Intraday call performance 10/04/08

Although nifty opened strong today and was trading in positive zone-above 4740, most part of the day and first resistance as expected and told here was found near 4800 level and at the end selling came severely and nifty closed just below 4740 showing lots of uncertainities in the market now.

Stock watch for the day:

Suzlon :This was given a buy call with stop loss 288 for target 310 and the stock made a high of 305 and low of 288.5

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4760 with stop 4735 and it made 4788 and the target given was 4790

Short Nifty Futures around 4775 with stop 4795 and it made 4742

Short Nifty Futures again around 4790 with stop loss 4820 for targets 4750 and then 4730 and it made 4750 first and went upto 4795 and without hitting stop loss it slided down to hit the second target 4710

Buy Air Deccan 131 with stop loss 128 and the stock made 135.5 as high as the first target was 137

Short Infosys around with stop 1476 and the stock made 1462 and the hit the small stop loss at 1476

Short ICICI Bank around 830 with stop loss 838 and the stock made a low of 897 breaking second target giuven at 805

Short Reliance Energy around 1230 with stop 1246 and the stock made 1220 and then hit the stop loss

Buy Suzlon at 290 with small stop loss at 289.5 and the stock made 294.5

Short RCom around 495 with stop 498 and the stock amde 482 as target was given as 485-480

Market Outlook 10/04/08

Eventhough nifty has closed just above 4740, doesn't seem to have enough strength to cross all important major resistance of 4835 and higher level selling is expected again.For today, watch out the openinga nd if nifty opens above 4760 and in all possibility nifty will find its first resistance around 4790 and crossover again resistance at 4820 and every higher level selling is coming these day's.If nifty slides below 4740, then it may slide to 4700 first and then 4670 will be tested again.Intraday is proving to be the best strategy in this type of volatile market.

Stock watch for the day:

Suzlon (303): Buy this stock on dips with stop 288 for targets 310-316.Below 288 it is not a buy