Intraday Call performance 02/07/08

Huge recovery from lows..!!

Though nifty trading low for first 2 hours of trade and made a low of 3848 and then gained tremendous momentum suddenly to lift the market to a whopping 260 points gain making high of 4108 and closing positive around 4100.Whetehr this upmove is a fake one or real buying will be known in 2-3 days and as of now buying has come very strongly from low's.Stocks like RIL, Infosys, HDFC, ICICI Bank, ONGC, DLF contributed more to this upmove and over that European markets also played very positive adding to the positive sentiments of the market.

Stock watch for the day:

Nalco: This was given a buy call with stop loss 342 for target 360 and it made a high of 357

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 3875 with stop 3900 and it made just 3860 and then stop loss hit

Short SBI around 1040 a with stop 1055 and it made 1021 and thenw ent up to hit the stop loss

Short Bank of India around 198 with stop 203 and it hit the stop loss

Short JSW Steel at around 800 with stop 815 for target 750 and it made 758....HUGE PROFIT

Short Siemens around 375 with stop 379 for 365 and it made just 368 and then zoomed to hit the stop loss

Market Outlook 02/07/08

Bounce from low possible today and crash from high levels again..!

It was a horrifying day of fall for indian stock market yesterday and more surprisingly nifty broke 4000-which was a very strong support very easily and this indicates the manipulation at very strong hands and nifty made a low below 3900 in yesterday's trade..as it reached a low of 3878.....! The Dow Jones industrial average, down more than 150 points earlier, rose 32.25 to 11,382.26 and crude Oil settled at a new record of $140.97 a barrel on the New York Mercantile Exchange after rising above $143 a barrel earlier as worries about tight supply and mounting tensions in the Middle East continued.The economy which is still weak due to soaring commodities prices and the credit crisis is not showing any positive signs of strong pull back.Indian political situations are also not good at this point of time.For today, nifty above 3900 will move towards 3945 resistance where heavy selling is expected again and if nifty gets past 3945, chances of testing 4000 is strong.Higher levels will face selling and on downside, nifty below 3900 has strong support at 3860 and break below will create panic again and nifty will drop to 3840 and 3800 then

Stock watch for the day:

Nalco (350): Buy this stock with stop loss 342 for target 360.If moves below 342, it is not a buy.