Intraday Call Performance 06/11/08

Market witnessing dangerous volatility today..!!

Market started off breaking the crucial resistance 2950 in the opening bell and went down to test major support at 2850 and never broke that as playing range in nifty spot was between 2850 and 2950 for most part of the day and in the late afternoon session buying came in heavily to lift the market above 2950 and crossing even 3000 mark, but came down again in the last hour to break 2950 again and close at 2892, down 102 points.Today also Reliance Industries took the major role in breaking the market down.Top Sensex gainers included JP Associates, HUL, Ranbaxy and DLF, whereas losers were Tata Steel, Tata Motors, Sterlite Industries and RIL, among others.

Following calls were given in yahoo messenger for clients:

Short Nifty Futures around 2935 with stop loss 2951 and it just made 2951 and then hit the stop loss

Short Nifty Futures around 2915 with stop loss 2925 and the stop loss hit

Short DLF around 258 with stop loss 262 and it just made 254 and then small stop loss hit

Short RCom around 220 with stop loss 224.5 and it hit the stop loss

Short Reliance Capital around 632 with stop loss 639 and it just made 624 and then hit the stop loss

Short LITL around 170 with stop loss 173 for target 160-153 and it made 157....VERY GOOD PROFIT

Short ICICI Bank around 435 with stop loss 444.5 for target 422 and it made 426....VERY GOOD PROFIT

Short Reliance Capital around at 630 with stop loss 642 for target 600 and it made 604....VERY GOOD PROFIT

Short HDIL around 118 with stop loss 121.5 for target 113 and it made 115....GOOD PROFIT

Market Outlook 06/11/08

Market at the edge of big support..!

It was a very bad day of trading for indian market yesterday as nifty directly broke down from 3240 resistance area to test major support around 2950.On global scenario, cues are negative as The Dow Jones industrial average fell 486.01-points to close at-9,139.27 to their fears of a deep and protracted recession after Barack Obama's presidential victory.Although the market expected Obama to win the election, as the session wore on investors were clearly worrying about the weakness of the economy and pondered what the Obama administration might do.Among financials, Goldman Sachs fell $7.57, or 8 percent, to $87.43. Citigroup fell $2.05, or 14 percent, to $12.63, while Bank of America Corp. dropped $2.78, or 11.3 percent, to $21.75.The dollar was mostly lower against other major currencies, while gold prices fell.Light, sweet crude dropped $5.23 to settle at $65.30 a barrel on the New York Mercantile Exchange.For today, nifty is all set to break crucial resistance of 2950 and maybe in the opening bell..! and on break of 2950 it will go to 2900 first and then 2845 strong support will be tested.On other side, if nifty gets past 3000, it will face strong resistance at 3050 and 3080 where heavy selling will emerge.One can witness heavy volatility in today's market.Heavy buying might come only if nifty gets past 3080 strong resistance.

Stock watch for the day:

Today's calls only for clients