Intraday call performance 18/08/08

Market closing in red again..

Today Market opened flat and remained rangebound just above 4400 and later on it tried crossing 4440 crucial resistance, but failed to stay above that and came down heavily to make a low of 4380 and weak Asian and European markets also fueled to negative sentiments of the market and closed at 4393, down 37 points from the previous close.The market breadth was negative with advances at 372 against declines of 889 on the NSE. Top Nifty gainers included HDFC, Dr Reddy's, Satyam and L&T while losers included Gail, Grasim, Hindalco, Reliance Comm, and ABB.

Following calls were given in yahoo messenger for clients:

It was a very good profit day for all my clients

Short Nifty Futures around 4445 with stop loss 4455 and it made 4422

Short Sail around 142 with stop loss 143.2 and when it made 138, gave cover call

Buy Bajaj Hindustan around 176 with stop loss 175.5 and it made just 179 and then hit the stop loss

Short India Info around 153 with stop loss 155.5 for taregt 146-142 and it made 143.2

Short Reliance Infra around 995 with stop loss 1000 for target 970-953 and it made 963

Short SBI around 1455 with stop loss 1465 for target 1430 and it made exact 1430 target

Buy Reliance Industries around 2215 with stop loss 2204 for target2250 and when it made 2244, gave cover call

Market Outlook 18/08/08

Market at crucial supports now..!

Nifty has broken all in between supports on thursday and made a low of 4421 and now that Inflation data also released on thursday showed further jump in numbers to record 12.44..! On global front, The Dow Jones industrial average rose 43.97 points to 11,659.90.The price of oil fell $1.24, or 1.1 percent, to settle at $113.77 a barrel.The dollar's recent jump suggests to some that the health of the U.S. economy could improve. For today, if nifty remains below 4440, it will first test 4400 and then will slide to strong support level of 4375.If nifty breaks 4440 on upper side, it will restest it's resistance at 4485 and unable to cross will invite heavy selling again.

Stock watch for the day:

Today's calls only for clients