intraday call performance 27/08/08

Market ending weak ahead of expiry day

It was range bound market with low volume and market was facing selling at every raise and in the last hour of trading, sudden panic set in to take nifty down towards 4380 strong support, which is still protected and not broken.Now tomorrow's opening is interesting and volatile movements will continue for this weak.News of CRR hike was also dragging market down to some extent today.Nifty at 4292, down 45 points from the previous close.The market breadth was negative with advances at 456 against declines of 799 on the NSE. Top Nifty gainers included Dr Reddy, Hero Honda and Hindalco while losers included DLF, Unitech and ICICI Bank.On the Global front, Asian markets closed mixed while European markets are still trading in red.

Stock watch for the day:

Kotak Bank: This was given a buy call with stop loss 586 for target 615-620 and it made 609 high

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4320 with stop loss 4300 and when it made 4335 gave cover order

Short Nifty Futures around 4330 with stop loss 4340 and seeing market picking up, gave cover order around 4332

Buy Nifty Futures around 4325 with stop loss 4310 and it made 4348....GOOD PROFIT

Buy Kotak Bank around 591 with stop loss 586 and it made 602....GOOD PROFIT

Short Tata Power around 1024 with stop loss 1030 for target 1005 and it made 1006....GOOD PROFIT

Short Reliance Industries around 2155 with stop loss 2165 for target 2130 and gave cover order at 2140....GOOD PROFIT

Short Suzlon around 208 with stop loss 210.5 for target 203-198 and it made exact 203....GOOD PROFIT

Short JSW Steel around 753 with stop loss 756.2 for target 740 and it made 739....GOOD PROFIT

Market Outlook 27/08/08

Market taking supports and volatile

Yesterday indian market didn't take any negatives of global cues and this is only because of expiry setting up and today it looks good, but volatility will continue for this week.On global scenario,The Dow Jones closed up 26.05 points at 11,412.30 and U.S. crude settled up $1.16 at $116.27 a barrel.Oil is raising and is little concern now and market mover Reliance Industries is struggling a lot and unless it clears its hurdles at 2220 and 2250, it will remain weak only and will face selling at higher levels.Lots of volatility is seen in this expiry time.For today, if nifty breaks above 4340, it will face strong hurdle at 4380-4390 and failure to cross will invite heavy selling and if gets past that resistances it will race to 4420. On downside, 4280 will act as strong support for nifty today.

Stock watch for the day:

Kotak Bank (598): Buy this stock with stop loss 586 for target 615-620