Intraday Call performance 12/05/08

Nifty broke 4970 and made a low of 4913 and closed above 5000 confusing traders.Now that support is broken, this upmove just looks like a short covering.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4940 with stop 4920 and when it made 4995, told to cover the position.

Short Nifty Futures around 4990 with stop 5015 and it made 4956

Buy RCom around 532 with stop 524 and it made 552

Short Suzlon around 276 with stop 276.5 and it made the exact first target at 266

Short Tisco around 830 with stop 834.5 for first target 820 and it made exact 820

Buy R-Power around 401 stop 397 and it made 413

Short ITC around 220.5 with stop 222.5 and the stop loss hit

Short LITL around 453 with stop 456 for first target 445 and it made just 447

Market Outlook 12/05/08

Nifty hit exact support on friday and bounced back a bit and this support is still a strong support and above this level nifty is still bullish only and interesting to see whether it gets broken today or not.Opening is very important and if there is low opening, market might pick up from there and above 4970 nifty will find it difficult to break 5050 resistance for sure and if breaks 5050, heavy buying might come.Below 4970 if nifty trades, it will turn out weak only.watch our 3 things today..opening..first 30 minutes and then closing.
Stock watch for the day:

Todays call only for clients