Intraday call performance 21/08/08

Nifty reaching my downward target given few days back

Market crashed as expected and made my down target told a few day's back.It was really a bad day for indian market after closing in positive zone yesterday as it made a low of 4270 straight today and closed around that level.Expectation of inflation figures coming high and weak European and Asian market also contributed to more downfall in the market.The market breadth was negative with advances at 201 against declines of 1062 on the NSE.The CNBC-TV18 poll suggested inflation may come around 12.62% for the week ended August 9 as against 12.44% in earlier week.Major contributors for this free fall are SBI, Reliance Ind, ONGC, DLF, ICICI Bank, Reliance Comm, BHEL, HDFC, HDFC Bank and Bharti Airtel.Top Nifty gainers included Cairn India, Ranbaxy and ABB while losers included NTPC, HDFC Bank and DLF.

Following calls were given in yahoo messenger for clients:

Good day of trading for clients ......

Buy Nifty Futures around 4340 with stop loss 4325 for target 4365 and it made 4357

Buy Nifty Futures around 4315 with stop loss 4300 for target 4340 and it made 4343

Buy Tata Power around 1029 with stop loss 1020 for target 1045 and it made 1038

Buy Bank of India at 252 with stop loss 251 and it made just 255 and gave cover order around 253

Short Reliance Infra at 990 with stop loss 996 and it made 947, but gave cover order around 955

Buy SBI around 1375 with stop loss 1374 and it made just 1383 and then hit the small stop loss

Short Reliance Capital around 1260 with stop loss 1262 and it made just 1251 and then hit the small stop loss

Buy Reliance Capital around 1256 with stop loss 1250 and it made 1269

Market Outlook 21/08/08

Market will witness selling at higher levels

Though indian market was very positive yesterday and also closed positive above 4400, higher level selling might be witnessed today.The Dow Jones industrial average rose 68.88, or 0.61 percent, to 11,417.43 after being down by nearly 60 points and up more than 100.Light, sweet crude rose 45 cents to $114.98 per barrel on the New York Mercantile Exchange, after alternating between gains and losses.The dollar rose against other major currencies. Gold prices also rose.Asian markets are trading in red and indian market will definitely face selling today at higher levels.For today, nifty spot will face hurdle at 4440 like yesterday and if breaks 4440, will go towards 4470-4480 where heavy selling will come.On downside 4380 will be important support to be watched and break of that may go to 4350 and then to 4325.

Stock watch for the day:

Today's calls only for clients