Intraday call performance 23/06/08

Volatile day of market

Market opened weak as expected but was above 4300 surprisingly for about 45 minutes and then once started sliding below 4300, it was allround selling which took nifty towards 4200 as it made a low of 4225 and then buying came very heavily to lift nifty up with more than 100 points.Though Europian markets opened flat, it recovered a bit later on and at the closing bell nifty again started sliding below 4300 and closed around 4250.This volatility will continue for whole of this week because of so many factors around and main thing is of nuclear deal issue and government survival which will be known on wednesday and thursday is the expiry day. Oil, Pharma and Banking stocks contributed much into this downfall.

Stock watch for the day:

Polaris: This was given a sell call with stop loss 93 for target 86 and it made 86 with high at 91

Following calls were given in yahoo messenger for clients:

Good day of profits for clients

Buy Nifty Futures around 4220 with stop 4200 and it made 4275 and gave cover order

Short Nifty Futures around 4325 with stop 4340 and it made 4260

Buy Axis Bank around 676 with stop 670 and it hit exact support and then zoomed to 710

Short SBI around 1235 with stop 1252 and it made first target given at 1190

Short Axis Bank around 688 with stop 695 and when it made 680, gave cover order

Short Tisco at around 762 with stop 766 and it made 742

Short Axis Bank around 710 stop 713 and it made 691

Market Outlook 23/06/08

Low opening....Get ready for bottom fishing..!

All bad news are flowing in the market and the new addition is of the governemt falling news as left has already gone on record saying that they will withdraw its support to U.P.A government if the government decides to sign the nuclear deal .overthat, Mayawati has already withdrawn her support to the U.P.A government and there will be last minute adjutments now to save the government at this crucial pont. Dow has also closed deep down -220 on friday and crude oil closed near $135 a barrel on Friday.This expiry week will see more volatility because of all these news.Nifty broke all the supports on friday and all set to go down more now, as it is expected to open gap down-may be around 4200-4150 levels and tomorrow's bottom is very important and bottom fishing may also come tomorrow and if government doesn't fall, nifty might start picking up again towards 4700-4800 taking this bottom as base.For tomorrow, nifty below 5300 will target 5210 and then 4155 is one support on downside to watch out for.

Stock watch for the day:

Polaris (90): Short this stock with stop loss 93 for lower targets 86-84