The S&P BSE Sensex and NSE Nifty 50 indexes were trading on a flat note in trade today as gains in HDFC Bank, Infosys, Tata Consultancy Services, Hindustan Unilever and HDFC were offset by losses in ITC, Larsen & Toubro, Tata Motors, Reliance Industries and Axis Bank. As of 11:00 am the Sensex traded 6 points or 0.02 per cent higher at 37,333 and the NSE Nifty 50 Index fell 6 points or 0.06 per cent to 11,011. Thirteen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Metal Index's 1.5 per cent decline. Realty, telecom, capital goods and industrials sector gauges also fell between 0.7-1 per cent each. On the flipside, SP BSE IT index was top gainer, up 0.4 per cent.
Here are some stock market tips (trading ideas) shared by Choice Broking:
Sell REC Ltd
Choice Broking has recommended selling REC Ltd. in the range of Rs 144.50 and up to Rs 146 for target of Rs 138 with stop loss at Rs 148.70. On an hourly chart, the stock has given a breakdown below its rising trend line which suggests a bearish movement in the counter, Choice Broking said in a report. A daily momentum indicator Relative Strength Index (RSI) is reading is at 50.63 level and trending downside which points out for a negative breath in the counter, the report added.
Buy Intellect Design Arena
Mumbai-based Choice Broking has recommended buying Intellect Design Arena for target of Rs 245 with stop loss at Rs 218. On an hourly scale, the stock has been sustaining above its 50 hourly exponential moving average which shows a positive move in the counter, Choice Broking said. On a daily scale, the stock has reversed back after taking a support at its previous support level which suggests bullishness in the counter, Choice Broking added.
Buy Great Eastern Shipping
Choice Broking has suggested buying Great Eastern Shipping for target price of Rs 253 with stop loss at Rs 232. On an hourly scale, the stock has bounced back after taking a support of its upward rising trend line which indicates that the stock may go up in coming trading sessions, Choice Broking headed by Sumeet Bagadia said. On a daily scale, the stock has given a breakout of its multiple resistances which points out for a bullish move in the stock and additionally, the stock is sustaining above its 21 day exponential moving average which shows a positive move in the counter, Choice Broking added.
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Disclaimer: Investors are advised to make their own assessment before acting on the information.