Left Pulls Plug But Market Reacts Well: Intra Day Calls For July 9

09 Jul

Posted by Shyam as IntraDay Calls

The Indian share markets absorbed a good shock yesterday when the announcement of Left withdrawing support came. The markets had started the day in deep red owing to international markets and political uncertainty at the center. The sensex closed the day at 13,349 down by about 176 points. Much of the losses made in the morning were recovered well.

Meanwhile at the international front, due to softening crude oil prices, the US markets made some handsome gains yesterday with Dow and Nasdaq gaining 1.4% and 2.3% respectively. This is being reflected in the Asian markets today with Nikkei-225 trading up by 1.4% and Hang Seng is up by 2.9% currently. So we can expect a great start today in the Indian markets. Sensex would open gap up today. A major level to watch out for nifty would be 4,093 levels. On the other hand 3,842 will also be a crucial level.If it falls below that we can expect a free fall again in the markets soon.

Have a close watch on the share buy back issues from companies like DLF,Patni computer and some other who are trying to accumulate a sizable chunk from the markets at lower rates. With DLF losing close to two third of its gains since Jan highs,it would be the best time for them to do so. Another counter would be spice jet, where the take over or a merger issue with King Fisher airlines will make the share prices to move up.

Lets have a look at some of the intra day calls for today: Adani Enterprise(cmp 665), Anu’s Lab(cmp 300),United Brewweries(cmp 229),Suzlon(cmp 197),NTPC(cmp 161),HMT Ltd(cmp 55),GSS America (cmp 247),Godrej(cmp 157),SEL Manufacturing(cmp 510),Jaiprakash(cmp 157),Walchand Nagar(cmp 234),India Infoline(cmp 629).