FAST MONEY: Sell Reliance Industries with a stoploss of Rs 922, and more

Sensex today: The benchmark indices are expected to open lower on Friday, tracking tepid trend in Asian markets, which were on the defensive as worries over the US investigation into the Trump Organisation tested investor nerves, already frayed by fears US tariffs could hurt the global economy and trigger a trade war. At 8:30 am, SGX Nifty was trading at 10,328, down 35 points or 0.34 per cent. 

Back home, Exports grew by 4.5 per cent in February, the lowest expansion in the last four months, to $25.8 billion as shipments of engineering, textiles and gems and jewellery declined while trade deficit narrowed to a five-month low of USD 12 billion. The trade deficit -- the difference between imports and exports -- stood at $9.52 billion in February 2017, as per the data released by the commerce ministry.

Overseas, MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent in early trade. Japan's Nikkei was down 0.3 per cent. On Wall Street, the S&P 500 edged 0.08 per cent lower on Thursday, marking its first four-day losing streak of 2018.

On Thursday, Sensex dropped by 150 points to close at 33,685.54 in a volatile trade as heavy selling pressure in oil and gas, banking, metals, FMCG and energy stocks subdued investor sentiments. The wider Nifty50 fell by 50.75 points or 0.49 per cent to close trade at 10,360.15 points. 

The BSE market breadth was, however, bullish with 1,636 advances and 1,053 declines. In terms of the broader markets, the S&P BSE mid-cap index edged up by 0.49 per cent and the small-cap index by 0.80 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Market continued to consolidate in a narrow range following mixed trend in global market. Mid and small-cap outperformed as investors started accumulating stock in the oversold levels."

"World Bank prediction of 7.3 per cent growth in FY19 will give a positive long term sentiment, but global trade concerns and scepticism on upcoming state election will refrain market for a decisive up move," he added.

Here are top trading ideas for Friday's trade:

(SELL) ICICI BANK 

Target: Rs 295
Stoploss: Rs 306
CMP: Rs 302.55

Fresh selling in futures trade
Profit-booking on the short-term chart

(SELL) CANARA BANK 

Target: Rs 250
Stoploss: Rs 268 
CMP: Rs 262

12% rally for last one week
Profit-booking expected on negative cues

(SELL) TATA STEEL 

Target: Rs 590
Stoploss: Rs 618 
CMP: Rs 611.40

The stock may test 200-DEMA (595)
The stock falling for last two days

(SELL) RELIANCE INDUSTRIES

Target: Rs 890
Stoploss: Rs 922 
CMP: Rs 911

The stock trading in range for last ten days; profit-booking on rally
Fresh selling in futures trade

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