Market Outlook 22/10/08

Market crashing on global pressure

Market witnesed selling pressure right at the opening bell and never recovered for the whole day and the last hour saw heavy selling taking to low of 3052.Asian and Europian markets also witnessed heavy selling today which also effected indian market which was already under selling mode.Market mover Reliance Industries took the initiative today to break the market below 3100 to test the previous low.As expected, there was severe volatility at times today.Nifty closed at 3065, down 169 points from the previous close.The market breadth was negative with advances at 287 against declines of 965 on the NSE. Top Nifty gainers included ITC and Hindustan Unilever while losers included Idea, Tata Steel and Unitech.

Following calls were given in yahoo messenger for clients:

It was a very good day for my clients

Buy Nifty Futures around 3105 with stop loss 3079 and it made 3128

Buy Reliance Industries around 1350 with stop loss 1347 and it hit the small stop loss

Short Reliance Industries around 1355 with stop loss 1356 for target 1315 and it made 1305....VERY GOOD PROFIT

Buy HDIL at 147 with stop loss 145 for target 155 and it made just 149 and the hit the small stop loss

Buy Reliance Capital around 655 with stop loss 648 for target 675 and it made 676....VERY GOOD PROFIT

Buy Maruti around 633 with stop loss 628 for target 655 and it made exact 655....VERY GOOD PROFIT

Short SBI around 1433 with stop loss 1438 and it made just 1423 and when it came up, gave cover call at 1436

Short SBI on break of 1415 for target 1400-1380 and it made 1383....VERY GOOD PROFIT

Market Outlook 22/10/08

Volatility to continue in the market

Even though Nifty was bullsih and got past 3240 yesterday in the last hour, it couldn't sustain above that and closed below 3240-which will again play an important role today also.On global front, mixed third-quarter reports were dissappointing and The Dow Jones industrial average fell 231.77 to 9,033.66.The technology-focused Nasdaq saw steeper declines than the other major indexes after server and software company Sun Microsystems warned it would post a loss for its fiscal first quarter and book a write-down.Though credit markets around the world are easing out and is a good sign for the market.The dollar was higher against other major currencies, while gold prices fell.Light, sweet crude fell $3.36 to settle at $70.89 barrel on the New York Mercantile Exchange.In indian market for today, if Nifty gets past 3240 and sustain above that only we can see some movements around 3300-3330 levels and if nifty stays below 3240, it will test 3200 first and if breaks that, downside strong support is at 3150.Volatility will be continued for the time being.

Stock watch for the day:

Today's calls only for clients