Intraday call performance 21/10/08

Market closing higher as expected

Market started moving up at the opning bell and halted around 3180 and came down again to break above 3200, but again couldn't cross the crucial resistance of 3240 and came down heavily to a low of 3160 area and then moved up to break above 3240 and then closed at 3234, up 112 points from the previous close.HUge buying was seen in realty, technology, capital goods, power, oil, telecom, FMCG and banking.Reliance Industries was very positive today helping the idnex to move up.It was a very good day for indian market.The Asian and Europian markets also were trading positive today.The market breadth was positive with advances at 916 against declines of 343 on the NSE. Top Nifty gainers included TCS, Reliance Communications and Tata Steel while losers included Idea, Sun Pharma and Hindalco.

Stock watch of the day:

RCom: This was given a buy call with stop loss 225 for target 255 and it made a high of 263

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 3220 with stop loss 3240 for target 3160 and gave cover order at 3200

Short Nifty Futures around 3250 with stop loss 3264 for target 3200-3175 and when it made 3175, gave cover call....SUPER DUPER PROFIT

Short India Info around 53 with stop loss 53.5 for target 51 and it made 51.80....GOOD PROFIT

Short SBI around 1470 with stop loss 1481 for target 1445-1420 and it made 1481.6 and then down to 1445....sheer bad luck

Buy Reliance around 1380 with stop loss 1365 for target 1405-1425 and it made exact 1425....VERY GOOD PROFIT

Buy SBI around 1475 with stop loss 1465 for target 1500-1535 and it hit the stop loss

Short BHEL around 1143 with stop loss 1147 for target 1120 and it made 1112........VERY GOOD PROFIT

Buy SBI if breaks 1480 for target 1500-1535 and it made 1505....GOOD PROFIT

Market Outlook 21/10/08

Positive global cues to guide indian market

It was a very very volatile trading on positive side yesterday with nifty making a high of 3238 and closing around 3100 level.On global front, there are more positive signs which will help indian market for sure.Bank-to-Bank lending rates eased further showing the easing of credit markets which were of main concerna dn DOW reacted positively yesterday by moving above 400 points.The credit markets were gradually responding to the series of bailout measures by governments around the world, including a joint U.S. and European plan to buy stakes in private banks to boost their lending.The Dow Jones industrial average rose 413.21 to 9,265.43.Light, sweet crude rose $2.40 to settle at $74.25 a barrel on the New York Mercantile Exchange.On indian market, yesterday's RBI's announcement to cut Repo rates by 100 bps to 8% with immediate effect is a positive for market and also RBI will announce its half-yearly credit policy on Friday, another rate cut is possible.For today, if nifty moves above 3145 it may directly test resistance at 3240 and if nifty crosses 3240 it may shoot upto 3300-3340 also today.On downside, 3100 is one support for nifty and if breaks 3100, then 3060 is super strong support for today.

Stock watch for the day:

RCom(231): Buy this stock with stop loss 225 for target 245-255.Below 226 it is not a buy.