FAST MONEY: Wipro, HDFC Bank among top 10 intraday trading calls for today's trade

The benchmark indices are expected to witness a gap-down opening tracking negative global cues as an escalating trade spat between the United States and China and a renewed slump in tech shares such as Amazon.com sapped investor confidence. On Wall Street, key indices slipped below their 200-day moving averages and the S&P 500 closed below that pivotal technical level for the first time since Britain’s vote to leave the European Union in June 2016. At 8:30 am, SGX Nifty was trading at 10,210.50, down 54 points or 0.53 per cent. 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.28 percent pressured by the tech sector. Japan’s Nikkei slipped 1.1 percent while South Korea’s KOSPI index skidded about 1 percent with Samsung Electronics down more than 1 percent. Australian shares were off 0.3 percent.

Among US indices, The Dow Jones Industrial Average fell 458.92 points, or 1.9 percent, to end at 23,644.19 after dipping below its 200-day moving average. The S&P 500 fell 58.99 points, or 2.23 percent, to 2,581.88 and the Nasdaq Composite  dropped 193.33 points, or 2.74 percent, to 6,870.12. Amazon.com was the biggest drag on the S&P 500, down 5.2 percent, as President Donald Trump continued his twitter attacks on the online retailer.

Back home, foreign institutional investors sold equities worth Rs 689.75 crore on Monday, while domestic institutional investors bought equities worth Rs 413,16 crore, provisional data available with BSE showed. 

On Monday, the Sensex settled at 33,255, up 286.68 points, while the broader Nifty was ended at 10,211, up 98.10 points.

In the broader market, the BSE Smallcap index outperformed to gain over 2 per cent, while BSE Midcap rallied over 1 per cent. Market breadth, indicating the overall health of the market, turned positive. On the BSE, 2,101 stocks rallied, 538 stocks declined, while 172 stocks remained unchanged. 

Here are key trading ideas for today's trade:

IOC 

Target: Rs 175
Stoploss: Rs 168 
CMP: Rs 170

Crude prices slipped 3 per cent yesterday
Pullback expected in stock after yesterday's fall

HDFC BANK 

Target: Rs 1960
Stoploss: Rs 1920 
CMP: Rs 1930

The stock fell only marginally amid broader sell-off
The stock is trading above all moving averages on daily chart

MAHINDRA LOGISTICS 

Target: Rs 510
Stoploss: Rs 498 
CMP: Rs 501

Launch of e-way bill positive for logitics stocks
The stock has been rallying for last three sessions
The stock is trading above all moving averages on daily chart

GODFREY PHILLIPS 

Target: Rs 855
Stoploss: Rs 835 
CMP: Rs 841

Mild buying in futures trade; the stock is trading higher for last four sessions
Strong pullback seen on short-term chart

SHIVAM AUTO 

Target: Rs 87
Stoploss: Rs 78 
CMP: Rs 79.20

The stock to benefit on the back of strong sales reported by Hero MotoCorp
The company's sales surged 30 per cent in March
The stock rallied with heavy volumes in previous session

SBI 

Target: Rs 251
Stoploss: Rs 243 
CMP: Rs 246

RBI relaxed provisioning norms for banks
RBI Allows Banks to Spread Bond Loss Provisioning Over 4 Quarters

WIPRO (SELL) 

Target: Rs 282
Stoploss: Rs 293 
CMP: Rs 289

Profit-booking seen after two-day rally
IT stocks battered in US on fears of strict rules

RELIANCE CAP 

Target: Rs 452
Stoploss: Rs 443 
CMP: Rs 446

The stock rallied in previous session
Selling reduced in futures trade; strong breakout on one-hour chart

ADVAMCED ENZYME 

Target: Rs 225
Stoploss: Rs 216 
CMP: Rs 219

Buying trend continued for last three sessions
Pullback seen on short-term chart

BHUSHAN STEEL 

Target: Rs 45 
Stoploss: Rs 42 
CMP: Rs 42.7

Tata Steel will pay Rs 35,200 crore in cash
Rest of debt will be converted in shares

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