Intraday call performance 31/07/08

Expiry effect not much today..!

Though market opened little positive, it couldn't cross the first resistance given at 4350 today and came down to make a low of 4385 and closed above 4300.Trading was dull whole day today.Inflation numbers will be announced today evening and it seemed like market was also considering that.The market breadth was negative with advances at 581 against declines of 663 on the NSE.Reiance Industries closed little positive above yestrday's close.Today's inflation figures is also very important now for further market moves.Anyways, market looks well set for move towards 4400.

Stock watch for the day:

Axis Bank: This was given a buy call with stop loss 662 and it opened below 662 and never crossed 662 the whole day

Following calls were given in yahoo messenger for clients:

Today was an average day for clients with average profit

Buy Nifty Futures around 4310 with stop loss 4290 and it made 4347

Buy Nifty Futures around 4315 with stop loss 4305 and it hit the stop loss

Buy Axis Bank around 652 with stop loss 649 and it hit the small stop loss

Buy Adlabs around 522 with stop loss 518 for target 535 and it made 533

Short Maruti around 575 with stop loss 578 and gave cover order around 572 in small profit

Buy Maruti around 575 with stop loss and it made 578 and gave cover order around 577

Short Reliance Capital around 1335 with stop loss 1343 and when it made 1290, gave cover order

Buy RPL around 164 with stop loss 163 and it made 165.3 and told to cover the position

Short Tisco around 660 with stop loss 661.5 for target 650 and it made 652

Market Outlook 31/07/08

Expiry day volatility today

After nifty started moving forming a base at 4160, it made a high of 4327 yesterday and moving towards 4400-4500 as told and today being expiry day, lots of volatility will be seen in the market.There might be a gap up opening today and higher level selling might come in this expiry day.On global scenario, Light, sweet crude for September delivery jumped $4.58 cents to settle at $126.77 a barrel on the New York Mercantile Exchange, after earlier rising as high as $127.39. It was crude's biggest one-day rally since July 10, when prices ended $5.60 higher. Oil closed $2.54 lower on Tuesday at $122.19 a barrel.
The Dow Jones industrials rose more than 180 points, bringing its two-day gain to more than 450 after a rebound in financial stocks and optimism about private sector jobs.The Dow rose 186.13 to 11,583.69.The dollar was higher against other major currencies, while gold prices fell.For today, nifty above 4325 wil go towards first resistance at 4355 and then at 4400 and if nifty is below 4325, supports are at 4265 and 4240.Positive closing expected today.

Stock watch for the day:

Axis Bank (679): Buy this stock in dips with stop loss 662 for target 690-700