Intraday Call Performance 05/11/08

Market crashing exactly from resistance zone..!!

Though market was bullish today and zoomed past 3200 in the opening bell, it reacted exactly at resistance zone and came down sharply breaking strong support at 3150 and then in the afternoon session selling became more wild as nifty went on to make a low of 3971 near to major support now.Heavy sell off in heavyweight Reliance Industries triggered the sharp down fall breaking all intermediate supports.Nifty closed at 2994, down 147 points from the previous close.European markets were trading weak and Asian market was positive except indian market. The market breadth was negative with advances at 422 against declines of 836 on the NSE. Top Nifty gainers included Sun Pharma, Suzlon and Wipro while losers included GAIL, SAIL and Reliance Industries.Volatility was too much in today's market.

Stock watch for the day:

RCom: This was given a short call with stop loss 261 for target 235 and it made 261 in opening seconds and then came down crashing to make a low of 221

Following calls were given in yahoo messenger for clients:

Clients had a very good day with good profits today

Buy Nifty Futures around 3130 with stop loss 3110 and it made just 3146 and then stop loss hit

Buy Nifty Futures around 3080 with stop loss 3060 and it made 3138....GOOD PROFIT

Buy Reliance Capital around 750 with stop loss 744 and it made just 757 and then gave exit call at 755

Short Bank of India around 282 with stop loss 284.2 and it made 276

Buy SBI around 1265 with stop loss 1252 for target 1300-1330 and it made 1326....VERY GOOD PROFIT

Buy Reliance around 1300 with stop loss 1279.8 and it made 1334....GOOD PROFIT

Short Reliance Capital around 732 with stop loss 738 for target 700-685 and when it made 682, gave cover call....VERY GOOD PROFIT

Buy Reliance Capital around 680 with stop loss 678 for taregt 695 and it made 694....GOOD PROFIT

Short Reliance Capital if breaks 680 for target 660-650 and it made 651....VERY GOOD PROFIT

Market Outlook 05/11/08

Market in bullish mode and near to some hurdles

It was a good trading day yesterday with nifty closing above 3100 after initial down move below 3000.On global front, cues are very positive and The Dow Jones industrial average moved more than 300 points on U.S elections day.nvestors have overlooked a spate of bad economic data recently, including a report Monday from the Institute for Supply Management that revealed the worst monthly contraction in manufacturing activity.The dollar fell against most other major currencies, while gold prices rose.Light, sweet crude jumped $6.62 to settle at $70.53 a barrel on the New York Mercantile Exchange, a reaction to the slide in the dollar..The Dow Jones industrial average closed 9,625.28-up 305.45 points from the previous close.European shares have also been boosted by the ongoing decline in interbank lending rates ahead of expected interest rate reductions Thursday from the European Central Bank and the Bank of England.For today if nifty moves above 3150, all round buying might take nifty towards 3220 first resistance and above that 3265-3280 is one more big resistance zone.Downside supports are at 3100 and 3070 and if 3070 gets broken, it will move toward 3020 strong support for today.This U.S elections has taken the centre stage in this bad market conditions world over.Market is also over bought and interesting to see till which point this rally extends now.

Stock watch for the day:

RCom (250)-Watch this stock and short it on raise with stop loss 261 for target 240-235.Above 261, it is not a short.