Intraday Call Performance 20/10/08

High volatile market ending positive

Though market opened positive and went above 3100 in opening bell, trading was very volatile and first hour saw tremendous volatility and afternoon session invited heavy buying that took nifty to make a high of 3238.Market major Reliance Industries took the initiative to lift the market above 3200 today.RBI's announcement to cut Repo rates by 100 bps to 8% with immediate effect and also positive European and Asian markets had positive effects for the market sentiments today.Nifty closed at 3122, up 48 points.Realty and power stocks witnessed some selling pressure. Top gainers on Sensex included the four IT heavyweights, along with HDFC Bank, ICICI Bank, Bharti Airtel and ITC. Sensex losers were BHEL, Grasim and DLF, among others.Higher levels were exerting pressure today also.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 3140 with stop loss 3128 for target 3175 and it made 3159 and then hit the stop loss

Short Nifty Futures around 3170 with stop loss 3185 for target 3120 and it made 3144

Buy Nifty Futures around 3130 with stop loss 3110 for target 3180 and it made 3168

Short Reliance around 1290 with stop loss 1302 and it made just 1282 and then hit the stop loss

Short L&T around 798-800 with stop loss 805 for target 765 and it hit the small stop loss

Short HDIL around 129 with stop loss 131 for target 123 and it made just 126.5 and then hit the stop loss

Short Reliance Infra around 498-500 with stop loss 506 and it hit the stop loss

Buy Reliance at 1335 with stop loss 1320 for target 1365-1380 and it made 1380

Buy ICICI Bank around 410 with stop loss 402 and it made 417

Buy Reliance Capital around 638 with stop loss 630 for target 660 and it made 653

Market Outlook 20/10/08

Markets are about to move up now !!

It was a fearfull fall for indian market where nifty went near 3000 levels on friday.Now the global scenario has to help in lifting the market from here on.The Dow Jones industrial average lost 127.04 points on Friday to close at 8,852.22, after falling 261 points in the early going and rising 302 points - a 563-point range.The dollar was mixed against other major currencies, while gold prices fell. Light, sweet crude rose $2 to settle at $71.85 a barrel on the New York Mercantile Exchange.Only positive signs was volatility was not severe like in the past days and signs of market settling down is evident.Credit markets are showing signs of revival and will be interesting in coming day's and also market all over the world are over sold.In indian market, nifty has great support at 3000 and above that it will move towards 3100 resistance and if fails to cross 3100, then chances of testing 3000 is on again and break of 3000 will definitely take into one more support area at 2945-which will be held for sure.On upper side if nifty moves past 3100, then buying will come in to take nifty towards 3165-3200 level.If there is lower opening near the supports, don't go for selling as buying or solid recovery is expected from lower levels today.Panic is only if nifty breaks 2945 support, otherwise big upmove expected.

Stock watch for the day:

Today's calls only for clients