Intraday call performance 01/10/08

Market closing bullish ahead of trading holiday tomorrow

Though market started in negative mode in the morning session, recovery came in the later session to pull the market up like yesterday as nifty made a high of 4000 and then again in the last hour profit booking came in.But volatility was seen today as expected ahead of trading holiday tomorrow.Today it was the day of IT stocks which puled the market, though market mover Reliance Industries closed negative.Buying was also seen in telecom, FMCG, power, pharma and few metal stocks and also selling was seen in realty and few oil stocks.Today's U.S market will be of utmost interest and important also for indian market opening on friday.Nifty closed at 3950, up 29 points from the previous close.The market breadth was positive with advances at 772 against declines of 477 on the NSE. Top Nifty gainers included Satyam, HDFC Bank, Tata Power while losers included SAIL, L&T and Reliance Industries.

Stock watch for the day:

Reliance Infra :This was given a short call with stop loss 820 for target 760 and it made a low of 761 and high of 818.7

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 3880 with stop loss 3902 and it made 3865

Short Nifty Futures around 3975 with stop loss 3995 for target 3950 and it made 3954

Short Reliance Capital around 1111 with stop loss 1122 and it made 1093

Short ONGC around 1028 with stop loss 1033 and it hit the small stop loss

Short TCS around 652 with stop loss 656 and it hit the small stop loss

Short Bank of India at 283 with stop loss 285.2 and it hit the small stop loss

Short ICICI Bank around 560 with stop loss 566.5 for target 540 and it made 544

Short DLF around 354 with stop loss 358 and it made 349 and then hit the small stop loss

Buy Reliance Capital around 1160-1165 with stop loss 1148 and it made 1182

Market Outlook 01/10/08

Will the market hold on at higher levels !!

Though indian market opened low due to global breakdown, it recovered remarkably well to move almost near to 4000 and will it stay above 4000 is a big question mark now as ADAG may have different plans and tomorrow's trading holiday may bring in volatility also.On global scenario, The Dow rose 485.21 to 10,850.66 after the historic fall yesterday.Though the U.S governments financial rescue plan failed, they are in for second attempt in improving credit crisis and though nothing has been still finalised, this upmove is not with full confidence as worries are still very much in investors and DOW can go down again.Light, sweet crude rose $4.27 to settle at $100.64 on the New York Mercantile Exchange. Oil fell more than $10 a barrel Monday as investors worried that a weaker economy would curtail demand.For today, nifty above 3920 will face tough resistance around 3970 and above that 4025 will be very very strong resistance for the day.Downside nifty has strong support at 3895 and then at 3860.One can expect volatile market in the begining of new month today.Be cautious at higher levels today.

Stock watch for the day:

Reliance Infra (790): Short this stock at higher levels with stop loss 820 for atregt 775-760.If moves above 820, don't be short on this.