Intraday call performance 12/08/08

Markets closing in red ahead of crucial SEBI meet tomorrow

Though market started very positive above 4600 and nifty even made high of 4650, it couldn't sustain the momentum as market started sliding down in expectation of IIP numbers announcement at 12 P.M and made low of 4560 and then picked up again after IIP numbers came out at 5.4% and later again started sliding digesting the IIP numbers and closed weak. Experts on the market feel all eyes are on the crucial SEBI meet tomorrow.Nifty closed at 4552, down 68 points from the previous close.The market breadth was negative with advances at 401 against declines of 858 on the NSE. Top Nifty gainers included BPCL, Siemens and Cairn while losers included Tata Steel, Maruti and HDFC.On the global front, Asian markets ended weak.Below 4540 nifty will remian weak and only positive factor of today was of Reliance Industries breaking its long time resistance of 2350.

Following calls were given in yahoo messenger for clients:

A very good day of trading for all my clients

Buy Nifty Futures around 4625 with stop loss 4619 and hit the small stop loss

Buy Nifty Futures around 4585 with stop loss 4570 and stop loss hit

Short SBI around 1585 with stop loss 1600 for target 1550-1525 and it made exact second target at 1525....HUGE PROFIT

Buy Siemens around 565 with stop loss 559 for target 575-583 and it made 581....HUGE PROFIT

Short G.E Shipping around 402 with stop loss 405.5 for target 396-390 and it made 391....HUGE PROFIT

Buy Reliance Industries around 2325 with stop loss 2310 for target 2365 and it made 2365....HUGE PROFIT

Buy Adlabs around 551 with stop loss 547 for target 565 and it made just 553 and hit the stop loss

Short Adlabs around 554 with stop loss 557.2 for target 540 and it made 542....GOOD PROFIT

Market Outlook 12/08/08

Watch out for 4635 Nifty Spot

It was a very good day of trdaing for the market yesterday as also nifty closed above 4600 and today is an important day for the market.On the global front, After falling nearly $10 a barrel last week, light, sweet crude for September delivery fell another 75 cents to settle at $114.45 a barrel after briefly dropping below $113 a barrel mark, on the New York Mercantile Exchange. It was the lowest close since May 1.The dollar held at around 110 yen. A weak dollar helped boost oil prices earlier this year, because dollar-denominated commodities are often used as hedges against inflation and a falling U.S. currency.The Dow Jones industrials, up more than 130 points in afternoon trading, ended the day up 48.03 at 11,782.35 after crude oil prices pulled off their lows and the Federal Reserve said more banks are tightening lending standards.Europian markets also closed marginally up.For today, if nifty breaks above 4635 only further upmove will be witnessed which may take nifty towards 4670 solid resistance where heavy selling might be witnessed and if nifty fails to cross 4635 or stays below 4635, it will slide down to test 4575 support and break of which will take it to 4535.

Stock watch for the day:

Today's calls only for clients