Intraday call performance 02/09/08

Oil crash and market zoom

As expected, market opened strong and continued its momentum as crude oil crashed below $105 and nifty closed at 4504, up 155 points from the previous close ahead of the trading holiday tomorrow on account of Ganesh Chaturthi.Large buying interest was seen in infrastructure, oil and technology stocks.The Asian markets closed mixed while Europe was trading firm.Major contributors for today's upmove were ONGC, Reliance Industries, SBI, DLF, ICICI Bank, Unitech etc while losers included Cairn India, Ranbaxy and Tata Motors.The market breadth was positive with advances at 904 against declines of 351 on the NSE.Crude dropping to such an extent in single session was unimaginable and lots of huge short covering was seen in many stocks.Now, if crude drops below $100, nifty might move another 100-200 points easily in coming day's and if crude starts claiming then will be bad for the market again.Crude is playing an important role in market these day's.

Stock watch for the day:

Punjab LLoyd: This was given a buy call with stop loss 303 for target 318-320 and it made 315 high

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4430 with stop loss 4442 and it made 4316 and then hit the stop loss

Short Siemens around 548 with stop loss 551 for target 540 and it made just 546 and then hit the small stop loss

Short JSW Steel around 758 with stop loss 763.5 and it made just 754 and told to stay away from shorts around 756

Buy Chambal Fertiser around 74 with stop loss 73.4 for target 77 and 78.2 and it made 77.1

Short Sail at 155.2 with stop loss 156.2 and it made 154.5 and then hit the small stop loss

Short Reliance Infra at 1023 with stop loss 1025 and it made just 1019 and hit the small stop loss

Market Outlook 02/09/08

Indication of strong opening today

As expected nifty opened weak inline with cues taken from world markets and then bounced back in later stages and on global cues,Hurricane Gustav's effect was not alarming as expected and also precautionary measures had been taken well in advance this time around and due to this effect of weekening of hurricane- Light, sweet crude for October delivery fell $4.34 to $111.12 in late afternoon electronic trading on the New York Mercantile Exchange.The Dow Jones industrial average was up 171.63 to close at 11,543.55. For today, Nifty will face hurdle around 4385 and failure to cross may invite selling from higher levels again and the supports on downside are at 4320 and 4280.Tomorrow is a trading holiday and so trade with caution.

Stock watch for the day:

Punjab LLoyd (310)-Buy this stock with stop loss 303 for target 318-323