Intraday Call performance 22/05/08

As expected and told here, nifty crashed and tested 5000 strongly but not 4970 support and to test and break 4970 it might need one more big fall in DOW today.Let's see how the things will unfold here onwards.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 5030 with stop loss 5045 and it made 5020 and told to cover position between 5020-5030.

Short Nifty Futures around 5055 with stop loss 5075 and when it made 5020, told to cover the position

Short Nifty Futures around 5015 for 4990 target and nifty made just 5000

Short HDIL around 801 with stop 807 and it made just 798 and then hit the small stop loss

Buy Praj Industries around 213 with stop 209 and it made 222


Buy Tisco around 908 with stop 900 and it made 920

Buy Punjab LLoyd around 339 with stop 333 and it made 347

Short Cairns around 332 with stop loss 340.5 and it made 318

Short Yes Bank around 164 with stop 166 and it made 161

Market Outlook 22/05/08

Even though nifty recovered from low, movement was not satisfactory and also it just closed above 5100 and for today we can expect another round of selling and nifty might well test 5050-5000 today.Above 5100, 5140 will be very big resistance for today and if crosses final hurdle will be at 5190-which is impossible today.There maybe a gap down opening today also or else expect selling to come severely around 5130 level.Downside, very very strong support exists at 4970 level.Watch out volatile trading day today on downside.Moreover, even U.S markets closed 200 points down yesterday and will also impact indian market today and looks like DOW has enterd bearish phase again as it broke down important supports.

Stock watch for the day:

Stock watch for the day