Intraday call performance 10/10/08

Market crash again as expected

It was a straight fall in the opening bell as indian market also felt the global pressure and also weak IIP data.Though market recovered from low's, it fell again around 3365 to go near to 3200 again and then closed at 3278, down 235 points from the previous close.Overall it was a very volatile and scary day for indian market today.Severe selling was seen in Metal, realty, capital goods, power, banking, and oil stocks.European and Asian markets also crashed heavily today.The market breadth was negative with advances at 133 against declines of 1155 on the NSE.Among the frontliners, ICICI Bank, Reliance Infrastructure, Reliance Communication, Tata Steel, Jaiprakash Associates, Suzlon Energy, Ambuja Cements, Unitech and Tata Communication fell 11-18%.Now, RBI has taken initiative to inject around Rs 60,000 crore liquidity in the banking system in the form of cutting CRR by 150 bps.Next weak opening might depend on global cues again and some recovery might come in next week.

Following calls were given in yahoo messenger for clients:

It was a fantastic day of huge profits for my clients today

Short Bank of India around 276 with stop loss 280.2 for target 265-256 and it made 253....HUGE PROFIT

Short Reliance Infra around 591 with stop loss 598 for target 560-530 and it made 501....HUGE PROFIT

Short SBI around 1335 with stop loss 1345 for target 1290-1265 and it made 1262....HUGE PROFIT

Short Reliance Capital around 843 with stop loss 848.2 for target 800-770 and it made 772....HUGE PROFIT

Market Outlook 10/10/08

Disastrous slide in world market..!!!!

Though day before yesterday indian market recovered from low's, it is looking very weak today again because of the very bearish global cues and if nifty breaks 3330, on more big fall might come today and trading might be very volatile and intraday will be very dangerous at sometimes today.It all started with manipulators and continuing with them and the way, the things are going now, long term base will be formed very soon now and nifty looks all set to break 3000 !!
The Dow Jones industrial crashed yesterday by more than 600 points !! global market really looks scary at this stage and investors are all trapped now.A wave of fear about the economy sent stocks lower in the final two hours of trading after a volatile morning in which major indicators like the Dow and the S&P 500 index bobbed up and down.On the New York Stock Exchange, declining issues came to nearly 3,000, while fewer than 250 advanced.The Dow ended the day at its lows, finishing down 678.91, or 7.3 percent, at 8,579.19. The blue chips hadn't closed below 9,000 since June 30, 2003, and haven't closed at this level since May 21, 2003.Light, sweet crude fell $1.81 to settle at $86.62 a barrel on the New York Mercantile Exchange, the lowest closing price since October last year.In indian market, nifty might see some buying only above 3540-the previous support and most likely scenario is nifty will open gap down and if it breaks 3330, it will witness another major crash.Playing range is between 3330-3540.It is better to avoid intraday today as volatility might be severe sometimes in the day today.Infosys Technologies also might announce its results today.

Stock watch for the day:

Just avoid intraday today