FAST MONEY: ONGC, Jet Airways among key intraday trading tips

The benchmark indices are expected to open lower on Tuesday tracking negative trend in SGX Nifty, Nifty futures being traded on Singapore Stock Exchange. Besides, global markets offered mixed cues. Wall Street rose overnight, but Asian markets were trading flat.  

The Dow jumped 1.2 pe rcent, the S&P 500 gained 0.7 per cent and the Nasdaq added 0.5 per cent. Among Asian markets, Japan’s Nikkei was barely changed while Australian shares fell 0.7 per cent with energy shares the only bright spot on the index. Liquidity remained relatively thin due to holidays in South Korea and Hong Kong.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 per cent.

On Monday, the formation of a non-BJP government in Karnataka, along with weakness in global indices and rising crude oil prices, pulled the key Indian equity indices to close in the negative territory for the fifth consecutive session on Monday. A weak rupee against the US dollar also dampened the sentiments.

The wider Nifty50 closed at 10,516.70 points, down 79.70 points or 0.75 per cent from the previous close of 10,596.40 points. Similarly, the barometer 30-scrip Sensex settled in the red at 34,616.13 points, down 232.17 points or 0.67 per cent.

Here are key intraday trading tips for Tuesday's trade:

Buy ONGC 

Target: Rs 191   
Stoploss: Rs 184

Crude oil back above $80
Short-covering in futures trade

Buy Tata Elxsi  

Target: Rs 1190   
Stoploss: Rs 1150

Rupee weakness positive for the company
Buying in last hour with heavy volumes yesterday 

Buy ADF Foods  

Target: Rs 265   
Stoploss: Rs 255

Mentor Capital bought 4.7 lakh shares at Rs 263.share
74% cash delivery  

WATCH ZEE BUSINESS VIDEO HERE

Buy Syndicate bank 

Target: Rs 46   
Stoploss: Rs 44

Pullback to continue in public sector banks
Fresh buying in stock in last hour

Sell Jet airways 

Target: Rs 388  
Stoploss: Rs 404

Margin to remain under pressure due to jump in crude
8% cash delivery in stock; settled at lowest level of the year

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