Intraday call performance 14/08/08

Market closing in deep red

As expected and told here, market broke 4500 and played around the strong support area of 4470 and once it broke this support, it was obvious of going towards 4440 and 4400 and nifty did make a low of 4421 and closed at 4430, down 98 points from the previous close.It seems that local traders likely to unwind their positions ahead of long weekend.The market breadth was negative with advances at 256 against declines of 1011 on the NSE.Top Nifty gainers included Infosys, Satyam and Cairn while losers included DLF, PNB, Bombay Dyeing and Unitech.On the global, Asian markets closed mixed while while European markets stayed firm

Stock watch for the day:

Adlabs :This was given a short call with stop loss 565 for target 530 and it made 511

Following calls were given in yahoo messenger for clients:

Gave an early call to quit intraday today with whatever profits

Short nifty futures around 4480 stop 4496 for target 4460-4450 and it made 4456

Buy Nifty Futures around 4570 with stop loss 4550 for target 4620 and told to cover anywhere between 4490-4500

Buy Reliance Infra around 1004 with stop loss 990 for target 1020-1040 and it made 1017

Buy Reliance Capital around 1355 with strict stop loss 1347 for target 1390 and it hit the small stop loss

Buy TV18 at 248 with stop 245 and it made 250 and then hit the stop loss

Buy India Info at 156 with stop loss 154.5 and it made 158

Buy Kotak Bank at 625 with stop 620 and it made 632

Market Outlook 14/08/08

Can market hold my first target 4470..!

Market trading was very dull yesterday and also may be because of SEBI meet on P-Notes issue and now that SEBI meeting is over and P-Notes issue though discussed nothing was concluded, market may break 4500 and test my first target of 4470 straight.On the global front-Light, sweet crude rose $2.99 to $116 a barrel on the New York Mercantile Exchange after the government said U.S. crude supplies fell unexpectedly last week.The Dow fell 109.51 to 11,532.96.The dollar was mixed against other major currencies, while gold prices rose.Among financial stocks, Bank of America Corp. dropped $2.27, or 7.3 percent, to $28.86, while Morgan Stanley fell $2.35, or 5.5 percent, to $40.15.There will be no respite from rising prices in the immediate run, with PM's Economic Advisory Council on Wednesday suggesting that inflation may touch 13 per cent while the GDP growth rate is expected to slide to 7.7 per cent from 9 per cent recorded last year.For today, nifty above 4540 will move towards 4575 again and failure to cross over, heavy selling will be witnessed and if nifty breaks below 4500-support for today, it has very strong support at 4470, and if breaks that then slide towards 4440 and 4400 is sure.

Stock watch for the day:

Adlabs Films (545): Short this stock at higher levels with stop loss 565 for target 530