Intraday call performance 15/09/08

Huge crash in the market because of U.S financial crisis

Market witnessed strong crash as Lehman Bros filed for bankruptcy and Merrill Lynch was sold to Bank of America.Bankruptcy represents the end of a 158-year old company that survived world wars and the collapse of Long-Term Capital Management, but could not survive the global credit crunch.It was direct crash for nifty as it broke 4200 and fell straight to 3955 !! Europian market also traded in deep red.Market recovered a bit in the last hour as Nifty closed at 4072, down 155 points from the previous close.It was horrible day for indian market today and crude oil sliding below $100 also didn't help indian market.Buying interset seems to have gone as buyers were very less even in this deep cut and though markets are oversold, any raise seems to be only for coming out of long position now.The market breadth was negative with advances at 90 against declines of 1198 on the NSE. Top Nifty gainers included Maruti, HDFC, BPCL and ACC while losers included Reliance Infrastructure, Ranbaxy, Unitech and Cairn India.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures at 4000 with stop loss 3980 and it hit the stop loss

Short Nifty Futures around 4010 with stop loss 4023 for target 3970 and it made 3971

Short Nifty Futures around 4045 with stop loss 4062 for target 4000 and it made 4008

Buy Aban LLoyd around 2200 with stop loss 2190 and it just made 2210 and then hit the small stop loss

Short Bank of India around 267 with stop loss 269 and it made just 265.6 and then hit the small stop loss

Short Reliance Infra at 828 with stop loss 833 and it made 816

Short India Info around 114 with stop loss 115.2 and it made jusr 112.5 and gave cover order around 114

Buy Bank of India around 266 with stop loss 264.9 for target 274 and it made 277

Market outlook 15/09/08

Market is at huge support area now

Market at huge support area now and break beyond these levels might be another huge crash.On global front, The Dow Jones industrial average fell 11.72 to 11,421.99.Bank of America Corp. has agreed to buy Merrill Lynch & Co. for about $44 billion, or around $29 a share, according to The Wall Street Journal.Merrill has reported four straight quarterly losses, and its stock has been sliding.The price for a barrel of light, sweet crude tumbled $2.43 to $98.75. So, for today in indian market nifty above 4250 will find resistance around 4280 where heavy selling might come and if 4280 is broken it will find another big resistance around 4325.If nifty breaks 4200, things might become very very bearish and will be interesting to see if 4165 support holds any meaning or not ! But, one is adviced not to go for blind selling if there is huge gap down opening.In coming day's nifty breaking 4200-4165 might go straight to 4000-3900 straight.Delhi bomb blast and other negative factors also will add to the bearish trend of the market.Anyway's will be interesting to watch the week begining today.

Stock watch for the day:

Today's calls only for clients