Intraday call performance 17/10/08

Market crashing from high again and closing in red !

Though market opened positive by opening above 3300 as expected, it couldn't sustain at higher leevls and below 3330 crucial resistance it started coming down heavily without even touching 3330 again to make a low of 3046 breaking straong support of 3100 and then closed at 3074, down 194 points from the previous close.Realty, power, metal, telecom, capital goods, oil, banking and technology stocks took heavy hitting today.Asian markets also crashed today.Reliance Industries took the initiative in breaking down the market heavily today.It was a scary fall in the market in closing day of the week.The market breadth was negative with advances at 268 against declines of 988 on the NSE. Top Nifty gainers included BPCL and HCL Technologies while losers included Reliance Industries, Suzlon, Unitech, DLF and Siemens.

Stock watch for the day:

Reliance Infra: This was given a buy call above 566 for target 585 and it made a high of 582

Following calls were given in yahoo messenger for clients:

Clients enjoyed good profit today

Short Nifty Futures around 3310 with stop loss 3325 for target 3250 and told to cover full position at 3250....SUPER DUPER PROFIT

Short Suzlon around 96.5 with stop loss 97.4 for target 93-89 and it made 85....SUPER DUPER PROFIT

Buy Reliance Infra around 545 with stop loss 534 and stop loss hit

Buy DLF around 319 with stop loss 314.9 and then gave cover at 320-321

Short SBI around 1502 with stop loss 1510 and it just made 1494 and stop loss hit

Short Reliance Industries at 1392 with stop loss 1404 for target 1355-1300 and it made 1287....SUPER DUPER PROFIT

Market Outlook 17/10/08

Market looking good for upmove !

It was a drastic day in indian market yesterday as nifty crashed right till the strongest support of 3100 and then bounced back.On global market today, things are positive and indian market also might take these positive cues.The Dow Jones industrial rose 401.35 to 8,979.26, showing an 816-point swing from its low to its high of the session and displayed a Very very volatile trading yesterday.The Dow changed directions 75 times in Thursday's session.Credit markets are performing better this weak than last week because of the government rescue steps and since things are not yet settled properly, volatility is expected to continue in the market and the past 10 day's has seen severe movements in the market.The sweet crude fell $4.69 to settle at $69.85 a barrel on the New York Mercantile Exchange, the lowest settlement price since Aug. 23, 2007.The dollar rose against other major currencies.In indian market, nifty has strong resistance at 3330 for today and if able to cross that then it will make moves to 3400 straight.On downside if nifty breaks 3220-strong support for today, it may test 3165 support.If there is gap up opening near 3330 and unable to cross 3330, some selling might come for sure.

Stock watch for the day:

Reliance Infra (558): Catch this stock above 566 with stop loss 550 for target 585-600