Intraday call performance 09/09/08

Market closing negative again

Market opened weak below 4470 straight away and was in negative range for most part of the morning session and then buying came in the late afternoon session lifting nifty to 4497 and stil couldn't cross 4500 and came down again in the last hour to close in negative at 4468, down 13 points from the previous close.Even crude touching $104 couldn't help market sentiments much as profit booking came in the last hour again.Europian markets was trdaing in green while asian market was mixed.Heavy selling was seen in metal, banking, realty, FMCG, pharma and major capital goods stocks.The market breadth was negative with advances at 482 against declines of 775 on the NSE. Top Nifty gainers included Idea, Suzlon and BPCL while losers included Sterlite, PNB, BPCL, Suzlon and BHEL.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4555 with stop loss 4566 and it hit the stop loss

Short Nifty Futures around 4465 with stop loss 4475 and it hit the stop loss

Buy Nifty Futures around 4480 with stop loss 4470 for taregt 4520 and it made 4525

Short Essar Oil around 198 with stop loss 199.2 and it made just 196.4 and then hit the small stop loss

Short JSW Steel around 712 with stop loss 717 for target 700 and it made just 706

Short Aban LLoyd around 2390 with stop loss 2400 for target 2360 and it made 2362

Short Bank of India at 288 with stop loss 290.2 for target 283 and it made 281.55

Short India Info around 137.5 with stop loss 138.5 for target 133 and it made 134.4

Short Adlabs around 521 with stop loss 524 for target 514 and gave exit call at 518

Market Outlook 09/08/08

Market still vulnerable at higher levels..!

After huge gap up opening in the market yesterday, it went for selling in the last hour and it show's the same story as before and market not able to hold on at higher levels.On global front, because of the U.S government decision of taking over mortgage giants Fannie Mae and Freddie Mac, Dow Jones industrial average rose 289.78 to 11,510.74 after being up nearly 350 points in the early going.Light, sweet crude for October delivery rose 11 cents to settle at $106.34 a barrel on the New York Mercantile Exchange. Hurricane Ike fanned unease about the well-being of Gulf of Mexico oil infrastructure that could be in its path.For today, if nifty moves above 4500, it will again face resistance at 4545 range and fail to cross will face selling again and nifty below 4500 will test 4470 strong support first and then move towards 4435 is possible.

Stock watch for the day:

Today's calls only for clients