Intraday call performance 29/08/08

Market ending the week in bullish mode

It was a very strong opening for nifty today as well supported by strong global cues and inflation figures which was surprisingly lesser than last time around.Even lower GDP growth didn't effect the bullish market today as front line stocks were all very explosive today.Nifty at 4360, up 146 points from the previous close.The market breadth was positive with advances at 997 against declines of 249 on the NSE. Nifty gainers included PNB, Tata Motors and ICICI Bank while only Cairn India was down.The Asian markets closed firm while European markets were trading mixed.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4315 with stop loss 4335 for target 4290 and it made 4283

Short Nifty Futures around 4365 with stop loss 4381 for target 4340 and it made 4337

Short Aban Lloyd around 2070 with stop loss 2084 and it made 2045

Short Reliance Industries around 2120 with stop loss 2135 and later told to cover around 2124

Short SBI around 1375 with stop loss 1382 and small stop loss hit

Short JSW Steel around 770 with stop loss 775.5 for target 755 and it made 756

Short ongc around 1020 with stop loss 1028 and told to cover around 1019

Short Reliance Capital around 1340 with stop loss 1352 and later told to cover around 1338

Short Reliance Capital around 1355 with stop loss 1361 for target 1340 and it made 1344

Market Outlook 29/08/08

Market near major supports

Yesterday nifty once broke its support of 4280 came down heavily to 4200 as expected and there was also heavy selling from index heavy weight Reliance Industries.Now the last big support is at 4160 on any downside below 4200. Now Inflation numbers dropped to 12.40 from 12.63 and this is little positive for the market and global cues are also positive as The Dow Jones industrial average jumped more than 200 points yesterday to close at 11,715.18-up by 212 points after a better-than-expected reading on the gross domestic product and a drop in jobless claims gave investors some reassurance that the economy is holding up.Light, sweet crude fell $2.56 to settle at $115.59 on the New York Mercantile Exchange.So, taking these positive cues if nifty holds on to 4200 can make 4280 again which has to be watched out and failure to cross can invite heavy selling again.Below 4200, nifty has strong support at 4160 and break of that may create panic.

Stock watch for the day:

Today's calls only for clients