tracking negative trend in global markets after Asian markets and US futures slipped as US President Donald Trump proposed additional tariffs on China, aggravating trade tensions and smothering a revival in broader investor risk appetite. At 8:35 am, SGX Nifty was trading at 10,334, up 22 points or 0.21 per cent.

"Losses may however get capped by positive sentiment created by RBI monetary policy which sounded dovish and triggered a sharp rally in the previous session. The RBI has left the repo rate unchanged at 6% as was widely expected. However, the policy undertone was more neutral this time versus the hawkish stance in the previous policy. Specifically, CPI projection for FY19 has been marked down by ~30‐40bps to 4.6%, reflecting the downward surprise in the incoming data in recent months. Still, the RBI feels that the risks are tilted to the upside given uncertainty around MSP hikes, fiscal slippage and crude oil prices. Meanwhile, the policymakers see the growth momentum picking up helped by early signs of capex revival and improving global demand, although GDP forecast for FY19 has been retained at 7.4%. Overall, it was a status quo policy review with neutral bias. We continue to expect a pause in the rates going forward as well," said Edelweiss Securities.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.25 percent. The index has spent the week swinging wildly in and out of negative territory amid the back-and-forth of the US-China trade dispute. Australian stocks slipped 0.35 percent and South Korea's KOSPI lost 0.3 per cent. Japan's Nikkei fell 0.15 per cent.

The S&P 500 E-mini futures were down 1.2 per cent, pointing to a lower start for Wall Street later in the session.

The Dow and the S&P 500 posted gains for a third day in a row on Thursday, the longest stretch of gains in about a month, as investor fears of an escalating trade conflict between the United States and China abated, turning the focus to upcoming earnings.

Here are key trading ideas for Friday's trade:

1) Radico Khaitan (Buy)

Target: Rs 372
Stoploss: Rs 361