Intraday call performance 18/07/08

Blasting day for market today

Though market opened dull today, it gained momentum later on and had a terrific rally with nifty gaining around whopping 160 points from yesterday's close.Stocks like Reliance Industries, Bharti Airtel, ICICI Bank, ONGC, HDFC and L&T were top contributors in the gain of indices.Crude oil reduction and Dow blasting also helped indian market along with some positive rumours that was flowing today about the government having enough numbers to prove the majority.Now next big event will be on July 22, as the vote of confidence for the present government takes place.

Stock watch for the day:

Reliance Capital : This was given a buy call with stop loss 1000 for target 1075 and it made a high of 1113 today.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 3925 with stop loss 3935 for 3900 and it made 3907

Short Nifty Futures around 3940 with stop loss 3955 and it made just 3930 and hit the stop loss

Short Nifty Futures around 4000 with stop 3415 and it made 3980 and stop loss hit

Buy Reliance Capital at around 1025 with stop loss 1005 and it made 1113....Super Duper Profit

Short Tata Steel around 594 with stop 600 for taregt 575 and it made just 585 and then hit the stop loss

Short India Info around 610 with stop loss 615 and it made just 603 and the nit the stop loss

Short Reliance in small quanitity for small gains at 2080 with stop 2090 and it made 2067 and then went up

Short Adlabs around 420 with stop 424 and gave cover at 421

Market Outlook 18/07/08

Upmove to continue today also

Yesterday it was a very good day for indian market as market zoomed and closed bullish and bullish move is expected to continue today also.Oil prices tumbled below $130 a barrel for the first time in more than a month Thursday, as crude's dramatic slide entered a third day accompanied by a sharp sell-off in natural gas.Light, sweet crude for August delivery dropped $5.31 to settle at $129.29 a barrel on the New York Mercantile Exchange. Prices have fallen nearly $16 in just the past three days.Dow Jones industrial average rose more than 200 points to settle at 11,446.66.Advancing issues outpaced decliners by nearly 3 to 1 on the New York Stock Exchange, where consolidated volume came to 7.17 billion shares, compared with 6.58 billion shares traded Wednesday.For today, nifty will open gap up for sure and above 3970 will target 4000 first and then 4065 will be tested and if nifty remains above 4000, it will remain explosive today and below 4000, 3970 will act as good support and if breaks that 3900 will be the strongest support for today.Coming week will be very crucial for indian market again as No-Confidence motion will be put up on 22nd tuesday and markets may move madly on that day as news keep poring in and if the government falls, it may trigger sharp sell off again.But for today, trend is very bullish.

Stock watch for the day:

Reliance Capital (1028): Buy this stock at dips with stop loss 1000 for target 1055-1075