Intraday call performance 29/05/08

Nifty was above 4900 today for most part of the day and it made a high of 4957 well below my strong resistance given today at 4970 and as expected selling came there and then in the last hour of trading drama unfolded and nifty broke all suports and hit 4800 staright !! and closed well below 4900 and this was the most fearsome exiry day we have seen in recent days.

Following calls were given in yahoo messenger for clients:

Superb day of profits for all my clients

Buy Nifty Futures around 5925 with stop 5900 and when it was struggling around 4936, gave the covering order at 4935

Short Nifty Futures around 4950 with stop 4971 and when it made 4880, told to come out in profit and to be on sidelines to avoid last hour of volatile tarding.

Buy LITL around 508 with stop 503 and it made 516 and then small stop loss hit

Buy ZEE 235 with stop 232.5 for target 240 and it made 239

Buy Bombay Dyeing around 930 with stop 927 and it made 936 and then hit small stop loss

Short HDIL around 760 with stop 763 and when it made 735, told to cover the profits

Short Tisco around 920 with stop 928 and when it made 894, told to cover the profits

Buy Satyam around 525 with stop loss 522 and it made 533 and told to cover the profits

Market Outlook 29/05/08

Due to crude oil slide and IT stocks surge, market went up in the last hour yesterday and took nifty above 4900 to close in positive zone and there might also be a gap up opening today and today being expiry day one can expect lots of volatility in the market and higher level selling also will be there.So, for today nifty above 4930 will shoot to 4970 and if breaks this level only further buying might come to take nifty towards 5015 big resistance or else selling might emerge again around this 4970.On downside, 4890 will be support for today and if breaks this then move towards 4840 is on again.

Stock watch for the day:

Todays call only for clients