Intraday Call Performance 11/11/08

Bad day for market as nifty closing below 2950..!!

It was a staright fall from yesterday's close of 3150 level to make a low of straight 2919.Market never made any recovery as once it broke strong support 3040, it was straight fall to 2950 strong final support and in the final hours of trading, it even broke 2950.European and Asian markets closed in red today.Overall a very bad day for indian market today and Reliance Industries took the initiative in breaking the market.Huge selling was seen in realty, metal, capital goods, oil, banking and power stocks.Nifty closed at 2938, down 209 points from the previous close. The market breadth was negative with advances at 266 against declines of 996 on the NSE. Top Nifty gainers included Cipla and ITC while losers included Suzlon, SAIL and DLF.

Stock watch for the day:

Reliance Capital: This was given a buy call with stop loss 692 for target 720, but it opened below 692 and never made 692 and so call was not initiated.

Following calls were given in yahoo messenger for clients:

Clients enjoyed huge profits today

Buy Nifty Futures around 3070 with stop loss 3060 for target 3110 and it made just 3082 and then gave cover order around 3080

Short Nifty Futures around 3060 with stop loss 3082 for target 3000-2970 and gave full cover order at 2970....SUPER DUPER PROFITS

Short Reliance Industries around 1240 with stop loss 1252 for target 1220-1185 and it made 1194....SUPER DUPER PROFITS

Short RCom around 245 with stop loss 248.5 for target 235-230 and when it made 230, gave full cover order....SUPER DUPER PROFITS

Short HDIL around 122 with stop loss 123.2 for target 116-113 and it made 112....SUPER DUPER PROFITS

Short Reliance Capital around 660 with stop 664 for target 640-630 and gave cover order around 656 and later it fell to 635

Market Outlook 11/11/08

Watch out for higher levels

As expected and told nifty above 3000 remained bullish throughout the day and also managed to close above 3100 and will be interesting to see how nifty reacts at higher levels.On global scenario,The Dow fell 73.27 to 8,870.54, after rising by 215 points in early trading due to the news of China's $586 billion plan to boost its economy through a mix of spending, subsidies, looser credit policies and tax cuts. Dow then tumbled by as many as 183.The dollar was mixed against other major currencies, while gold prices rose.A barrel of light sweet crude rose $1.37 to settle at $62.41 on the New York Mercantile Exchange.For today, Nifty above 3185 will face strong resistance at 3240 and unable to cross 3240 will invite selling from high.So, watch out for 3180 first and then 3240 and if breaks 3240, all over buying will come.On downside, nifty has supports at 3100 and 3080.Volatility might come in the last hour today.

Stock watch for the day:

Reliance Capital (701)-Buy reliance capital with stop loss 692 for target 725-740