Intraday call performance 07/05/08

Market was more on the lower side today and even after breaking yesterday's low, didn't go down much and closed just below yesterday's close.As said, it looks more of a consolidation for upmove again.

Stock watch for the day:

J.P Associates: This was given a short call with stop loss 285 for target 266 and the stock made a high of 277 and low of 264

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 5130 with stop 5110 and when it made 5160, gave cover order

Buy Nifty Futures around 5120 with stop 5110 and gave cover order at same price later on

Short Nifty Futures at 5120 with stop 5130 and it just made 5115 and the stop loss hit

Buy Reliance Power around 403 with stop 399.8 and it made 414

Short Bajaj Hindustan around 233 with stop 236.5 for target 225 and it made 226

Buy IRB Infra at 210 with stop 208 and it made 212 and when it came down later, gave cover order at 210

Short India Info at 923 with stop 928 and small stop loss hit

Market Outlook 07/05/08

Market witnessed heavy selling yesterday and it looked more of a consolidation for another upmove.For today if nifty moves above 5190 it will try for 5230 first and then 5260 tough resistance.If nifty breaks 5110, it will test 5060-5050 support range.Overall next 2 days are very important for the market trend.

Stock watch for the day:

J.P Associates (272): Short this at higher levels with stop loss 285 for target 266-262