intraday call performance 11/08/08

Market closing the day very strong

As expected, market opened very strong above 4600 and was struggling to cross the first resistance at 4640 and was trading range bound till afternoon first session and then buying came in and market closed very strong at 4620, up 90 points from the previous close.The cracking of crude oil price and positive European cues also helped markets to remain strong.IIP numbers are expected to be around 5.6% (which will be announced on Tuesday) as against 3.8%, as per CNBC-TV18 poll. This was also supporting markets a bit.The market breadth was positive with advances at 879 against declines of 382 on the NSE. Top Nifty gainers included Unitech, Maruti and ICICI Bank while losers included Sterlite, TCS and Tata Steel.

Stock watch for the day:

Adlabs :This was given a buy call with stop loss 550 for target 575-580 and it made 576

Following calls were given in yahoo messenger for clients:

It was a very good day of decent profits for clients

Short Nifty Futures around 4614 with stop loss 4619 and it made 4591....Good Profit

Short TCS around 850 with stop loss 856 for target 832 and it made 824....Very Good Profit

Short Wipro around 443 with stop loss 446.5 for target 430 and it made 431....Very Good Profit

Short Tisco around 663 with stop loss 666 for target 650 and it made 642....Very Good Profit

Short Reliance Industries around 2325with stop loss 2340 for target 2280 and it made just 2308 and gave cover order around this rate

Market Outlook 11/08/08

Global cues to boost indian market today

Indian market will take the positive cues from global market and expected to open high above 4540 today as The Dow Jones industrial average rose 302.89 points to 11,734.32 and Crude prices declined 7.9% for the week at Friday's settlement to $115.20 per barrel. They are now down 22% from the high they hit July.Europian markets have also ended positive.For today, the most important level for nifty is 4640 and if it doesn't break above this level, then selling will come at higher levels again and if breaks above 4640 buying will be more severe and nifty can even go to 4700 and on downside, very good supports will be at 4540 and 4460.Strange thing in indian market is still FII's are not coming in full numbers for buying.This week trading is very interesting as to see where this bull move will end.


Stock watch for the day:

Adlabs (559): Buy this stock with stop loss 550 for target 575-580