Intraday Call Performance 29/10/08

Profit booking in the market and still closing positive

Market opened up with gap up and struggled around 2740 as nifty couldn't sustain above 2740 and came down to make a low of 2632 and then again went up above 2700.Volatility was there in the market today also as market was facing pressure at higher ends.Nifty closed at 2697, up 12 points. Metal, oil & gas stocks and few technology stocks saw good buying coming in, whereas realty, pharma and FMCG stocks witnessed selling pressure.Top Sensex gainers include Hindalco, Mahindra & Mahindra, Wipro and ACC, while losers are Reliance Communications, Ranbaxy, DLF and Satyam Computer, among others.Among the frontliners, Suzlon Energy fell 75% and Reliance Industries tanked 40%. Tata Motors and Tata Steel plunged 60% each.Volumes increased due to F&O expiry.Market breadth was in favour of declines; about 1324 shares have advanced while 1637 shares have declined. Nearly 229 shares remained unchanged.On the global front, Asian markets ended mixed.European markets were trading higher.

Following calls were given in yahoo messenger for clients:

Buy Nifty Futures around 2710 with stop loss 2690 and stop loss hit

Short Nifty Futures around 2720 with stop loss 2742 for target 2670 and it made 2685....VERY GOOD PROFIT

Buy SBI around 1138 with stop loss 1133 and it made just 1149 and then stop loss hit

Short HDIL around 138 with stop loss 141.2 for target 132 and it just made 134

Short Reliance Industries around 1182 with stop loss 1195 and it made just 1169

Buy Bank of India around 218 with stop loss 215.6 for target 226-230 and it made 228.5....VERY GOOD PROFIT

Short India Bulls Real Estate around 120 with stop loss 121.2 for target 115 and it made 115.3....VERY GOOD PROFIT

Short Reliance Industries around 1190 with stop loss 1198 and it made 1183 and then hit the stop loss

Market Outlook 29/10/08

Deepawali upmove to continue..!

It was a blasting deepawali muhurat trading yesterday as indian market also danced to the deepawali celebrations as nifty zoomed 160 points to close at 2684 and buying expected to continue today also.Realty, metal, power, capital goods, oil and auto stocks lead the rally yesterday.Global cues are also very positive today with The Dow Jones industrial average jumping nearly 900 points due to short covering ahead of Fed meet and rate cut announcement on Wednesday and after start of the Fed's efforts to revive lending in the commercial paper market, where companies turn for short-term loans and Dow raected positively by closing 889.35 points to 9,065.12.The market's reaction was notable because it was investors' anguish over a likely recession that had them selling just days ago. But analysts don't necessarily see that change of heart as a sign of health.The dollar was mixed against other major currencies, while gold prices fell.Light, sweet crude settled down 49 cents to settle at $62.73 a barrel on the New York Mercantile Exchange.For today, indian market is looking bullish and nifty above has small hurdle at 2740 and once it gets past that big hurdle is only at 2850.Below 2740, nifty will remain weak and lower level support is at 2590.Watch out the level of 2740 and even if nifty jumps above this and later hour if breaks this level, be cautious in longs as tomorrow is again a trading holiday.

Stock watch for the day:

Today's calls only for clients