Intraday call performance 15/10/08

Market closing in negative zone again

After 2 day's of rally, market gave up all its gains and closed in negative.It was selling at opening bell today and never really recovered till the end.Weak global cues and also L&T posting dissappointing second quarter numbers all resulted in today's fall.Larsen and Toubro crashed 11% on the back of dissappointing second quarter numbers.Europian and Asian market also went for deep selling today also had an effect in indian market today.Nifty closed at 3338, down 180 points from the previous close.The market breadth was negative with advances at 136 against declines of 1142 on the NSE. Top top gainers included Sun Pharma, BPCL and Hero Honda while losers included Reliance Infrastructure, Reliance Communications and L&T.RBI is going to announce some measures in the evening to ease liquidity in financial system and will result in next market action now.RBI may announce CRR, Repo and an SLR cut today evening which will be good for the market.

Following calls were given in yahoo messenger for clients:

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

Short Nifty Futures around 3460 with stop loss 3480 for target 3400-3375 and when it made 3375, told to come out of all position....SUPER DUPER PROFIT

Short Reliance Infra around 604 with stop loss 609 for target 575-550 and it just hit 609.4 and made 538....it was sheer bad luck

Short Essar Oil around 110 with stop loss 113 for target 104-98 and it made 96....SUPER DUPER PROFIT

Short SBI around 1530 with stop loss 1540 for target 1490-1465 and it made 1455....SUPER DUPER PROFIT

Buy Reliance Infra around 545 with stop loss 539 for target 566 and it made 565....SUPER DUPER PROFIT

Buy L&T around 896 with stop loss 889 for target 920 and it made 913....GOOD PROFIT

Market Outlook 15/10/08

Market looking tired after huge rally

It was huge rally and then profit booking at the end in indian market yesterday and higher level was exerting pressure continuously yesterday.In global scenario, The Dow Jones industrials declined 77 points on Tuesday after piling up their biggest point gain ever on Monday on news of Europe's rescue plan and in anticipation of the United States' new measures.Profit-taking set in after the Dow surged more than 400 points at the opening.Big banks started falling in line Tuesday behind a rejiggered bailout plan that will have the government forking over as much as $250 billion in exchange for partial ownership.Only time will tell whether this bail out plan will work or not as investors are still not confident and definetly takes some time.The Dow fell 76.62 to 9,310.99. Light, sweet crude fell $2.56 to settle at $78.63 per barrel on the New York Mercantile Exchange and The dollar fell against most other major currencies, while gold prices declined.In indian market today- if nifty gets past 3560, it will move to first resistance of 3600 and if breaks taht allround buying might come in.But, for today 3560 and 3600 are very tough resistances where selling might come in again and on lower side, supports are at 3490 and 3445.Markets may open flat today and then after europian market opens may show some strong movements.

Stock watch for the day:

Today's calls only for clients