Intraday Call Performance 24/10/08

Break 2850....bloodbath in the market

As clearly mentioned today, 2850 was the huge support and it was told thet break of 2850 everything will crash and the result is there to see..!! It was a crash across global equity markets today.The Reserve Bank of India has announced the credit policy, wherein it has kept all key rates remained unchanged.Banking stocks took huge beating on the bourses, after the credit policy.Nifty broke 2850 in early minutes of tarde and once it broke 2850, it never even touched 2850 again as it was a staright crash.Sellers were in rampage today and the same thing happened even in U.S market when government put a ban on short selling and stock market reacted in opposite way and even in indian market, same thing repeated.Yesterday SEBI banned FIIS short selling and market raected in opposite way by crashing down.Below 2850 support was at 2740 and after breaking 2740, straight support was at 2600 and when nifty touched 2600, it bounced back to 2650 and then again in last minutes, came down heavily to break even 2600 to make a low of 2525 !!.Today, Reliance Industries, ONGC, Reliance Communication, SBI, ICICI Bank, HDFC, HDFC Bank and L&T were main players dragging market down.Nifty at 2584, down 359 points from the previous close.The market breadth was negative with advances at 87 against declines of 1196 on the NSE.

Following calls were given in yahoo messenger for clients:

It was good profits for my clients today

Buy Nifty Futures around 3810 with stop loss 2790 and it just made 3822 and then hit the stop loss

Short Nifty Futures if breaks below 2740 for huge profit and it crashed deeper.....SUPER PROFIT

Buy HDIL around 147 with stop loss 145 for taregt 158 and it made 157....SUPER PROFIT

Buy Reliance Capital around 643 with stop loss 639 and it made 656....GOOD PROFIT

Short Reliance Infra around 429 with stop loss 436 for taregt 400-380 and it made 372....SUPER DUPER PROFIT

Buy HDIL around 138 with stop loss 136 for taregt 148-153 and it made 146....SUPER PROFIT

Market Outlook 24/10/08

Market likely to pull up from supports

It was a very volatile day for indian market yesterday after opening deep down and remaining there till mid afternoon and then sudden pull up and then again deliberate selling at the end.Expiry effects have started taking place now and market looks set for huge pull up towards 3500 !!.FIIS
short selling now banned by SEBI is also positive for the market.Things will change only if nifty breaks below 2850.If nifty holds 2850 and closes above 3050, sentiments will turn very positive for expiry.On global scenario, some positive cues are there for today.The Dow Jones industrial average rose 172.04 to 8,691.25, after rising 277 points and falling by 276 points during the session, witnessing huge volatility.The credit markets again showed signs of easing after locking up when Lehman Brothers Holdings Inc. declared bankruptcy in mid-September.The dollar was mixed against other currencies after jumping to multiyear highs Wednesday, while gold prices fell.Light, sweet crude rose $1.09 to settle at $67.84 on the New York Mercantile Exchange.Here in indian market, if nifty gets past 2985, it will move towards 3025 resistance first and after that it will be direct testing of 3085 and if gets past that, then all round buying will set in.Higher level is very interesting to see today as volatility will be too much again.On lower side, nifty has good support at 2915 and below that 2850 is very strong support and if breaks 2850, everything will crash.Overall an interesting weekend today.

Stock watch for the day:

Today's calls only for clients