Inflation Rises To 11.89%,May IIP Slumps To 3.8%:Intra Day Calls For July 14

14 Jul

Posted by Shyam as Inflation, IntraDay Calls

Amongst a string of bad news and negative sentiments,the Indian stock markets crashed by 456 points or 3.28% and Nifty was down by 113 points or 2.8% from its previous close. The inflation story continues to catch the attention of one and all again by inching towards 11.89% as compared to 11.63% in the previous week. Barclays Capital has even gone forward to say that by Sept 2008 the inflation could touch 17%. That would surely send a chill down your spine.

Added to that the IIP figures for the month of May 2008 stood at 3.8% which were around 9-10% during the same period last year. The crude oil too is surging towards the psychological $150/barrel levels due to renewed tension in Middle east as Iran has tested a series of missiles. It also seemed as the better than average quarterly performance of Infosys technologies couldn’t lift the moods of the traders and Infosys stock was hammered along with most of the IT sector stocks.

The US markets had also closed in red on the last trading session of last week with both Dow and Nasdaq down by 1.14% and 0.83% respectively. The Asian markets started their day today in green but by now have already given up their gains. Only the Nikkei-225 is currently trading marginally up and is coming down sharply. So we can expect both side movement in the markets today. We may witness another selling pressure. We can see further hammering of IT stocks in coming days.

Lets now have a look at some of the day trading calls for today: National Aluminium(cmp 381),Jai crop(cmp 372), Dabur India(cmp 94), Brigade Enterprise(cmp 115),Tanla Solutions(cmp 223),Lupin(cmp 698),NDTV(cmp 397),Piramal health care(cmp 295).