Intraday call performance 04/06/08

Nifty was trading well above 4700 in the morning session and later on started sliding below in expectation of fuel hike and later fuel hike announced and dampened market sentiments and it actually went up after that just to trap the bulls and then crashed breaking its strong support at 4620 and made a low of 4564 and now the only strong support for nifty on downside will be at 4440 .

Stock watch for the day:

SBI: This was given a short call with stop loss 1430 for lower target 1350 and the stock hit low of 1325

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4665 stop 4630 made 4685 and told to cover position

Buy Nifty Futures around 4635 stop 4615..made 4725 and gave exit call

Short Nifty Futures arounds at 4710 stop 4730..small stop loss made 4650

Buy Bombay Dyeing around 830 with stop 823 and it made 839 and then came down to hit the stop loss

Buy Relaince Indutries around 2380 with small stop 2369 and it made just 2385 and then stop loss hit

Buy Essar Oil at around 243 with stop 239 and it made 244.5 and then came down to hit the stop loss

Buy Bombay Dyeing around 807 with stop 799 and it made 822

Buy India Info at 705 with stop 699 and made 713 as target was given at 715

Short Axis Bank at 770 with stop 774 and it made a low of 728

Buy Hind Zinc at 602 with stop 600 and it made just 604 and small stop loss hit

Market Outlook 04/06/08

So, market behaved exactly as told here yesterday by opening low and buying coming at exact supports given and today also index might continue moving up and will face pressure at higher ends for sure.If market dips then support range is same as given yesterday-4620-4635.One can buy around these supports and only if these supports are broken then only one can expect total panic in the market and otehrwise one can buy around these supports.crude oil has also reduced from $135 a barrel now but fuel price hike announcements may bring in some kind of pressure again.If nifty breaks 4740 ressitance, then it will directly test 4790-4800 strongest resistance for today.

Stock watch for the day:

SBI (1388): Watch this stock at higher ends and if doesnt cross 1430, just short it for target 1350