Intraday call performance 08/09/08

Markets closing in bullish note

It was huge gap up opening as expected above 4500 today and though there was sudden slide in last hour of trading, market still closed in bullish note at at 4482, up 130 points from the previous close. Positive news of Nuclear deal and also U.S helping out mortgage giants Fannie Mae, Freddie Mae added to the bullish sentiments of the market which also made Asian and Europe to end in green.Both companies have together run up losses of USD 14 billion over past four quarter.Today, Banking, capital goods, power, realty, technology and oil stocks led this rally followed by midcap and small cap stocks.The market breadth was positive with advances at 812 against declines of 441 on the NSE. Top Nifty gainers included Sterlite Industries, Tata Communications, Reliance Infra, SBI, L&T and ICICI Bank while loser was BPCL.

Stock watch for the day:

Dlf: This was given a buy call with stop loss 486 for target 520 and it made high 524

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4545 with stop loss 4550 for target 4520 and it made 4525

Short Sterilite Indutries around 603 with stop loss 607 and it hit the small stop loss

Short Cairns at 236 with stop loss 238.5 for target 231 and later told to cover the position at 233 exact

Buy Reliance Capital around 1378 with stop loss 1370 for target 1405 and it made just 1394

Buy Sasken Communications at 143 with stop loss 141 for target 148 and it made just 145.5

Market Outlook 08/09/08

Positive Nuclear deal news will result in gap up opening

On friday it was a selling day as nifty made a low of 4329 and just saved 4320 support.Now positive news of nuclear deal will result in higher opening today.So, market is very bullish for today and will be interesting to see where it will reverse back and i think the fall of nifty this time around in coming day's might be severe.Let nifty jump and see how it reacts at strong resistances in coming day's.On global front, The Dow Jones industrial average was up 32.73 to close at 11,220.96 last friday and Light, sweet crude for October delivery fell $1.66 to settle at $106.23 a barrel Friday on the New York Mercantile Exchange -- its lowest close since early April.In an interesting development U.S Government has decided to take over mortgage financiers Fannie Mae and Freddie Mac and impact of this take over may be felt in next few day's seeing how market will react to this.For today, all global cues are positive and indian market is also looking very explosive for the day and closing today will also be of much importance for future trend.For today, nifty will face resistance at 4440 straight and then 4535-a very strong resistance which has to be watched and some selling might come at resistances and supports will be at 4440 and 4380 on downside.

Stock watch for the day:

DLF (494): Buy this with stop loss 486 for target 508-520