Intraday Call Performance 23/10/08

Market move above 3000 and again slide at close

It was deep gap down opening near 2900 as expected due to weak global cues and nifty remained below 3000 for most part of the morning session and after Finance Minister announcement of SEBI asking FIIs to reverse short positions on borrowed shares, nifty rallied to go past 3050 but this upmove did not last too long as Nifty collapsed again to low point of the day.Huge selling was seen in metal, oil, auto, realty, banking and pharma stocks.It was a terrible day for stock market across the world.Reliance Industries, Infosys SBI were all weak today and were dragging the market down.Nifty closed at 2943, down 122 points from the previous close.The market breadth was negative with advances at 231 against declines of 1044 on the NSE.

Following calls were given in yahoo messenger for clients:

It was huge profits day for all my clients today

Buy Nifty Futures around 2965 with stop loss 2945 for target 3010 and it made 3012....SUPER DUPER PROFIT

Buy Nifty Futures around 2970 with stop loss 2955 for target 3020 and it made 3016....SUPER DUPER PROFIT

Buy HDIL at 137 with 136-135 as stop loss for target 145-148 and it made 158.5....SUPER DUPER PROFIT

Buy Reliance Capital around 635 with stop loss 629 and it made 651....GOOD PROFIT

Buy SBI around 1373 with stop loss 1364 for target 1400 and it made 1392....GOOD PROFIT

Short Reliance Industries around 1272 with stop loss 1281 and it made 1243....VERY GOOD PROFIT

Buy ICICI Bank around 374 with stop loss 369.8 for target 394-410 and it made 415....SUPER DUPER PROFIT

Buy SBI around 1353 with stop loss 1348 for target 1375 and it made 1373....GOOD PROFIT

Buy reliance Infra around 452 with stop loss 447.5 and it just made 457 and then hit the stop loss

Buy reliance Infra above 460 for target 475-485 and it zoomed to 488....VERY GOOD PROFIT

Short HDIL at 156 stop 159 for target 150-148 and it made 147....VERY GOOD PROFIT

Market Outlook 23/10/08

Wall street crash will effect indian market now

It was a very bad day for indian market yesterday as it started falling right from the opening bell and never really recovered till the end closing below 3100 and in all probability set to open deep down today due to weak global cues.On global side, wall street crashed due to deep recession and weak corporate earnings following a raft of disappointing profits and outlooks from major U.S. companies.For many U.S. companies, the damage has already begun.The outlook for the global economy is bad.Stocks dropped across Asia and Europe, falling even harder in South America, where Brazil's Bovespa index and Argentina's Merval had losses near 10 percent. Argentina's president announced plans to nationalize private pension funds to protect retirees from the financial crisis.The dollar hit multiyear highs against several other major currencies, weighing on commodity prices.The Dow Jones industrial average fell 514.45 to 8,519.21, after being down as much as 698 points in the final half hour of trading.Light, sweet crude fell $5.43 to $66.75 a barrel on the New York Mercantile Exchange, after falling as low as $66.20.So, for today nifty below 3045 will directly test 2945 strong support area and break below that, one more big support is only at 2850.On upper side, 3000 will act as big hurdle for today.Volatility may continue today also.

Stock watch for the day:

Reliance Infra (472): Short this stock with stop loss 486 for target 445-415.