Intraday call performance 17/09/08

Market closing weak ahead of inflation figures tomorrow

Though It was positive opening today, nifty couldn't get past first resistance at 4120 and came down heavily towards 4020 and again recovered to make a high of 4075 and then crashed heavily to make a low of 3975 because of huge sell off in financial, realty, metal, FMCG, pharma, power, capital goods and few oil stocks and nifty closed weak at the end at 4008, down 66 points from the previous close.It was evident as told here that market is still not stable at higher levels.There might be more financial problems waiting to appear in U.S as well as Europe and Asia.The market breadth was negative with advances at 379 against declines of 883 on the NSE. Top Nifty gainers included Cairn, Tata Motors and ONGC while losers included Unitech, Sterlite and ICICI Bank.

Stock watch for the day:

Kotak Bank:This was given a buy call with stop loss 559 for target 582 and it made a high of 585

Following calls were given in yahoo messenger for clients:

It was a very good day of profits for clients

Buy Nifty Futures around 4120 with stop loss 4005 for target 4045-4070 and it made 4064 and gave exit call......HUGE PROFIT

Buy Nifty Futures around 3985 with stop loss 3979 and gave exit call around 3990, but it zoomed to 4025

Buy Kotak Bank at 562 with stop loss 559 for target 575-590 and it made 576......HUGE PROFIT

Short Suzlon around 201 with stop loss 202 for target 194 and it made 195......GOOD PROFIT

Short Reliance Capital around 1125 with stop loss 1135 for target 1095-1075-1050 and it made 1061......HUGE PROFIT

Short ONGC around 980 with stop loss 986 for target 960 and it made just 975 and then hit the stop loss

Short Reliance Infra at 840 with stop loss 844 for target 825 and it made 822......GOOD PROFIT

Short Renuka Sugars at 107 with stop loss 108.5 for target 103 and it made 102.5......GOOD PROFIT

Short Reliance Infra at 830 with stop loss 835.5 for target 815 and it made 824 and then gave cover order around 828

Market Outlook 17/09/08

As told, 3900 did hold the key

As expected 3900 was the key and for now nifty didn't break that and moved near to 4100.It was massive fall in 2-3 days because of Lehman brothers bankruptcy and the fact that it has its position in many of indian stocks, there might be one more fall after some raise in the market.On global front, the U.S. government agreed Tuesday to provide an $85 billion emergency loan to rescue the huge insurer AIG and improve U.S economy and Barclays PLC said Tuesday it had agreed to acquire Lehman's North American investment banking and capital markets businesses for $250 million in cash and Federal Reserve Chairman Ben Bernanke and his colleagues decided to keep a key interest rate steady Tuesday.The Dow Jones industrials gained 141 points after the Fed's action soothed market anxiety over the financial system.So, on these positive cues indian market might move todaya nd if nifty gets past 4120 resistance it will zoom towards 4165 and then 4220 big resistance.On downside, below 4120 nifty has supports at 4040 and 3980.There might be gap up opening and caution is required as selling might again come from higher levels.Today's last hour action is very important also.

Stock watch for the day:

Kotak Bank (567): Buy this with stop los 559 for target 582-594