Intraday call performance 16/09/08

Market closing flat after initial fall

It was gap down opening today and nifty straight away tested strong support as mentioned here at 3900 making a low of 3919.Then later afternoon session saw severe buying whick took nifty to a high of 4090 then closed at 4074, up 2 points from the previous close.The market breadth was negative with advances at 356 against declines of 910 on the NSE. Top Nifty gainers included Tata Communications, BPCL, SBI and PNB while losers included ICICI Bank, Suzlon and Ranbaxy.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 3995 with stop loss 4012 and told to cover position at 3970

Short Bank of India at 274 with stop loss 276 and it made just 272 and then hit the small stop loss

Short ITC 189.4 with stop loss 190 and it hit the small stop loss

Buy Reliance Infra at 808 with stop 805 and it made 814 and told to cover in profit

Short DLF at 405 stop 412 and it just made 401 and hit the stop

Short Reliance Infra around 810 with stop loss 816 and it made just 803 and then hit the stop loss

Short ICICI at 574 with stop loss 576 and told to cover anyhwere in profit in last hour and it made 568

Market Outlook 16/09/08

3900 will hold the key for the market now

It was a horror day for indian market as it crashed very heavily mainly due to 150 year old Lehman Brothers filing for bankruptcy.Lehman Brothers were holding shares in indian market also as FII's and these shares also witnessed huge crash.On global front it was real historic horror show as The Dow Jones industrial average lost more than 500 points its major crash since the day the stock market reopened after the Sept. 11, 2001, attacks.About $700 billion evaporated from retirement plans, government pension funds and other investment portfolios.The Dow industrials dropped 504.48 points to close at 10,917.51.Light, sweet crude for October delivery fell $5.47 to settle at $95.71 a barrel on the New York Mercantile Exchange - oil's first settlement under $100 since March 4.But this positive news of oil is not taken by the market as compared to financial crisis it is facing now.For today, nifty above 4080 will move towards 4120 strong resistance, where selling is again expected and if 4120 is crossed, then next strong resistance wil come only at 4165.On downside 3950 will be the support to watch out and then 3900 will be the strongest support and anytime this 3900 gets broken, then another huge crash might be witnessed in the market.

Stock watch for the day:

Today's calls only for clients