Intraday call performance 26/08/08

Volatile day ending flat

Though market opened low, buying came in as expected and due to expiry effect, trading was too volatile today.Buying interest was seen in banking, capital goods, power, cement, select technology and auto stocks.The market breadth was negative with advances at 524 against declines of 712 on the NSE. Top Nifty gainers included HDFC Bank, Satyam and PNB while losers included Suzlon, Reliance Industries and Tata Steel.The Asian markets closed in the negative while the European markets were trading weak.The Most interesting part of today's trading was indian market was not effected by negative global cues and this might be because of expiry on thursday.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4305 with stop loss 4315 and it made just 4298 and then stop loss hit

Short Nifty Futures around 4325 with stop loss 4340 and it made 4307

Short Ranbaxy around 512 with stop loss 514.2 and small stop loss hit

Short Aban around 2220 with stop loss 2230 and it made 2140....HUGE PROFIT

Short Reliance Capital around 1244 with stop loss 1250 and it made 1236 and then hit the small stop loss

Buy Reliance around 2150 with stop loss 2145 for target 2180 and it made 2187....GOOD PROFIT

Short Reliance Capital around 1275 with stop loss 1285 for target 1250 and it made 1253

Market Outlook 26/08/08

Market facing severe volatility due to expiry

Though market opened strong yesterday, it struggled exactly around first resistance given at 4380 and even for today, 4380 will hold the key and if nifty doesn't get past 4380, it will be weak for today.Global cues are also negative today.Financial worries dragged U.S markets down again and DOW dipped more than 240 points and Bond prices also jumped as investors fled to the safety of government debt.The Dow industrials fell 241.81 to 11,386.25.Light, sweet crude rose 52 cents to settle at $115.11 per barrel on the New York Mercantile Exchange after Tropical Storm Gustav formed in the Caribbean.For today, if nifty trades above 4350 then first resistance will come around 4380 and failure to crossover will invite heavy selling again and downward supports are at 4300 and then 4250.Be carefull if nifty opens weak, as it might recover later.

Stock watch for the day:

Today's calls only for clients