Intraday call performance 20/06/08

Market in deep red

Today Nifty never raeched 4540 and staying below it in the morning session showing weekness and after the inflation figures came out showing the numbers in double digit-which no one imagined to be that high, market crashed breaking all the supports inbetween and made a low of 4333 and any move below this level might take nifty towards 4200 first.Rumours of left withdrawing support and P.M resigning news was too bad for the market and this will have a deep impact on the market if government falls.Coming days will witness lots of poltical activities and moreover expiry is nearing and lots of volatility also can be witnessed in the market.

Stock watch for the day:

Cairns: This was given a short call with stop loss 286 for target 276 and the stock crashed to 263

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4445 with stop 4425 and it made 4468 and told to cover te position

Buy Tisco at 809 with stop 800 and it made just 817 and then came down crashing to hit the stop loss

Buy Cairns around 275 with stop 272.8 and it made 278 and then hit the stop loss

Short Bombay Dyeing around 696 with stop 701 for target 684 and it made 693 and hit the small stop loss

Buy HDIL around 538 with stop 534 and it made 544 and told to cover position

Market Outlook 20/06/08

Market struggling to find the trend ....

Market is at the edge of the support and still there maynot be much downside today also.Crude oil futures fell $4.75 to settle at $131.93 per barrel on the New York Mercantile Exchange after China disclosed plans to raise prices for gasoline and diesel fuel by 16 percent and 18 percent, respectively.While this is some positive news for the market, left has come openly saying that they will withdraw support to the central government after government decided to go ahead with nuclear deal with U.S and this news is negative for the market.Hence market is struggling to find the trend with positives and negatives.Today, even if market takes support around 4480-4490 and moves up, upper level will exert pressure again.Nifty will face first strong resistance around 4540 and above that 4585 will be very tough resistance for today.Below 4480, nifty may fall directly to 4440 support area.Banking stocks will be in the limelight today also.Inflation figures are expected today and there are chances of market trading flat after initial moves till the inflation figures come.
Prime Minister has commented today that he will resign if nuclear deal fails and this seems to be getting hotter day by day now and if left withdraws its support and government falls, there might be a huge crack in the market....watch out...government should stay for market recovery....

Stock watch for the day:

Cairns (284): If cairns remain below 286, short it for target 276 and if moves above 286 it is not a short.