Intraday call performance 19/09/08

Explosive day of trading in Indian Market

Market opened huge gap up today and continued its momentum till the end with strong global cues with U.S government coming to rescue banks from financial crisis.Markets rallied on huge volumes and total turnover traded was at Rs 96462.60 crore.Market mover Reliance Industries along with other majors like Infosys Technologies, HDFC, ONGC helped the market to explode heavily today.The market breadth was positive with advances at 1037 against declines of 239 on the NSE. Most beaten down sector was real estate, which gained momentum smartly.Top Nifty gainers included Satyam, Reliance Industries,Infosys Technologies HDFC,Tata Power, DLF and ICICI Bank while losers included Hero Honda and BPCL.The inflation figures which came out higher yesterday didn't have any effect on the market today.

Stock watch for the day:

SBI: This was given a buy call with stop loss 1540 for target 1590-1620 and it made a high of 1620 exact.

Following calls were given in yahoo messenger for clients:

Clients enjoyed decent profits even in this huge gap up opening

Short Nifty Futures around 4195 with stop loss 4205 and it hit the small loss

Short Nifty Futures at 4225 with stop loss 4240 for target 4180 and it made 4184....SUPER PROFIT

Short Reliance Infra at 886 with stop loss 893 and it made 875....GOOD PROFIT

Short India Info at 109.2 with stop 110.2 hit the small stop loss

Short SBI at 1585 with stop loss 1596 for target 1555 and it made 1553....SUPER PROFIT

Short Suzlon around 220 with stop loss 222.7 for target 215-210 and it made 209.55....SUPER PROFIT

Market Outlook 19/09/08

Market may open gap up today

After yesterday's positive close, the momentum likely to continue today also.On global front, Dow Jones industrial average jumped 410 points to close at 11,019.69, its biggest percentage gain in nearly six years after the Bush administration prepared a plan to rescue banks from financial crisis-though details of the plans are still in progress.Light, sweet crude for October delivery added 72 cents to settle at $97.88 a barrel on the New York Mercantile Exchange.In indian stock market, inflation numbers have been announced and it has come at 12.14 % for the week-ended September 6 from 12.10 % a week ago and this is a bit negative.For today, nifty above 4045 may directly test 4120 resistance and if gets past 4120, then it will face strong resistance around 4165 range and above that 4220 is final strongest resistance.Supports are at 4000 and 3955 for today.Watch out for the final hour action today as today being the week end, it will be interesting to watch.

Stock watch for the day:

SBI (1566): Buy this stock in dips with stop loss 1540 for target 1590-1620