Intraday call performance 11/04/08

Today for a change high inflation figures was announced early and even though market came down a bit, recovered well in anticipation of good IIP numbers which was to be announced later in the day and was playing rangebound above 4740 and then later results of good IIP numbers boosted market sentiments and nifty zoomed past 4800 to make a high of 4817, but couldn't get past crucial resistance of 4835 and came down heavily at the final hour and even then closing was well around 4800.

Stock watch for the day:

Ranbaxy: This was given a sell call with stop loss 468 for target 440 and the stock made a high of 460 and low of 441.6

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4780 with stop loss 4800 and it made 4740

Short Nifty Futures around 4805 with stop 4826 and when it made 4775, told to cover

Short Nifty Futures around 4815 with stop 4835 and when it made 4760, told to cover

Short RCom around 493 with stop loss 496.5 and it made 485 and then went up to hit small stop loss at 496.5

Short Suzlon Energy around 294 with stop loss 296.5 and it made just 290 and then hit the small stop loss

Take a small risk and Short Indian Oil at 451.5 with stop 453.5 and the stock made just 450 and small stop loss hit

Short ICICI around 802 with stop 806 and it went down to make 885

Short Suzlon around 296 with stop 298.5 and it went down to make 288

Market Outllook 11/04/08

Today is the last day of the weak and also monday is a trading holiday and next weak we have only 3 trading days.Inflation numbers are also expecetd in the afternoon and market also may trade flat tilL the figures get announced in the afternoon and some selling might come again if the inflation is high and it is expected to be more than 7% this time.Tuesday is infosys result and hence, lots of action might be seen in IT stocks and market will be volatile today.For today, if nifty stays below 4740, it wil remainw eaka nd may test 470 firsta nd then 4670 will be tested if 4700 is taken off and on upper side above 4740, 4800 will be stiff resistance again to watch out for.

Stock watch for the day:

Ranbaxy (452): Short this stock on raise keeping a stop loss of 468 for target 440-435