Intraday call performance 08/08/08

Market ending flat again due to lack of buyers

Weak global cues made indian market also open weak with more sellers emerging in the morning session and it was only in the afternoon session buying came in again from low and market closed flat with Nifty closing at 4529, up 5 points from the previous close.The market breadth was negative with advances at 596 against declines of 654 on the NSE.Good buying interest was seen in capital goods, metal, banking and power stocks while selling in technology, realty and select FMCG stocks.Top Nifty gainers included Sterlite, ONGC and Cipla while losers included Cairn, BPCL and Wipro.The Asian markets closed mixed while Europe was trading flat

Following calls were given in yahoo messenger for clients:

It was a good day for the clients today

Short Nifty Futures around 4520 with stop loss 4535 and gave cover order at 4470....VERY GOOD PROFIT

Short Siemens around 550 with stop loss 555 for target 540 and it made 540

Buy Reliance Infra around 1000 with stop loss 989 for target 1030 and it made 1039

Buy J.P Associates around 179 with stop loss 176 for target 185 and it made 185

Market Outlook 08/08/08

Market may open gap down today

It was severe volatile day yesterday as nifty was swinging between 4500 support and 4600 resistance area's and for today all global cue are negative and over that India's annual inflation has come in at 12.01% for the week-ended July 26, slightly above the previous week's annual rise of 11.98%. It's the highest inflation in the last 13 years.
Light, sweet crude for September delivery rose $1.44 to settle at $120.02 a barrel on the New York Mercantile Exchange, halting a steep three-day slide on expectations a one million barrel per day pipeline that supplies Western countries was attacked by Kurdish separatists in Turkey could remain shut for up to two weeks.The Baku-Tbilisi-Ceyhan (BTC) oil pipeline, which pumps the more than 1 percent of world supply from fields in the Azeri sector of the Caspian Sea to the Turkish Mediterranean coast, was still ablaze after the Tuesday night explosion.The Dow fell 224.64, or 1.93 percent, to 11,431.43. It was the Dow's sixth triple-digit move in the past two weeks, illustrating how commonplace big swings in the indexes have become amid investors' uncertainty about the economy.For today, nifty below 4500 will go straight to 4460 and then 4432 is the support area.Above 4500, nifty willl face first resistance at 4530 and then 4580.

Stock watch for the day:

Today's calls only for clients