The S&P BSE Sensex and NSE Nifty 50 Indexes (share markets) were trading higher mirroring gains in other Asian markets after a move by China's central bank to change the way a key interest rate benchmark is set, seen by analysts as reducing borrowing costs for companies. Gains in domestic markets were led by ICICI Bank, Reliance Industries, Larsen & Toubro, Kotak Mahindra Bank and Sun Pharma. Investors will watch out for economic stimulus from the government to allay growth concerns. Prime Minister Narendra Modi on Thursday held a meeting with officials to discuss steps to arrest a slowdown, news agency Reuters reported citing an unknown person.
Here are some share market tips (trading ideas) for today from Choice Broking:
Choice Broking has recommended buying ITC for target of Rs 265 with stop loss at Rs 246. On an hourly chart, the stock has given a breakout of its upper band of Broadening Falling Wedge formation which is a reversal formation and signifies a bull run in the counter. A daily momentum indicator relative strength index (RSI) reading is at 36.91 with a positive crossover which points out for a positive breath in the stock.
Buy Jindal Steel
Choice Broking headed by Sumeet Bagadia has recommended buying Jindal Steel in the range of Rs 101 and up to Rs 100.30 for the target of Rs 107 with the stop loss at Rs 97. On an hourly chart, the stock has given a breakout above neckline of its Double Bottom formation which is a bullish reversal pattern and suggests a bull run in the counter. A daily momentum indicator RSI reading is at 33.43 level with a positive crossover which points out for a positive breath in the stock.
Choice Broking has recommended buy on Titan for target price of Rs 1,170 with stop loss at Rs 1,030. After a healthy correction from its all-time high, the stock has halted its downside move with the support at its 50-weeks moving average which shows a bounce back movement in the counter. Moreover, the stock has formed a Hammer Candlestick which is a bullish reversal formation and suggests a bullish move in the counter.
Buy Hexaware August future
Choice Broking has recommended buying Hexaware August future contracts with stop loss at Rs 377 for target price of Rs 405. On a daily chart, the stock has already given a breakout from its range-bound movement with above average volumes which indicates a robust upside movement in the counter. Moreover, the stock has been trading with its upward rising trend line which suggests a continuation of the trend and based on which the stock may accelerate is upside movement in the counter. A daily momentum indicator RSI reading is at 65.35 level with a positive crossover which points out for a positive breath in the counter.
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Disclaimer: Investors are advised to make their own assessment before acting on the information.