Intraday call performance 11/09/08

Nifty in deep red as expected

It was gap down opening today below 4380 and never recovered from there and then broke even strong support of 4280 in the last hour of trading and closed at 4290, down 109 points from the previous close.Even the asian and Europian market was trading in deep red.Today's inflation figures announcement in the evening is anxiously awaited now.Market mover Reliance Industries again took the initiative in dragging the market to deep red today.In the afternoon session, market was playing in narrow range as it approached strong support at 4280 and then suddenly this support was broken, but interestingly didn't plunge too much towards the end.The market breadth was negative with advances at 263 against declines of 1000 on the NSE. Top Nifty gainers included Tata Motors and PNB while losers included Reliance Industries, Zee Entertainment, Reliance Infrastructure, Suzlon, HCL Technologies and Bharti Airtel.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 4365 with stop loss 4375 and told to cover position around 4295 with huge profit

Short Reliance Capital around 1325 with stop loss 1340 and it made 1258 short of target given at 1250

TCS now at 845 will hit 830 below 850 and it made low of 829

Buy Bank of India around 290 with stop loss 288 for target 297 and later told to cover position around 289

Short JSW Steel around 672 with stop loss 676 for target 660 and it just made 665 and then stop loss hit

Buy Aban around 2335 with stop loss 2330 for target 2365 and it made just 2345 and then hit the small stop loss

Buy Kotak around 603 with stop loss 598 for target 615 and made just 609 and told to cover position in profit in last hour

Market Outlook 11/09/08

Inflation figures announcement in th evening may bring in volatility

It was another bad day for indian market yesterday as it crashed to its strong support at 4380, but never broke it.Well, it would be very interesting to see nifty today as in the morning session if 4380 is still held it can move up to test 4440 resistance again and failure to break will come down to retest 4380 and break will be very bad.On global front, Dow Jones industrial average rose 38.19 to 11,268.92 after dipping briefly into negative territory, rising by nearly 150 points, and then pulling back again.Lehman shares fell another 54 cents to close at $7.25, after plummeting 45 % on Tuesday.Bank and brokerage stocks finished mostly lower after Lehman Brothers Holdings Inc. said it plans to sell a majority stake in its investment management business and spin off its troubled mortgage assets.Light, sweet crude fell 68 cents to settle at $102.58 per barrel on the New York Mercantile Exchange.For today, in indian market nifty above 4400 may test 4440 resistance and if doesn't cross, will come back again to retest 4380 and break of 4380 will take it t0 4325 support.Today evening, inflation figures will be announced and market may be cautious and last hour may turn volatile again.

Stock watch for the day:

Today's calls only for clients