UPA Govt Wins Vote Of Confindence:Markets To React Positively,Intra Day Trading Tips For July 23

23 Jul

Posted by Shyam as IntraDay Calls

Amid much drama and furore, the Congress led UPA govt at the center has won the vote of confidence brought against them after the CPM withdrew its support to the Govt. Finally the UPA could get the majority in the house by claiming 275 votes in favour and 256 going against them,so clear margin of 19 votes.Also some members 10 members absented themselves from attending the session.

The markets which reacted positively from the start of the trading session yesterday, closed the day with a gain of 254 points or 1.84% to close at 14,104 levels in sensex. And nifty gained 81 points or 1.90% from its previous close to settle at 4,240 levels. Both the sensex and nifty are at very crucial support levels currently. And after the drop in $3/barrel in crude oil prices, the US markets has closed the day gaining 1.18% and 1.07% respectively in Dow and Nasdaq.

Reacting to this the Asian markets have started trading in green. Nikkei-225 is currently trading up by over 1% and Hang Seng is up by 1.75% already. And we can expect a good gap up open in the markets today and sustain some upward movement. So overall the vote of confidence brought against the Govt had a good impact on the markets.

Now coming to some intra day calls for today: Tech Mahindra(cmp 745),ICICI(cmp 661),Welspun Gujurat (cmp 314),Suzlon(cmp 200),BGR Energy System(cmp 343),LIC Housing(cmp 262),Essar Shipping Ports(cmp 117),Axis Bank(cmp 740),Cipla(cmp 238),Wipro(cmp 395),ITC(cmp 190),Anu’s Lab(cmp 393),Punj Lloyd(cmp 240),RCom(cmp 468).