Intraday call performance 30/06/08

Downward journey continues....

Nifty opened weak today as expected and continued its downward journey and once it broke its support at 4110, it was allround selling which took nifty to make a low of 4022.Nifty is near to all time support of 4000 and if this support is broken, market will be in total darkness.If crude reduces and dow improves a bit, nifty might pick up from here.Reliance Industries, Bombay Dyeing, Acc, oil & gas stocks were all pulling down the index today.

Following calls were given in yahoo messenger for clients:

Clients enjoyed good profits today also

Short Nifty Futures at 4105 with stop 4115 and it made 4050

Buy Nifty Futures at 4010 range with stop 4394 and stop loss hit

Short Bombay Dyeing around 635 with stop 643 and it made 575....HUGE PROFIT

Short RCom around 472 with stop loss 475.5 and it made 433....HUGE PROFIT

Buy Bank of India around 228 with stop loss 225 for the target 236 and it made just 231.4 and then stop loss hit

Short LITL around 303 with stop loss 306 and it made 278....HUGE PROFIT

Buy Reliance Capital around 952 with small stop loss at 947 and it made just 957 and then stop loss hit

Market Outlook 30/06/08

Today's closing is important for the market

Market have broken all supports and even though looks bearish, it is oversold and just needs a trigger to zoom on the upper side and is on the verge of producing a bullish upside "breakout" from this trading range.Global cues are not helping the market as crude oil factor is the main cause for all these trouble all over.Crude has closed at $140.54 a barrel and crude imports will cost the United States approximately $700 million per day and DOW also plunged by 107 points on friday to close at 11,346."Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel.When crude starts crashing down, whole world market will enter into a bullish mode again.It is just a matter of time now as we are nearing or almost at the point of getting into long term bullish mode.For today, nifty above 4145 may test 4190 where selling might emerge again heavily.On downside 4110 seems to be good support for today and if breaks that nifty will directly fal to 4060 first support and then straight to 4000 big support. If market opens low, buying will come at lower levels.

Stock watch for the day:

Today's calls only for the clients