Intraday call performance 11/02/08

As expected, today was a big drama when reliance power made an entry into the market and surisingly went even below the issue price and market sentiments went negative immediately breaking all supports to make a low of 4804 and again closed negative showing weekness still in the market.

Stock watch for the day:

Tisco: This was given a buy call only above 740 and once it started breaking support at 740, it made a low of 716 and high was recorded at 753

Following calls were given in yahoo messenger for clients:

Buy NIIT around 116 with stop 115...small stop loss and stock made 117.4 and then broke support of 115

Short Tisco around 740 with stop 746 for first target 720 and the stock made 716

Buy Air Deccan around 176 stop 174.5 and it made just 177 and when it came down told to cover at 176

Later call was given to exit all intraday positions as market was looking dangerous

Market Outlook 11/02/08

Atlast the big day of Reliance Power entry today.Nifty might recover above 5200 and if remains below 5200, it is still bearish.Overall market expected to be volatile again today.Watch the level of 5165 today and if nifty moves above that, buying might come heavily and nifty might even test 5260 resistance.Below 5100 nifty will again test 5025 first and if breaks then will be test of 4900 strong support.So, overall volatile day will be witnessed and if opening is strong, later selling might emerge and if opening is week, later buying will emerge.Watch the levels carefully and be carefull today. All power stocks might be in action today.

Stock watch for the day:

Tisco (751): Watch 740 support for tisco and if holds will start moving towards 776.