Intraday call performance 23/07/08

Record upsurge in the market today..!


As expected, it was huge gap up opening because of UPA winning the trust vote, declining crude oil price and positive cues from global markets and surprisingly even broke strongest of resistance at 4440 and made a high of 4492 and closed at 4476, up 236 points as market also seemed like being too tired of being in bear phase for long time and things are setting up nicely for this month expiry now.Stocks like Reliance Communications, ICICI Bank, HDFC, SBI, BHEL were major contributors for today's bull move.It was record upmove for the market with sensex gaining whopping 838 points..! Now,with positive cues from global market nifty can move towards 4700 straight.

Stock watch for the day:


RCom :This was given a buy call with stop loss 456 for target 490 and it made a high of 531


Following calls were given in yahoo messenger for clients:


Short Nifty Futures around 4415 with stop loss 4420 and it made 4405 and then hit the small stop loss


Short Bank of India around 292 with stop loss 294.5 and it made just 289 and then hit the stop loss


Buy JSW Steel around 756 with stop loss 748 for target 785 and it made 788


Short ICICI Bank around 725 with stop loss 733 and it hit the stop loss


Short Bombay Dyeing around 605 with stop loss 609 and it hit the stop loss


Short DR Reddy at 640 with stop loss 642 for target 624 and it made 624

Market Outlook 23/07/08

Market in too bullish mode with decline in crude and our govt survival


At last the much awaited No-Confidence motion got through in favor of the government as expected.Yesterday market got enough clues about this government survival and huge buying was also seen in the market.Global cues are also very positive as the Dow rose 135.16 to 11,602.50. The blue chip index rose 400 points last week, but ended Monday's session slightly lower.A barrel of light, sweet crude tumbled $3.09 to settle at $127.95 on the New York Mercantile Exchange, down nearly $20 from its record high of $147.27, reached just weeks ago.A $3 drop in oil -- which took crude's decline in recent weeks to nearly $20 a barrel -- persuaded some investors to wade back into equities.For today, taking all these positive cues, nifty will open with huge gap up for sure and nifty above 4265 will face resistance only at 4375 and then 4440 and if nifty opens around these levels and unable to cross, some selling will definitely come from these levels.So, don't go for buying blindly today.Nifty will have supports at 4265 and 4220 for today.Watch the action in this week.

Stock watch for the day:

RCom (467)-Buy this stock with stop loss 456 for target 485-490