Intraday Call Performance 05/08/08

Market witnessing huge buying interest..!

It was a quiet start above 4400 for nifty in the morning and then went down belwo 4400 to make a low of 4376 and then picked up as expected with Reliance taking charge again as nifty then broke 4440 resistance and made a high of 4515.Crude oil drop was very good for the market.Top Nifty gainers included HCL Technologies, ICICI Bank and DLF while losers included Sterlite Industries, Cairn and Tata Steel.The Asian markets closed in the negative while European markets were in the positive.Nifty at 4508, up 112 points (provisional) from the previous close.The market breadth was very strong with advances at 862 against declines of 396 on the NSE

Stock watch for the day:

Reliance Industries: This was given a short call below 2280 for target 2200 and it made 2205 first and then picked up later....HUGE PROFIT

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4414 with stop loss 4422 and stop loss hit

Short Nifty Futures at 4430 with stop loss 4450 and gave cover order at 4380....Good Profit

Short Nifty Futures around 4464 with stop loss 4476 and it made 4454 and then hit the stop loss

Risk Takers can Short Nifty around 4523 with stop loss 4529 and it made 4509

Short Reliance Energy around 1014 with stop loss 1021 and it hit the stop loss

Short ICICI Bank around 652 with stop loss 660 and it hit the stop loss

Short SBI around 1550 with stop loss 1561 and it made just 1537

Buy Essar oil around 235 with stop loss 234 and it made 239 and gave cover order around 239

Buy Reliance Indutries around 2215 with stop loss 2200 for target 2278 and gave cover order exactly at 2278...HUGE PROFIT

Market Outlook 05/08/08

Market may open positive on back of crude fall

Nifty reacted exactly from resistance area of 4440 yesterday and closed well above support.Market major Reliance industries didn't allow the market to recover much yesterday and will be interesting to see it's moves today as it is near to support area now.Global scenario looks ok with Light, sweet crude for September delivery fell $3.69, or 2.9 percent, to settle at $121.41 a barrel on the New York Mercantile Exchange. It was crude's lowest settlement price since May 5. Earlier, prices plummeted to $119.50, the lowest level since May 6.The Dow Jones industrial average fell 42.17 to 11,284.15 ahead of the Fed's meeting as energy and materials stocks declined following a broad drop in commodities.For today, nifty above 4440 will try for 4440 resistance again and failure to cross will invite selling again and if breaks 4440 then it will move to 4480 resistance and higher level some selling might come.On lower side, nifty has strong supports at 4350 and 4330.Unless these supports are broken there will not be much low today.Today's FED meeting will be again important and indications are Federal Reserve is expected to hold off raising rates.

Stock watch for the day:

Reliance Industries (2242): Watch this stock at higher levels and if fails to cross 2280, sell it for lower target 2220-2200.If moves above 2280, don't be short.