Intraday call performance 24/09/08

Market closed with gains but still bearish

Market had good rally today since morning session,but selling at higher level continued today also.Nifty made a high of 4208 and then came down and closed at 4161, up 34 points from the previous close.The market breadth was positive with advances at 674 against declines of 576 on the NSE. Top Nifty gainers included Sterlite, Nalco and HDFC Bank while losers included Wipro, Unitech and Idea Cellular.Tomorrow's expiry will bring in lot of volatility again and though market gained and closed positive, it is still looking bearish.

Stock watch for the day:

Reliance Capital :This was given a short call below 1250, but this went past 1250 in the morning session itself and then once it broke 1250, it did make 1219 low.

Today no calls were given to clients due to some emergency work

Market Outlook 24/09/08

Higher level selling to continue with lots of volatility

Yesterday market showed its weekness by breaking 4200 and going down further and now all set to break 4100.Expiry effect will be seen with too much volatility for sure.On global scenario, The Dow fell 161.52 to 10,854.17 after having risen more than 125 points in the early trades as investors are still uncertain about the rescue plans U.S government is taking to bail out financial sectors.Light, sweet crude for November delivery fell $2.76 to settle at $106.61 on the New York Mercantile Exchange.So, lots of uncertainity is exisiting all over now.In indian market, for today nifty wil face strong resistance at 4165 and above that 4200 wil be very strong resistance and nifty will again slip from higher levels and the lower supports are at 4110 and 4065.Watch out for volatile market.

Stock watch for the day:

Reliance Capital (1210): Short this stock on raise with stop loss 1250 for target 1175