FAST MONEY: Tata Steel, Wipro among top ten key intraday trading ideas

Sensex today: The benchmark indices are expected to witness a gap-up opening on Thursday after Asian markets bounced from two-month lows as world equities recovered from a selloff triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world’s two biggest economies can be averted. At 8:25 am, SGX Nifty was trading at 10,289.50, up 159.50 points or 1.57 per cent. 

Back home, focus shifts to RBI monetary policy review whose six-member Monetary Policy Committee will announce the RBI verdict on interest rates later in the day. RBI is expected to maintain a status quo in this review for the third time in a row.

Currently, repo rate - the short term lending rate at which RBI lends to banks - stands at 6 per cent. Consequently, the reverse repo rate is 5.75 per cent and the marginal standing facility (MSF) rate and the bank rate stand at 6.25 per cent.

Overseas, Sentiment was lifted as the United States expressed willingness to negotiate a resolution to the trade fight after the proposed US tariffs on $50 billion in Chinese goods prompted a quick response from Beijing that it would retaliate by targeting key American imports.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, a day after it hit its lowest level in almost two month. Japan's Nikkei gained 1.2 per cent. Markets in mainland China, and those in Hong Kong and Taiwan, are closed on Thursday.

Overnight On Wall Street, the S&P 500 gained 1.16 per cent and the Nasdaq Composite added 1.45 per cent, clawing back heavy losses of more than 1.5 per cent right from earlier in the US session.

On Wednesday, The Sensex ended at 33,019, down 351.56 points, while the broader Nifty50 closed at 10,120, down 124.80 points.

Here are key trading ideas for Thursday's trade:

1) (BUY) HEXAWARE 

Target: Rs 405
Stoploss: Rs 392 
CMP: Rs 396

Steep fall in previous session
IT stocks on gaining spree lately 

2) (BUY) WIPRO 

Target: 290
Stoploss: Rs 276 
CMP: Rs 281

Pullback expected on IT stocks
Stock is strong on technical charts

3) (BUY) TATA STEEL 

Target: Rs 570
Stoploss: Rs 554 
CMP: Rs 559

Trade war fears subside between US and China

4) (BUY) MCLEOD RUSSEL 

Target: Rs 160
Stoploss: Rs 152 
CMP: Rs 154.50

Mild buying for last four days
Buying with 70% delivery volumes in previous session

5) (BUY) VEDANTA 

Target: Rs 280
Stoploss: Rs 268 
CMP: Rs 271.90

Recovery expected in metal stocks
Trade war fears subside between US and China

6) (BUY) BHARAT FORGE 

Target: Rs 725
Stoploss: Rs 712

US-exposed countries in focus
Buying in stock for second week in row
Trade war fears subside between US and China

7) (BUY) MOTHER SON SUMI 

Target: Rs 339
Stoploss: Rs 330

Buying in auto ancillary stocks
The company to buy Reydel Auto

8) (BUY) IDBI BANK 

Target: Rs 73.5
Stoploss: Rs 69

RBI policy review
Focus on banking stocks

9) (SELL) PVR 

Target: Rs 1225
Stoploss: Rs 1272

Food cost may come down in movie theatres on Bombay high court order
Maharashtra govt may take a call after Bombay 

10) (BUY) HINDALCO 

Target: Rs 206
Stoploss: Rs 198

Strong recovery in metal stocks 
Trade war fears subside between US and China

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