The Sensex and Nifty may hit their record highs in Wednesday's trade tracking positive trend in Asian markets, which rode higher thanks to strong US corporate earnings and hopes China will boost fiscal support for its economy. At 7:50 am, SGX Nifty was trading at 11,149, up 6.50 points or 0.06 per cent.

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MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17 per cent. The index extended gains from the previous day, when it was lifted after China said it will adopt a more vigorous fiscal policy to help tackle external uncertainties.

Australian stocks dipped 0.1 per cent, South Korea's KOSPI advanced 0.35 percent and Japan's Nikkei rose 0.5 per cent. Overnight on Wall Street, the S&P 500 closed at its highest level since Feb. 1 as Alphabet's blowout results bolstered expectations of a robust earnings season.

Here are top stocks in focus today:

M&M  

Target: Rs 950 
Stoploss: Rs 910

The stock settled at day's high; 60% cash delivery
Short-covering in July futures; buying in August futures 

State Bank of India  

Target: Rs 278 
Stoploss: Rs 264

Short-covering in July futures; buying in August futures 
Banks to get relief if power sector is bailed out

RPG life Science

Target: Rs 315 
Stoploss: Rs 292 

The stock settled at day's high with heavy volumes
The company expected to report over 200% yoy jump in profit

IFCI  

Target: Rs 18.5 
Stoploss: Rs 15

Physical delivery stock, just 18% cash delivery
Short-covering in July futures; buying in August futures 

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HDFC

Target: Rs 2050 
Stoploss: Rs 1950

HDFC AMC IPO to kick off today; 81% cash delivery
Short-covering in July futures; buying in August futures 

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