Intraday call performance 15/07/08

Market crashing and closing in deep red-

Today market opened weak and never recovered after that and in the ending it even broke the strong support of 3850 and closed in deep red.Huge sell off has seen in global markets especially Asian and European markets, which added to weak sentiments of indian market which was already struggling because of Political uncertainities as told here.Sectors like banking, capital goods, metal, power, realty, pharma and oil & gas took a hard beating today.Most banking stocks took huge beating worldwide on fear of more bank failures in the US.Reliance Industries, ONGC, Reliance Comm, ICICI Bank, DLF, HDFC Bank, HDFC, SBI and L&T continbuted more to this market crash.

Stock watch for the day:

Suzlon : This was given a buy call with stop loss 188 for target 207 and it could make only 197 and then broke down heavily.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 3910 with stop 3890 and it made 3930

Short Nifty Futures at 3900 with stop 3932 and when it made 3860, gave cover order

Buy Nifty Futures around 3866 with small stop loss 3858 and stop loss hit

Buy Suzlon around 192 with stop 190 for target 202 and it made 196.4 and then small stop hit

Buy Tisco around 668 with stop 664 for target 682 and it made 676 and then small stop hit

Buy India Info around 628 with stop 626 for taregt 655 and it made only 639

Short Tata Steel around 665 with stop 668 for taregt 638 and it made 642

Buy Adlabs around 405 with stop 398 for target 415 and it made just 409

Market Outlook 15/07/08

Political uncertainty creating pressure in the market

Yesterday was a volatile day and still maintained 4000 support and Due to political uncertainty, any upmove is exerting pressure and still downside supports are protected..! The Dow Jones industrial average fell 45.35 to 11,055.19 after spiking nearly 140 points in early trading.Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange.Light, sweet crude settled up 10 cents at $145.18 a barrel on the New York Mercantile Exchange.Monday's oil price swings came as President Bush lifted an executive ban on offshore oil drilling.The dollar was mixed against other major currencies, while gold prices jumped.For today, nifty above 4060 will test strong resistance at 4120 and if crosses might zoom towards 4180-4200 also and if fails to break 4120, will come down again towards 4040.On downside, nifty has great support at 4000-3990 and break will create panic and slide towards 3935 is possible.On weak opening, don't go for blind selling as buying may come from lower levels.

Stock watch for the day:

SUZLON (195): Buy this stock at lower levels with stop loss 188 for target 207