Intraday Call Performance 28/04/08

As expected, nifty faced selling at higher levels and came down to make a low of 5079 and closing near to 5100.Market participation was less and with low volume, nifty movements were also not much.Morning session was very dull today as nifty was moving in a narrow range.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 5110 with stop 5090 and it made just 5132 and when nifty came down, told to cover in profit above 5110

Buy Reliance Capital around 1450 with stop 1438 and the stock made 1466

Buy ICICI Bank around 900 with stop 892 and it made 912 and then came down to hit the stop loss

Short Maruti around 738 with stop 742 and it 720

Short Bank of India around 338 with stop 340.5 and it made 330

Market Outlook 28/04/08

If nifty opens up high around 5200, beware of being longs as 5200-5225 is very very strong resistance area and nifty might well struggle to cross this resistance today.Opening holds the key and first 30 minutes high is very important and higher level selling is surely expected in today's market and also volatility- which was absent on expiry day may come today.So, be cautious today.On lower side, nifty below 5100 may test 5075 support and break of that might go straight to 5000 again.Today's closing is also very important.

Stock watch for the day:

Today's calls only for clients