Intraday call performance 20/08/08

Market closing positive with low volume

Indian market started very positive above 4400 and was range bound for most of the morning session and trading volume was very low and then buying came in the later half of the afternoon session taking nifty to a high of 4435.Positive Asian and European cues was also being supportive for markets.Market major Reliance Industries and other R-Group stocks which started moving today was also a major boost to the market.The market breadth was positive with advances at 878 against declines of 371 on the NSE.Top Nifty gainers included SAIL, Reliance Communications and ABB while losers included ONGC, Suzlon and Cairn.Most active shares on the bourses were Reliance Industries, Reliance Comm, ICICI Bank, Reliance Infra and HDFC.Moving forward, nifty has to still cross two major resistances at 4440 and 4500 and if fails to cross any of these resistances, dowfall may start again.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4420 with stop loss 4440 and when it made 4400, told to cover the position

Short Nifty Futures around around 4332 with stop loss 4340 and it hit the small stop loss

Buy Sail around 141 with stop loss 139.8 for target 146-149 and it made 149.7

Buy Tata Power around 1024 with stop loss 1019 for target 1045-1060 and it made 1037

Short Infosys around 1700 with stop loss 1715 and it made 1686

Short Reliance Industries around 2240 with stop loss 2248 for target 2220-2200 and it made 2224

Short Kotak Bank around 580 with stop loss 584 and it made just 577 and then hit the stop loss

Market Outlook 20/08/08

Interesting day of trading ahead....!

It was a volatile day of trading for indian market yesterday and for today, it looks interesting though.On global scenario, cues are negative as The Dow fell 130.84 to 11,348.55, after losing 180 points on Monday. It was the worst two-day performance for the blue-chip index since late June and also Light, sweet crude for September delivery rose $1.66 to settle at $114.53 on the New York Mercantile Exchange, after alternating between positive and negative territory earlier in the day. The September contract expires Wednesday, adding to the volatility.In Indian market yesterday, FII's were net sellars of 475 crores in cash segments .For today, if market opens low, buying might come again from low with 4315 as support and if 4315 is broken, next strong support will be only at 4265.On upper side, nifty will face resistance at 4400 and 4440.So, for today the range to watch out for is 4315-4400.

Stock watch for the day:

Today's calls only for clients