Intraday call performance 24/03/08

As expected, market opened gap up and even though it made a high of just 4649 and then came down to make a low of 4540 and closed above 4600 and as i said 4740 will be very very tough resistance and nifty may wel get past that before expiry if 4440 is not broken on downside.Just watch the fun this week.

Stock watch for the day:

Yes Bank : This was given a buy call with stop loss 130 for target 145 and the stock made a low of exact 130 and high of 145.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4600 with stop loss 4580 and it made 4632

Short Orchid Chemicals around 121 with stop loss 123 and the stock made 106

Short Renuka Sugars around 935 with stop loss 945 and the stock made 853

Short Omaxe Limited around 192 stop loss 197 and the stock made 180

Buy RCom around 500 with stop loss 496 and the stock made 511

Buy Maruti around 829 with stop loss 825 and the stock made 844

Market Outlook 24/03/08

World markets are recovering from low's and indian market is still not showing any perfect move as it is facing selling pressure at every high and as mentioned before, 4740 still looks to be a strong resistance and if nifty doesn't cross 4740 level in another 2-3 day's, we are surely in trouble and nifty wil definitely break down severely in this scenario.For today, nifty above 4600 will aim straight to 4675 and above that it wil be a challenge to test 4740-a very very crucial resistance If nifty starts sliding below 4550, it might be bad for the market again and expiry week will also bring in lots of volatility for sure.

Stock watch for the day:

Yes Bank (137): Buy this stock at dips with stop loss 130 for target 143-145