Intraday call performance 30/05/08

Nifty started from where it left yesterday without breaking the support given at 4790 and made a high of 4909 and as expected, selling came at higher levels again and closing was little better than yesterday's.Morning session was very dull with market waiting for inflation numbers and after 12, much movement was seen in the market.

Stock watch for the day:

Satyam : This was given a buy call today for target 535 and stock just made a high of 529 and then came down

Following calls were given in yahoo messenger for clients:

Weekend with huge profits for all my clients

Short Nifty Futures around 4910 with stop 4930 and when it made 4870 gave call to exit.

Buy CESC around 486 with stop 483.5 and it made 490 and then hit the smal stop loss

Buy RCom around 573 with stop 571 and it made 583

Short IFCI at 64.6 wuit stop 65 and when it made 61.3, gave cover order.

Short State Bank of India around 1465 with stop 1475 and it made 1435

Short Infosys around 1910 with stop 1920 and it made just 1899 and then went up to hit the stop loss

Short Cairns at 291 with stop loss 294 and it made 284

Short CESC at 487 with stop loss 490 and it made 480

Market Outlook 30/05/08

After managing to trade above 4900 for most part of the day, nifty just crashed in the last hour as there were FIIs selling heavily and nifty then touched 4800 and then moved up again and for today nifty has hurdle around 4900 and if breaks this it may try for 4930 and then 4960 testing will be on again.As long as nifty is holding its support at 4790, there is no much panic in the market for sure.But higher levels will exert pressure again.Inflation figures may set the trend today.As told, Nifty has final support at 4790 on downside and if breaks below that straight support at 4740-4700 only.

Stock watch for the day:

Satyam (524): Buy this with stop loss 519 for target 534-545.If slides below 519, it is not a buy.