Intraday call performance 06/08/08

Market facing profit booking in the last hour

As expected market opened with gap up and made a high of 4615 and then faced selling slowly and in the last hour it was huge profit booking that even broke strong support at 4540 and made a low of 4504.Reliance Industries as mentioned here failed to cross 2350 ressitance again and closed below 2300 today.Buying was seen in auto, capital goods, technology and FMCG stocks while sell off seen largely in banks, metals, power and real estate stocks at institutional desk. On the global front, Asian markets ended higher following sharp run up in US markets and The European markets also were trading higher.Top Nifty gainers included Maruti, Tata Motors and TCS while losers included HCL Technologies, Tata Steel and SAIL.Nifty closed at 4517, up 14 points from the previous close.The market breadth was negative with advances at 567 against declines of 704 on the NSE

Stock watch for the day:

India Info :This was given a buy cal with stop loss 720 for target 780 and it made 775 and then faced selling to make a low of 696

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4560 with stop loss 4548 for target 4620 and gave cover call around 4620....HUGE PROFIT

Buy Essar Oil around 242 with stop loss 237.5 for target and it made just 244 and then hit the small stop loss

Buy DLF around 564 with stop loss 558 and it made just 568 and then hit the stop loss

Buy JP Associates at 190 with stop loss 188 and it hit the small stop loss

Short SBI around 1615 with stop loss 1630 for target 1560 and it made 1507....HUGE PROFIT

Buy Reliance Capital around 1430 with stop loss 1415 and it hit the stop loss

Buy Reliance Infra around 1040 with stop loss 1030 for target 1060 and it mae 1057....GOOD PROFIT

Market Outlook 06/08/08

Gap up opening expected today

It was a huge day for indian market as nifty witnessed huge buying from lower levels and closed well above 4500 and on global scenario, DOW jones gained huge 331.62 points closing at 11,615.77 after the Federal Reserve left interest rates unchanged as expected and told here and rduced some of the market's fears about the economy.he oil market also helped soothe some of Wall Street's worries. crude fell as low as $118 a barrel before settling at $119.17, down $2.24 on the New York Mercantile Exchange.With all global cues positive, indian markets may open with huge gap up today and maybe previous resistance of 4540 will be crossed in the opening bell itself and here interesting point is of Reliance Industries-which may again test its strong resistance of 2350 once gets past 2280 mark and if it breaks 2350, it's a huge plus point for indian market as well.For today, nifty above 4540 may well test 5600 first and then crucial resistance at 5650 will be tested and crossover straight 5700.On downside, below 4500 strong support is at 4440.Overall huge day for indian market today and those who have baught BTST may well enjoy gap up in those stocks.

Stock watch for the day:

India Info (739): Buy this at dips with stop loss 720 for target 765-780