Intraday call performance 19/08/08

Nifty closing flat after recovery in last hour

As expected, nifty opened low breaking support of 4380 and was trading in a narrow range for most part of the day and then slided heavily to make a low of 4316.Weak global cues also played a key role in todays trade.Frontline indices had opened weak and traded sharply lower throughout the day due to renewed credit concerns in US financial space, which is not over yet.
On the global front, Asian markets and Europian market ended in negative terrain.In the last hour of trading buying came in again pulling market up again and closing little down from yesterday's close. The market breadth was negative with advances at 461 against declines of 775 on the NSE. Top Nifty gainers included Hindalco, RPL and ICICI Bank while losers included ACC, Idea and Maruti.

Stock watch for the day:

Sail :This was given a short call with stop loss 143.5 for target 136 and it made just 137.9

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4375 with stop loss 4385 and it made 4364 and then hit the stop loss

Short Nifty Futures around 4380 with stop loss 4390 for target 4360-4340 and it made 4330

Short Tisco around 598 with stop loss 603 and stop loss hit

Short Reliance Industries around 2220 with stop loss 2230 and it made just 2212 and then hit the stop loss

Short Sail around 142 with stop loss 143 for target 136 and it made just 140 and then small stop loss hit

Short Reliance Industries around 2230 with stop loss 2250 for target 2200-2175 and it made 2195

Short Reliance Capital around 1275 with stop loss 1280 for target 1250 and it made 1245

Short Bombay Dyeing around 536 with stop loss 540.5 and smal stop loss hit

Market Outlook 19/08/08

Gap down opening expected

Well, it was a weak market yesterday with nifty breaking down and just saving the crucial support of 4375.But, today, this might be well broken in low opening itself and next support will be at 4340 and the most crucial is at 4265.On global scenario, he Dow Jones industrial average fell 180.51 to 11,479.39. The Dow had been down about 225 points at its lows of the session.Weakness in the overall financial sector sent the Dow Jones industrial average down more than 175 points.Oil prices declined slightly after briefly jumping above $115 per barrel as Tropical Storm Fay approached Florida, but appeared unlikely to disrupt installations in the Gulf of Mexico. Light, sweet crude fell 90 cents to settle at $112.87 a barrel on the New York Mercantile Exchange, after rising as high as $115.35.On Monday, the dollar was mixed against other major currencies, while gold prices rose.For today, nifty will face resistance at 4405 and then at 4450.

Stock watch for the day:

SAIL (140): Short this with stop loss 143.5 for target 136-134.