Intraday call performance 17/07/08

Market bounce back strong with crude dip

As expected it was higher opening today because of positive global cues and strong European markets also added to positive sentiments. Though nifty went for some selling later, still held on to strong supports on downside and made a high of 4968 and even closed in positive territory again.Top gainers are Maruti Suzuki, HDFC, Jaiprakash Associates, BPCL and GAIL while Ranbaxy Labs, Tata Steel, Sterlite Industries and SAIL losers.Now, next few day's will bring in volatility again with top news is on Government-No-Confidence motion on 22nd which is very crucial for the market survival.

Stock watch for the day:

Adlabs: This was given a buy call with stop loss 388 for target 410 and it made a high of 424

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 3860 with stop loss 3838 and it made 3896 and gave cover order

Short Nifty Futures around 3900 with stop loss 3915 and it made 3865

Short Nifty Futures around 3925 with stop loss 3945 made 3888 and told to cover all position

Short Baja Hindustan around 154 with stop loss 156 for taregt 145 and it made 148

Short Bank of India around 236 with stop loss 237.5 and it made just 235 and then small stop loss hit

Short India Info around 615 with stop loss 618.5 for target 590-575 and it made 592

Short RPL around 153 with stop loss 157.5 for taregt 144 and it made 147

Short Reliance Infra at 794 stop 802 for target 774 and it hit the stop loss

Buy Reliance Capital at 1020 with stop loss 1006 and it made made 1030 and gave cover order around there

Market Outlook 17/07/08

Oil crashing down..is it one more manipulation now..!

Yesterday it was a bad day for indian market again as market went for deep selling and for today, positive global cues may result in higher opening. Light, sweet crude for August delivery fell $4.14 to settle at $134.60 a barrel on the New York Mercantile Exchange, after earlier sinking as low as $132. The drop follows a $6.44 sell-off Tuesday, crude's biggest since the Gulf War.The huge swings oil had in two day's is amazing as it dropped by more than $10 Tuesday and $7 Wednesday and it makes us think whether this is one more manipulation or is it really coming down..! The Dow took positives from this oil drop and rose 276.74 to 11,239.28. It was the blue-chips biggest one-day gain since April 1, when the index rose 391 points.The dollar was mixed against other major currencies, while gold prices fell. For today, be cautious if there is higher opening near 3900..- as remain below 3920, market is weak only and if nifty breaks 3920 then one more resistance is there at 3960.So, be cautious at higher levels and below 3900 supports are at 3850 and 3790.Inflation figures are expected to be announced later in the evening today.

Stock watch for the day:

Adlabs (395): Buy this with stop loss 388 for target 405-410