Intraday call performance 08/10/08

Dangerous crash and some recovery at the end !

Today indian market crashed heavily at the opening bell to break all supports and make a low of 3329 It was horryfying fall in indian market due to global negative cues.After sun-outage break, nifty recovered from low's to 3500, then came down again towards low and at the closing hours it recovered well to close at 3513, down 92 points from the previous close.Major sell off was seen in FMCG, technology, banking and capital goods stocks.As expected and told here, U.K government came out with financial rescue plans late afternoon which lifted the market sentiments as expected and told here.Still nifty closed well below crucial resistance of 3540.The market breadth was negative with advances at 141 against declines of 1144 on the NSE. Top Nifty gainers included Ranbaxy, Tata Power and Nalco while losers included Suzlon, BPCL and Wipro

Following calls were given in yahoo messenger for clients:

Avoided major trading today due to dangerous market conditions

Buy Nifty Futures around 3430 with stop loss 3420 and it made 3445

Buy Bank of India around 263 with stop loss 262 and then gave cover order at 265-266

Buy Reliance around 1555 with stop loss 1548 for target 1580 and stop loss hit

Short Bank of India around 264 with stop loss 266 and small stop loss hit

Market Outlook 08/10/08

Market still under slippery mode

Though indian market witnessed selling even yesterday, it saved important support of 4540 and closed above 4600 showing little strength compared to U.S market and today again global cues are ver negative and nifty might well test 4540 again and break of that will take it down to 60-100 points.It was scary market in U.S as Dow crashed more than 500 points as investors are uncertain of economy slowdown and measures taken by the government on financial status and at the close The Dow Jones industrial fell 508.39 points to 9,447.11.Economic pain is going on increasing and whole world market is getting effected now.Today Great Britain is announcing its financial rescue plans for their problamatic banking system and this may invite some buying in the market later on from low's.For today, if nifty breaks 3650, it will face very strong resistance at 3680 where heavy selling might come in and if crosses, things may turn little positive and on lower side if nifty breaks 3575 support, it may well test 3540 again and break of this crucial support may take nifty towards 3500 and then 3465 very strong support.If nifty opens gap down, buying might come in from low's.Be carefull in today's trading.High volatility also is also expected because of tomorrow's trading holiday.

Stock watch for the day:

Today's calls only for clients