Intraday call performance 16/05/08

As expected and told here, nifty was bullish today, but still not able to cross the final hurdle at 5190 as it made a high of 5167 and closed around 5160 level and monday being a trading holiday, interesting to see market movements on tuesday.

Stock watch for the day:

IFCI:This was given a buy call with stop loss 62 for target 64 and the stock amde a high of 63.75 and low recorded was 62.3

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 5140 with stop 5165 and it made 5100

Short Nifty Futures around 5145 with stop 5165 and it made 5105 and told to cover the position.

Buy TCS around 975 with stop 969 and it made 983 and then hit the stop loss

Short Tisco around 886 with stop 992 for target 875 and it made 876

Buy Renuka Sugars around 134.8 with stop 133.75 and stop loss hit

Short Tisco again near 888 with stop 890 and it made 882 and the hit the small stop loss

Market Outlook 16/05/08

The market is seeing positive sentiment and seems to be discounting all negative news as Nifty managed to close above 5100 yesterday with reliance indutries leading the pack and now facing a very crucial big resistance at 5190 and if gets past it, then nifty might move to 5400-5500 staright and if not may come down.For today, nifty above 5100 the crucial resistance will be at 5190 only and selling might emerge there and 5100 might be tested and on lower side nifty below 5100 there is a supper support at 5050 which is a very strong support now.Mondays trading holiday also may bring in some selling in the final hour of trading today.

Stock watch for the day:

IFCI (63): Buy this at dips with stop loss 62 for target 64-65