Intraday call performance 16/06/08

A very Good day of decent profits.....

Market started the day with positive global cues and nifty once crossed 4540, it was all round buying and as expected nifty couldn't cross 4635 as it made high of just 4618 and selling emerged there and nifty though came down to test 4540 again, interestingly closed in positive mode above 4560 but much below it's day's high.Now 4635 will be the point to watch on upper side tomorrow.

Stock watch for the day:

Cairn: This was given a sell call with stop loss 295 for target 275 and it made exact 276 on lower side

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4600 with stop 4615 and when it made 4560, told to come out

Short Suzlon around 250-251 with stop 252 for target 240 and it made exact 240

Buy Ranbaxy at 575 with stop loss 571 and it made 578 and then hit the small stop loss

Short SBI at 1355 with stop 1365 and it came down to 1316

Short Tisco around 862 with stop 865 and it came down to 845

Market Outlook 16/06/08

Saudi to boost oil production....

Market is again rangebound struggling around 5450 resistance.In electronic trading on the New York Mercantile Exchange late Sunday, crude oil futures were down 54 cents at $134.32 a barrel and moreover Saudi Arabia plans to increase oil production by 200,000 barrels a day next month and U.S-Europian markets are also trading in positive now.Taking these positive clues nifty might move above 4540 and if breaks 4540, nifty might move twoards 4600 first and if breaks that will face strong resistance around 4635 range where selling might emerge again.Below 4540, nifty will remain weak and will test support at 4490 and if breaks that will go towards 4460 strong support on downside.The only negative news for now is of fight between Anil and Mukesh Ambani and the effect might come to the market slowly if it doesn't get settled down fast.

Stock watch for the day:

Cairns (285): Short this stock on raise with stop loss 295 for target 280-275