Intraday call performance 03/06/08

As expected and told here, it was lower opening and buying came heavily at supports at 4635 and nifty made a high of 4739 and then closing was little lower than yesterday and now if nifty remains above 4690 it might march towards 4800 again.Still inflation is a big concern for market and news of hiking fuel price may drag index down again and this looks like a short covering for now.

Following calls were given in yahoo messenger for clients:

Clients again had a money minting day today even in this weak market....!

Buy Nifty Futures around 4645 with stop 4620 for 4675 and the stock made 4675 exact and told to cover position

Buy Nifty Futures above 4680 for first target 4700 and the nifty made 4710 and gave cover order

Buy Essar Oil around 231 with stop 227 for first target 240 and the stock hit second target given at 249 and made 251 high

Short Bombay Dyeing at 820 with stop 825 for taregt 800 and it made 801

Short HDIL around 860 with stop 866 and it made 842

Buy Bombay Dyeing at 814 with stop 808 and gave cover order between 830-835

Buy Tisco with stop 850 for 865 and it hit 865 exact

Market Outlook 03/06/08

It was a scary fall in the market yesterday in the late afternoon as it tested 4700 straight once it broke its support at 4800 and now if starts sliding below 4700, its strongest support lies around 4620-4635 range and this will be very very big support for nifty now.Oil problems was the major set back for stock markets as no one imagined it to go over $130 a barrel and higher oil prices hurt our economy also and yesterday, some rumours of government falling also contributed to this down fall.Anyways, if there is down opening today near 4620, never short blindly as there may be buying coming in and will be interesting to see whether 4620-4635 support can be held now as it looks so strong that if breaches will go staright to test 4440 which looks more scary or this support will be base again for big upmove.For today, concentrate on 4620-4635 on downside and 4800 on upperside.Above 4700 nifty will face tough ressitance around 4800 Play the range today.

Stock watch for the day:

Todays call only for clients