Intraday call performance 28/08/08

Last hour selling as expected

Though market started on a low note breaking 4280, it was trading in a range without moving much on either direction for most part of the morning session.The last hour brought in severe selling and nifty closed at 4214, down 78 points from the previous close.Major sell off in heavyweights started dragging markets lower in second half of session.The Asian markets closed mixed while European markets were weak.The market breadth was negative with advances at 305 against declines of 957 on the NSE. Top Nifty gainers included Suzlon, Tata Power and Hero Honda while losers included Hindalco, TCS,Reliance Industries, Reliance Communication, BHEL, TCS, L&T, ICICI Bank, and Siemens.
Inflation data announced.....down to 12.40% Vs 12.63%

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4280 with stop loss 4290 and it made 4265

Short Reliance Capital at 1280 with stop loss 1288 and it made 1265

Short Tata Power around 1020 with stop loss 1025 and it hit the small stop loss

Short Adani Enterprises around 569 with stop loss 573 and it made 551

Short Suzlon around 209 with stop loss 210.5 and it made just 207.9 and then hit the small stop loss

Market Outlook 28/08/08

Market may face severe selling at higher levels

Though market opened above 4300 yesterday, it couldn't sustain above 4340 for most part of the session nad for today 4340 will act as key and below that it might even crash to 4200.Today, market will be very volatile due to expiry and also inflation nubers to be announced in the evening.On global front, The Dow Jones industrial average rose 89.64 to 11,502.51 after rising more than 140 points.Light, sweet crude rose $1.88 to settle at $118.15 per barrel on the New York Mercantile Exchange on worries that Tropical Storm Gustav could enter the Gulf of Mexico as a hurricane and disrupt oil and natural gas production.More worrying factor is also of Reliance Industries breaking down all its supports.For today, nifty above 4300 will face strong hurdle at 4340 where heavy selling not ruled out and if it crosses 4340 one more heavy resistance is at 4380 and on downside 4280 is the strong support and once it breaks 4280, panic will be created in market and nifty will slip to 4250 first and then to 4200.

Stock watch for the day:

Today's calls only for clients