Intraday call performance 18/03/08

Market witnessed a bounce back today making a low of 4482 and a high of 4633 and at the end, again started sliding down and then closed at around 4500 range again.Today expected FED rate cut late night might boost market sentiments again and also tomorrow being the last day of the week will make the market volatile again.

Stock watch for the day:

J.P.Associates: This was given a buy call with stop loss 202 for target 215 and the stock made a high of 215 and then came down to make low of 189

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4540 with stop 4520 and it made 4565 and then told to cover at 4540

Short Nifty Futures around 4600 with stop loss 4620 and it could make only 4595 and then went up to hit the stop loss

Buy RCom around 493 with stop 492 and the stock made 498 and then hit the small stop loss.

Buy Reliance Energy around 1240 with stop 1229 and the stop loss hit

Short Renuka around 984 with stop 992 and the stock crashed to 956

Short FCH around 533 with stop 536 and it made a low of 521

Short Renuka again around 984 with stop 992 and it made 974

Short Tisco around 655 with stop 660 and the stock made 649 thrice and then went up to hit the stop loss

Short Renuka around 1035 with stop 1046 and stop loss hit

Buy Reliance Energy around 1265 with stop 1260 and it zoomed to 1285 and told to come out

Market Outlook 18/03/08

Now the real testing time has come for indian market and on downside the only strong support will be at 4440 and unless market opens below 4440, this support may not be broken.The whole world market is in panic now and for indian market 4440 holds the key and at any cost if it breaks 4440, it will be total panic.For today, nifty above 4500 will aim for 4560 and then 4610 ressitance and if crosses that, allround buying will come.On downside, below 4500 last strongest support is at 4440 and will be the key for market direction.

Stock watch for the day:

J.P Associates (207): Buy this stock with stop loss 202 for target 215-222

Caution: If nifty breaks 4440, be cautious in staying in buy mode.