Intraday call performance 17/03/08

World market collapsed and indian market also followed that and as soon as nifty started sliding below 4600, selling was too effective and nifty made a low of 4482 and closed around 4500.Now, the only strong support on downside is 4440 and it should not be broken for nifty to move on the upper side.

Stock watch for the day:

Aurobindo Pharma: This was given a sell call with stop loss 295 for target 276 and the stock made a high of 285 and low of 253

Following calls were given in yahoo messenger for clients:

It was a good day of profits to all my clients

Short Nifty Futurtes around 4570 with stop 4590 and it made 4476.

Short RCom around 493 with stop 498 and it made 476

Buy Reliance Energy around 1234 stop 1229 and it made 1245

Short Reliance Energy around 1225 stop loss 1232 and told to come out at 1210

Buy Renuka at 1000 with stop loss 995 and it made 1010

Buy Orchid Chemicals at 121 stop 119.5...small stop loss..and the stock made 129 and told to cover

Last call of the day Buy Renuka around 995 with stop 989 and the stock made 1020

Market Outlook 17/03/08

Although nifty has closed above the important resistance of 4740, today it will slide down fast if it breaks 4740 again.There might be a gap down opening also.DJIA and Nasdaq have also turned weak due to credit concern and indian market might also just react to that.For today, if nifty stays above 4740, it wil move towards 4800 important figure and below 4740, nifty might test 4640 straight and if breaks, that then 4600 will be strong support to watch out for.

Stock watch for the day:

AurubindoPharma (289): If not able to cross 295, it will slide to 282-276 today.