Intraday call performance 09/05/08

Market was in buy mode as expected in the morning but couldn't get past the stiff ressitance given at 5110 and came down and the moment it broke 5050, as told it directly came down to test 4970 strongest support but didnt break it and closed just around 5000 and monday's trading might be the deciding factor now.

Stock watch for the day:

IFCI :This was given a buy call with stop loss 59.6 for target 63 and the stock reached the target given 63 first and then came down to close at 59.1

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 5075 with stop 5055 for first target 5110 and nifty could make just 5092 and then hit the stop loss.

Buy Nucleus Software around 280 with stop 276 and it made 283 and then hit the small stop loss

Short LITL around 515 with stop 521 and when it crashed to 465, gave cover order with huge profit

Buy Everon Systems around 856 with stop 850 and it zoomed to 875....very good profit

Buy Bombay Dyeing at 982 with stop 978 and it made 989 and then hit the small stop loss

Buy Welspun Gujarath around 405 with stop 402 and it made 409 and then hit the small stop loss

Market Outlook 09/05/08

High domestic inflation and rising crude prices remain a concern as markets are range bound and choppy all these day's showing uncertain moves.After market falling for 3 days, today it may raise taking 5050 as support and upper side 5110 will be first resistance and then 5150.Higher level selling might come today also, but 5050 might be protected for today and in any case if 5050 gets broken its bad for the market and below 5050, the only strong support is at 4970.These day's markets are not moving much and manipulators are setting up another game here and probably on higher side.

Stock watch for the day:

IFCI (60.85): Pick this stock in small dips with stop loss 59.6 for target 62-63