Intraday call performance 05/09/08

Market closing in red at the week end

As yesterday, nifty went for selling straight away due to weak global cues and even improving inflation figures didn't help in any recovery today and nifty broke even 4380 strong support and made a low of 4329 and then closing the day at 4352, down 95 points from the previous close.Huge selling was seen in Banking, technology, real estate, metal, telecom and oil stocks.Market mover Reliance Indutries took the initiative in dragging the market down today.The market breadth was negative with advances at 343 against declines of 903 on the NSE. Nifty gainers included BPCL, ONGC and ITC while losers included Reliance Indutries, Ranbaxy, HDFC and DLF.This month stock market wil be very volatile with too much action and next week will be very interesting now.Europe was also trading in red today.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 4355 with stop loss 4335 and it made just 4373

Buy Nifty Futures around 4360 with stop loss 4350 and told to cover the position at 4373

Buy Bank of India around 288 with stop loss 286 for target 294 and it made just 292

Buy SBI at 1500 with stop loss 1485 for target 1535 and it made 1537

Buy J.P Associates around 168 with stop loss 165 for target 174 and it made 171.8

Short India Info around 132 with stop loss 133 for target 127 and then gave cover order around 129

Buy Sasken Commmunications at 142 with stop loss 140 for target 146 and it made 146.6

Market Outlook 05/09/08

Market in selling mode

It was selling right from the word go yesterday as nifty directly made 4319 low.Inflation for the week ended August 23 announced at 12.34% down from 12.4% is just a little positive news for indian market-but The global cues are negative and if nifty breaks 4380 strong support, then market is gone.So, it's play between 4380-4485 now and any break will be too much.Yesterday DOW crashed more than 300 points to close at 11,188.23-down 344.65 from previous close just reminding of its previous drop of 358 points on june 26th.Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange.For today, nifty will face strong resistance at 4485 and failure to cross will invite selling and downside supports are at 4420 and 4380.On upper side, if nifty gets past 4485 then it may go till 4520 resistance again.So, get ready for weekend action now.

Stock watch for the day:

Today's calls only for clients