INTRADAY CALLS BY Udayan Mukherjee

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Markets are in good shape. Yesterday, we saw good intraday turnaround which got the Nifty back almost to 5,400. Today, we have got local and global important news triggers, said Udayan Mukherjee, managing editor, CNBC-TV18. The index of industrial production (IIP) number will be announced today and globally, more importantly the German court would gratify the European Stability Mechanism (ESM) decision.

IIP DATA TODAY 12 September

As far as IIP numbers are concerned, they seem largely irrelevant. Tomorrow’s inflation number also would be less relevant; unless it surprises hugely around 7% it won’t move the needle too much. Markets will ignore both IIP and inflation because left to these two numbers the general expectation should be that the RBI will not move on the 17th. We have not seen a diesel price hike yet. So, the RBI has nothing to work with. The IIP is weak, but inflation remains high and there has been no pass through of fuel prices and therefore 7% is not the real inflation number in the economy. Anyway the market has been ignoring the macro quite completely and we think today’s numbers will be one more set of numbers which the market will have scant regard for. Markets are focused on liquidity right now globally. That’s coming in buckets and therefore macro whether weak or strong , don’t think will make any dent at all.

Intraday Stock Tips For Today

1. Buy HDFC with a stop loss of Rs 750 for a target of Rs 778

2. Buy Balrampur Chini with a stop loss of Rs 66 for a target of Rs 78

3. Buy Bata India with a stop loss of Rs 910 for a target of Rs 935

4. Buy Hexaware Technologies with a stop loss of Rs 132 for a target of Rs 147

5. Buy TCS with a stop loss of Rs 1,365 for a target of Rs 1440

6. Buy Century Textiles with a stop loss of Rs 340 for a target of Rs 362

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