Intraday call performance 29/02/08

As expected, it was a big day of union budget and volatility was too high in the late afternoon and i also had to tel clients to close intraday positions and stay out of the market today as it was getting too dangerous staying in intraday and nifty even made a low of 5190.Now, it might take another 2,3 days to understand the budget and then react to that.

Stock watch for the day:

EKC: This was given a sell call below 320 for the target 305 and the stock made a low of 302

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 5190 with stop 5180 small stop loss and it made 5215 and then hit the stop loss

Buy Punjab Lloyd around 394 with stop 392 and told to come out at 393 because of severe volatility

Buy Onmobile Global around 616 with stop 614 and the stock made 623 and when it came down, told to alter the stop to 616 and stop loss hit

Buy NTPC around 205 with stop 202 and the stock made 207 and told to stay out of market when it was struggling at 205.5

Buy Bajaj Hindustan around 250 with stop 246 and the stock made just 252 and told to come out at 249

Buy Suzlon around 285 with stop 282.5 and it made 288.5 and told to cover position because of intraday volatility when it was around 287

Short Bank of India around 340 with stop 343 and told to cover the position and stay out of market when it was at 339 because of severe volatility

Market Outlook 29/02/08

Interesting day of trading today- as usually after expiry, things will settle in a direction and today union budget announcement will bring about volatility again and initially amrket may pull up due to budget expectations and later on might come down.So, for today again watch out for 5300 resistance and crossover will test 5360 stiff ressitance and if crosses may test 5400 level.On downside, watch out for 5265 support line and below that, 5220 will be strong support.So, play the trend today along with union budget.

Stock watch for the day:

EKC (314): If this stock remains below 320, then it will test 305 support level on downside.