Intraday call performance 22/08/08

Market opening low and ending positive

Market opened weak as expected making a low of 4248 and then recovery came in due to strong European markets to take nifty to a high of 4337.Nifty closed at 4327, up 43 points from the previous close.The market breadth was negative with advances at 558 against declines of 662 on the NSE.Top Nifty gainers included Hindalco, SAIL and HDFC while losers included Satyams, BPCL and NTPC.Now, if the global factors are positive, and if there are less negative news market might just take off from here and will be interesting to see next week opening.If there comes any negative news, market might get effected a bit and otherwise market is set for upmove now.Market mover Reliance Industries also should move to give a boost to the weak market sentiments.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4280 with stop loss 4295 and it made 4261

Short Bank of India around 255 with stop loss 256 for target 250-245 and it made 252.2 and then hit the stop loss

Short JSW Steel around 768 with stop loss 770 for target 750 and it made 752

Short Reliance Capital around 1230 with stop loss 1236 and the small stop loss hit

Short Reliance Capital around 1240 with stop loss 1246.5 for target 1220-1200 and it made 1223

Short Reliance Infra around 967 with stop loss 971.2 and it made just 958 and then hit the stop loss

Short Reliance Indutries around 2262 with stop loss 2270.5 for target 2230 and it made 2225

Market Outlook 22/08/08

Watch out for opening today

Overall it was a very bad for indian market yesterday as it crashed to make a low of 4270 and now that inflation figures came out as 12.63% for the week ended August 9 is again bad for the market and RBI CRR hike fear will be there again when they meet next because of this high inflation figures and on the global scenario, The Dow Jones industrial average rose 12.78 to 11,430.21. It was the second straight session of moderate gains for the blue chips after heavy losses the first two days of the week.Crude oil spiked above $5 a barrel as traders became rattled over increasingly hostile Russian rhetoric toward a U.S.-Poland deal to install a missile defense system in Eastern Europe- a move Moscow views as a threat and finally settled at $121.18 a barrel on the New York Mercantile Exchange.So, even now the cues are bad and though market is oversold, still some downside might be there.For today, if nifty breaks above 4295 it will find first resistance at 4330 and crossover will find another big resistance at 4380 and unless this level is crossed, any raise will invite selling and on downside, if nifty breaks 4270 support area, it will slide to 4235 first and then to 4200 support area.Today being the last day of the week, be carefull in trades.If there is low opening, be cautious in shorting as recovery may come from initial panic.

Stock watch for the day:

Today's calls only for clients