Intraday Call performance 12/09/08

Market crash taking nifty straight to major support level

It was selling at opening bell today and nifty took a heavy pounding straight away testing the major support at 4200.Today it was combined effect of heavyweights Reliance Industries, Infosys, Ongc, ICICI Bank and HDFC which was dragging the market down.Global cues were positive today and when good IIP numbers were announced, some buying came in, but couldn't sustain at higher levels again and collapsed later.Nifty closed at 4228, down 61 points from the previous close.The market breadth was negative with advances at 259 against declines of 1003 on the NSE. Nifty gainers included Nalco, Maruti, SAIL and BHEL while losers included Reliance Infrastructure, Infosys, DLF, HDFC, ONGC and ICICI Bank.Market still not able to sustain at higher levels these day's.

Stock watch for the day:

Reliance Infra : This was given a buy call with stop loss 985 for target 1015 and it opened with target and then crashed going below 985

Following calls were given in yahoo messenger for clients:

It was fantastic profits for clients today

Buy Nifty Futures around 4265 with stop loss 4250 for target 4300 and it made 4320....HUGE PROFITS

Buy Bank of India around 282 with stop loss 280.5 and gave cover order around 291-292....HUGE PROFITS

Buy Reliance Capital around 1220 with stop loss 1210 for target 1250-1265 and it made 1264....HUGE PROFITS

Short HDIL at 284 with stop loss 286 for target 278 and it made 281 and then hit the small stop loss

Buy kotak Bank around 594 with stop loss 590 for target 610 and it .made 608....GOOD PROFITS

Short Bank of India around 291 with stop loss 292.5 for target 284 and it made 284.6....GOOD PROFITS

Short Reliance Infra around 985 with stop loss 989 for target 945 and it made 918....HUGE PROFITS

Market Outlook 12/09/08

Positive global cues may help indian market today

Market again broke important support at 4280 yesterday and closed at 4290 and inflation figures released yesterday evening came at 12.1 % from 12.34 % a week earlier and is little positive for the market and even the global cues are very positive today and this may help india market also to pick up from here.But will be very interesting to see how it reacts at important resistances from here on.On global front, Dow Jones industrial average rose 164.79 to 11,433.71, after falling by as many as 170 points in the early going.Light, sweet crude fell $1.71 to settle at $100.87 a barrel on the New York Mercantile Exchange and with these many positive cues, indian market also has to pick today and nifty above 4300 will move to first resistance at 4325 and then will face strong resistance at 4365 and failure to crossover will invite selling again and if gets through that, then it will move to 4380-4400 level.Overall an interesting day today.Downside, if nifty breaks 4280-supports are at 4235-4200.

Stock watch for the day:

Reliance Infra (992): Buy this with stop loss 985 for target 1015-1030.If it is below 985, it is not a buy