Intraday call performance 13/08/08

Market closing weak again

Market opened weak and was trading in narrow range and though buying came in from low, never was stable at higher levels and started going down from high's and closed at 4529- down 23 points from the previous close.The market breadth was negative with advances at 514 against declines of 729 on the NSE.On the global front, Asian and Europian markets ended on weak note.Top Nifty gainers were Sterlite, Cipla and ABB and losers were ICICI Bank, HDFC Bank and DLF. SEBI board in a meeting is likely to review restrictions on P-notes as introduced in October 07 to review new norms introduced in last 10 months and primary market reforms.So, SEBI meeting is very important for the market now.

Following calls were given in yahoo messenger for clients:

Clients made good profits today

Short Nifty Futures at 4540 with stop loss 4550 and it made 4532 and then hit the stop loss

Short Reliance Capital around 1425 with stop loss 1446 for target 1390 and it made 1401

Short SBI around 1560 with stop loss 1576 for target 1500 and it hit the stop loss

Short Reliance Infra around 1100 with stop loss 1120 for target 1060 and it made 1058

Short Adlabs around 553 with stop loss 556 for target 540 and it made 539

Short Infosys around 1627 with small stop loss at 1630 and it hit the stop loss

Market Outlook 13/08/08

Nifty may well test 4500 now

Market witnessed a sharp sell off yesterday from highs and made a low of 4526 and chances of testing 4500 might be there today itself.On global front,The Dow fell 139.88 to 11,642.47 as downbeat news from JPMorgan Chase & Co. and other financial companies lifted the market's anxiety about the continuing impact of the credit crisis on the economy.The nation's second-largest bank JPMorgan by assets said in a regulatory filing it lost $1.5 billion, after hedges, in its mortgage-backed securities and loans this quarter, compared to $1.1 billion in the second three months of 2008. and Light, sweet crude settled down $1.44 at $113.01 a barrel on the New York Mercantile Exchange.The dollar was higher against most other major currencies, while gold prices fell.For today, nifty will face tough resistance around 4580 where selling might creep in again and on downside, below 4530 it may go to test 4500 strong support and if breaks that, then 4470 will remain the strongest support for today.So, watch out for 4530 and 4580 today.

Stock watch for the day:

Today's calls only for clients