Wednesday, September 10, 2008

Intraday call performance 10/09/08


Market breaking strong support and in deep red


Market opened weak below yesterday's close with weak global cues and was range bound in the morning session and then later on selling came in severely to make a low of 4382 and then close at at 4400, down 68 points from the previous close.
The market breadth was negative with advances at 338 against declines of 933 on the NSE.Midcap and Small cap stocks were also under pressure.Top Nifty gainers included Suzlon, Hero Honda and ACC while losers included Sterlite, SAIL and Tata Steel.Europe was trading weak and Asian market was trading mixed today.Now break below 4380 will take nifty towards 4300 and for tomorrow 4440 will act as hurdle again.

Stock watch for the day:

India Info: This was given a short call with stop loss 141.5 for target 130 and it made a low of 129

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4460 with stop loss 4475 and it made 4446

Short Bank of India at 287 with stop los 289.2 and it made just 284 and then hit the small stop loss

Buy Kotak Bank around 608 with stop loss 600 for target 625 and it made 624

Reliance infra at 1078 and staying below 1090 will hit 1060 and 1035 and it made a low of 1018

Short Bank of India at 290 with stop loss 292.2 and it hit the small stop loss

Short TCS at 868 with stop loss 871 for target 850 and it made 848

Short DLF around 508 with stop loss 512.4 for target 495 and it made 496

Short Reliance Capital around 1335 with stop loss 1346 for target 1310 and it made 1317

Market Outlook 10/09/08


Market set to open weak again


With negative global cues, indian market is also set to open weak today.Yesterday nifty did break 4440 support and closed just above 4460 and today again looks weak and even global cues are negative today.Dow Jones industrial average fell 280.01 to 11,230.73.Oil closed below $104 a barrel for the first time since early April after Hurricane Ike appeared to be headed away from energy installations in the Gulf Coast.Light, sweet crude fell $3.08 to settle at $103.26.OPEC oil ministers decide curb overproduction by more than 500,000 barrels a day an attempt to prevent prices from falling too far.Crude oil is highly manipulated.So, in indian market today, nifty will face tougher resistance at 4500 and on downside strong support exists at 4420 and below that panic will be created in the market and nifty will slide to another huge support on further downside at 4380.

Stock watch for the day:

India Info (136): Short this stock with stop loss 141.5 for target 130-126

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