Mr.D.Subbarao To Head RBI Now,Intra Day Trading For Sept 2nd

02 Sep

Posted by Shyam as IntraDay Calls, Market News

Finally its time for curtains for Mr.Y.V.Reddy as the Governer of RBI.Now the prestigious post will be occupied by the Finance Secretary Mr.D.Subbarao. Educated from some of the well known universities in the world such as MIT,IIT Kanpur will now head the Central Bank Of the country. He is headed for some tough time as the country is now facing its highest inflation figures in the last 16 years, GDP slowing down to 7.9% and the economy in a overall downtrend.

We saw a very volatile session in the Indian markets yesterday when Sensex started the day gap down and finally made a good recovery towards the end of the day. Sensex closed the day at 14,499 levels down by 66 points and nifty closed at 4,349 levels down by 11 points. The markets are hovering around the support levels of 15,000 levels in sensex and 4,240 levels in sensex.

The Asian markets were in a bad shape yesterday which led to the marginal fall in the markets.It was also a holiday in US on account of Labour Day. So no fresh cues coming in from global markets today. The Asian markets are marginally up currently. The new listing Resurgere Minerals got listed at Rs 285 and gained 94% intra day to close at Rs 524. It was also the highest traded script yesterday.

Meanwhile Rupee also breached the 44 level mark yesterday. It was almost a 17 months low. The currency closed at Rs 44.18/19 levels against dollar. The crude oil also touched lows of $110 levels after the news of the hurricane subsided.

Now some intra day calls for today include: Everonn Systems(cmp 566),HCL Tech(cmp 242),Punj Lloyd(cmp 310),Rolta India(cmp 337), Axis Bank(cmp 723),GSS America(cmp 274),PNB(cmp 487),Mundra Port(cmp 590).